Show MELLON READY TO CUT INCOME 38 RITES RATES PRESENTS NEW PROPOSALS TO HOUSE COMMITTEE BUT HE H HOLDS OLD TO exemptions EXEMPTION S change would mean ore one per cent on first five hundred boim with five fiva per cent As A max 1 icum TER tax washington A new schedule iche dule ol at i normal income notes too hom has been presented to the house home ways and ed TH means committee hatte by secretary mellon th the proposal suggested a rate rafie of iper 1 per cent on the first of to tax able incomes inco 2 per cent on the next 1 I 1000 3 per par cut cent on the next 1 and 5 per cent caust thereafter I 1 this arrangement reent the secretary to said in a letter to chairman green probably would be more satisfactory tl a i than the recently submitted t treas tiry my schedule so 7 exham I 1 per cent on an the it first M 0 0 taxable income 3 per cent on the next and ad 5 per cent thereafter present cami normal rates are an 2 per I 1 cent 1 OR on the firt first of income A 4 we per cent f on t the he next rod and 6 per cent on t on an t the re remainder TH a der mr me mell mellon IT submitted the ho new fig red ores out not as a definite proposal but as an alternative plan to that laid ll 11 before the committee in writing it really is the third hard tentative t dative outline of rates rater the treasury has sub tied mr mellon having submitted orally when he appeared before th the committee that the rate to might b he made 1 it per cent on t the h e first crt ran 3 per or cent at between am 4 0 0 0 and all and 6 per cent for all 11 over or MY mr mellons letter reached the coun committee natt just as it was be beginning g ag lt its fourth day of hearings on an t tax 1 revision 1 11 1 with a long list lid of bitnes witnesses 0 on huml hand to submit their views on con the income and various other levies the letter follows fellow in my statement before your year committee on october 19 1 I said aid th the trusa treasury aery due does not PP propose lany any definite rate but bat it presents erit to you the certainty that tax ing reform do can go to a 25 5 per cent arod maximum 0 o surtax without u t the slightest danger to our future ter revenues ventice |