Salt Lake Telegram | 1942-10-03 | Page 1 | Tax Bill Ready for Senate

TAX BILL READY FOR SENATE WASHINGTON Oct 3 Jp An W An wartime tax bill containing a novel victory tax on individual incomes was ready Saturday for senate consideration scheduled Tuesday Chairman George D. D Ga of the senate finance committee which finally approved the bill late Friday estimated that the new revenue added to that already provided provided provided pro pro- vided for under present laws would bring federal income up to nearly a year Treasury officials estimated two weeks ago that the senate bill would add only to current revenue When passed by the house after I four months' months deliberation the bill was designed to add to the annual tax bill Differing in many particulars from the bill which passed the house July 20 the finance committee commit commit- tee version calls in general for sharply increased income tax rates on individuals and corporations broadened bases for each class of taxpayers and higher excise levies The victory tax tax a a 5 per cent levy on gros gross gross' incomes incomes- s' s over a year coupled with a system of postwar refunds refunds refunds-is is the principal innovation Some members of the committee said they thought the victory levy might be replaced by bya a sales tax during consideration in inthe inthe inthe the senate