OCR Text |
Show I PLANS NEW TAX TO SOAK BIG FORTUNES WASHINGTON. Jan. 21 A graduated gradu-ated gift tax, ranging from 1 per cent on amounts exceeding $1,000 to 26 per cnt In gifts exceeding 110,000,000, Is proposed in a bill Introduce d today by Representative Frear Republican ol "Wisconsin a member of the ways and means committee. The estate tax. Mr. Freer said, is l eOided in many Instances by distribution distribu-tion of properly gifU. A gift Lax would materially exceed the tax in reducing large fortunes now tending to create 11 class of ' idb- rich," he said. |