Salt Lake Telegram | 1934-03-28 | Page 6 | Revised House Tax Act Okehed

REVISED HOUSE TAX ACT Bill Reported to Senate by byJ J Finance Committee I WASHINGTON March 28 The W-The The senate I finance committee today for orally mally reported to the senate the revised revised re rc house x b-x tax bill bU designed to raise in additional revenue as compared with provided by the house It included levies which Chairman Harrison D. D Df Miss said promised d a balanced budget by 1936 T The e bill will be taken up to morrow Harrison said the committee was In Incomplete Incomplete incomplete complete agreement on the policy of ot preventing tax avoidance but felt obliged to rev revise some of ot the house loophole loophole closing closing provisions The committee committee committee com com- believed he said they would have an unfavorable effect on bus business business busi- busi ness and would prevent only an Inco Inconsequential Inconsequential In In- co consequential amount of tax avoid avoid- ance Tp To offset many of the thc eliminations and reductions it wrote In the house bill bilI the committee imposed a capItal capita stock and excess profits tax patterned after those levied by the recovery act effective July 1 1935 and raised raked the estate tax ta rates In the case of net es- es states valued at more than 1000 In addition to scores of administrate te tl changes and several new taxes the bill contains the same income tax schedule as approved by the house with exception it would extend the prop proposed 10 per cent credit for earned income to such incomes up to instead of only as in the house bill r