Show MEllON MELLO READY EftO TO TOME CUT INCOME ME A ROTES RATES TE PRESENTS NEW PROPOSALS TO HOUSE COMMITTEE BUT HE HOLDS TO EXEMPTIONS Change Would Mean One Per Cent CentOn CentOn On First Five Hundred Dollars With Five Per Cent As MaxImum MaxImum Maximum Max- Max Tax Washington Washington-A A new schedule of normal income notes has been presented presented pre pre- rented to the house ways and means committee by Secretary Mellon The proposal suggested a rate of 1 I per cent on the first of taxable taxable tax tax- taxable able incomes 2 per cent on the next 1000 3 per cent on the next and D Ii per cent thereafter This l arrangement the secretary said in ira a letter to Chairman Green probably would be more satisfactory than the recently submitted treasury treasury treas treas- ury schedule suggestion 1 per cent centon on the first taxable Income 3 per cent on the next and 5 per percent percent percent cent thereafter r resent Present normal rates are 2 per percent percent percent cent on the first of Income 4 per cent on the next and 6 per percent percent percent cent on the remainder Mr Mellon submitted the new figures fig fig- ures ores not as a definite proposal but butas butas butas as an alternative plan to that laid before before be be- fore tore the committee in writing It really is the third tentative outline of rates rate the treasury has submitted sub submitted Mr 1 M Mallon having submitted orally when he appeared before the Committee that the rate might be made 1 per pcr cent on tho the first 3 per cent between and and 5 Ii per cent for all over Mr Mellons Mellon's letter reached the committee just as it was beginning its fourth day of hearings on tax revisIon revision revision revis revis- ion with a long list of witnesses on hand to submit their views on the income income income in in- come and various other levies The letter follows In my statement before your committee committee com corn on October 19 10 I said 4 The treasury does docs not propose any definite rate but it presents to you the certainty that tax reform can go to a 1 25 per cent maximum mum and surtax without th the slightest danger to future our revenues revenueS' |