Show RAISE EXEMPTIONS IN INCOME TAXES I New Proposal for Revenue e Submitted to Senate WASHINGTON May 16 An An An en entirely entirely en- en tir ly new basis for le levying ying national 1 taxes with exemption on personal incomes incomes incomes in- in comes substantially raised has bee been submitted to the senate finance committee committee committee com com- byC by C. C B B. Clark of Detroit who said he spoke for tor the National 1 Retail Dry Goods association th the National Association of Retail Clothiers the National Retail Shoe Sho e Dealers' Dealers association and the National Garment Retailers' Retailers association Concretely the plan would put all al Incomes into three classes and they with the aid of the sales tax would 4 carry practically the entire revenue burdens Mr Clark propos proposed d raising the exemptions on personal incomes from the present 1000 for single persons persons persons per per- sons to 2500 and from 2000 for married married married mar mar- ried persons to with an additional additional additional addi addi- exemption for each child or dependent instead of ot the present The witness also would Bovver lower the higher rates on income s surtaxes surtaxes Mr Clarks Clark's s plan divides all incomes incomes in incomes in- in comes roughly as follows 1 Income from salaries and wages 2 incomes from all business business business busi busi- ness individual partnership or corporation corporation corporation corpo corpo- ration and 3 all other income which chiefly would be unearned and taxed higher On salaries and wages the tax proposed is a normal rate of 4 per cg cent nt on the first above the exemption and 8 per cent on the remainder The second class would be bo taxed 10 per cent with an exemption of A normal tax of 10 peris per percent cent is proposed for the third division with loth s surtaxes ranging from 1 per percent percent percent cent on incomes between and 50 up to 6 per cent on incomes o of 00 or more Adoption of the program Mr Clark said would permit the repeal of excess excess excess ex ex- cess profits and excise taxes ta many luxury taxes and the tax on transportation tation |