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Show MADDEN SEES " TAXJEDUGT1QN REMOVAL OF THE THEATRE AND AMUSEMENT TAX AND A REDUCTION ON SURTAX Chairman House Appropriations Committee Com-mittee is Ready to Offer Plan; Tax cut Effective in 1927 and 1928 Chicago Taxes on 1927 incomes will be cut by congress between $200,-000,000 $200,-000,000 and $:i00.0'i0.000, Martin B. Madden of Chicago, chairman of the house appropriations committee, forecast fore-cast on the heels of his reelection to congrens. Citing a predicted treasury surplus this year of $250,000,0110.' Madden said congress "will undoubtedly be able t arrange a new tax cut, effective in 1928, on 1927 incomes," and declared that he would recommend such a reduction. re-duction. Removal of the theatre and amusement amuse-ment tax, a further reduction of the surtax, and a cut in the tax on corporations, corpor-ations, are among the next steps in I lie lightening of the nation's tax burden, bur-den, Madden intimated, although he hesitated to forecast which taxes would receive the benefit of the forthcoming forth-coming cut. The genesis of the quarterly payment pay-ment plan for income tax was divulged by Madden in discussing taxation. A man with a $10,000,000 income tax came to him, the representative said, and urged that to pay his tax all at once he would have to dump his goods on the market and break the price, with a possible depressing effect on business generally. |