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Show u v Tax Rate Doubled By House Committee WASHINGTON, Oct. IS. In fixing tho 12 per cent? flat tax the committee doubled the present rate. Senattor Simmons explained that un-j un-j der the amendment corporations would bo permitted tq retain for the operation of their business a part of their earnings exempt from an additional addi-tional tax. It is the committee's purpose, pur-pose, he said, to authorize the secretary secre-tary of the treasury to determine whether the amount retained by a corporation for this purpose is excessive. exces-sive. 1 The committee also amended the house provision of amortization in war industries so as to Include shipbuilding. shipbuild-ing. House provisions exemptng from l taxaton of insurance companies or : telephone companies the income of which consist of assessments for the purpose only of paying expense's, was I accepted unchanged. |