Running into the millions and then dies, the Government once more opens its capacious maw and says Through thrift and frugality to accumulate a fortune If out of the 27% graciously allowed him he manages after 40 or 50 years That the State and national Government take 73%įrom the individual out of his entire income over The situation under existing law, therefore, is The surtax of 50% applies toĪmounts above $200,000, and the Democratic maximum of 44% would apply to amounts above $92,000. And these maximum figures apply not to incomes running into millions, but to comparatively Of 3%, we have a total of 73% taken by the Government. Surtax of 50%, and the New York State personal tax In most cases increased to 20% by the Federal capital stock tax. Takes 41 2% more, making 17% together, and this is Tax of 121 2% upon them, the State of New York Rich men as a rule derive the bulk of their income from corporations, andĬorporations are subject to an independent set of
It matters little whether the maximum surtax is 50% or 44% or 37%, it is in addition to all the other taxes. No one ever considers all these various taxes in Taxes, the personal -taxes (normal) and the surtaxes they become confiscatory and positively Would have to be denounced even- if it stood alone,īut when taken in connection with the corporation Take, however, merely the enlarged inheritance taxes and consider what a vicious Sufficient to condemn it, and in this case there are Single increase of any kind in the taxes ought to be President should unhesitatingly exercise his veto That unless they can be eliminated in the Senate the Upon the measure are so vicious and so objectionable Mr.Longworth got a compromise on a maximum surtax rate of 37% instead of the 44% maximum provided in the Democratic bill, but that is all he did
Let no one be deceived by any such process. To acceptance of a schedule of his own devising. Of this country will submit to such maltreatment,īy a dexterous feat Congressman Longworth yesterday succeeded in coaxing the insurgent Republicans away from the Democratic schedule of surtaxes Is it possible that the voting population
Times, but over five years after the conclusion of theĪrmistice. Of new or additional taxes is proposed, not in war Of the same kind, calculated to eviscerate the Mellon Inserted by which gifts made during a man's lifetimeĪre likewise to be heavily taxed. Has been raised from a maximum of 25% to a maximum of 40%. Through the incongruous alliance referred to, beenĪmended out of all semblance to its original shape.Īnd the changes have been mostly revisions upward, The statement would be incredible except that it is confirmed by all the newsĭispatches from Washington. In response to the urgent need of the hour, but actually to increase them. Has been proceeding all week, not to decrease taxes, Vote with a dozen or more of radical Republicans, Means of a combination of the solid Democratic Scheme well adapted to accomplish the object sought.Īt such a time the House of Representatives, by Relief is possible, and has presented a tax revision The Secretary of the Treasury has shown, too, that Taxation, and praying and petitioning for relief. TheĬountry is staggering under the crushing burden of Match anywhere outside of Bolshevik Russia. Of political depravity which it would be hard to Washington should not escape notice, nor fail of theĬharacterization they deserve. This week's performances in tax legislation at New York, Brooklyn, Boston, Philadelphia, Baltimore, Chicago and St.Louis. President, Jacob Seibert: Business Manager, William D. Published every Saturday morning by WILLIAM B. LONDON OFFICE-Edwards dc Smith, 1 Drapers' Gardens, E.C.įront, Pine and Depeyster Streets, New York. S-ATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)ĬHICAGO OFFICE -19 South La Salle Street, Telephone state 5594. Subscription includes following Supplements-īANE AND QUOTATION (monthly)IRAILWAT St INDUSTRIAL(semi-annually) Remittances for European subscriptions and advertisements must be made NOTICE.-On account of the fluctuations in the rates of exchange. The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.Įuropean Subscription (including postage)Įuropean Subscription six months (including postage)Ĭanadian Subscription (including postage)
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