The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-06-25
Higher Corporation, Wealth
LevieS Must Be Passed
by July |.
SCHEDULES ARE DRAWN
President Refuses Delay:
Congress in Turmoil
Over Proposal.


WASHINGTON, June 25.-
President Roosevelt drove his
taX-the-rich program forward
in Congress today despite re-
bellion in the House and
threats of Senate flibuster.
Schedules of proposed higher
taxes on large corporations and per-
sona1 fortunes we're drafted.
Schedules designed to carry out
President Roosevelts program and
add s34O 100000 a year to Federal
revenues were drawn up by Char
man Pat Harrison of the Senate
Finance Committee and Treasury
experts.
Racing against time in a drive to
enact them by July /, Senator Har-
rison called his committee to meet
at 4 o. m. to consider the new rates.
In accordance with Mr.. Roosevelt's
demands, Senator Harrison said he
would try to put the higher IN
heritance, income and corporation
taxes through as an amendment to
the pending nuisance tax extension
resolution.
Tentative Schedule Drawn
The tentative schedules drawn up
by Mr.. Harrison and the Treasury
covered each of the Presidents ma
ior proposals. They provided:
/. A graduate income tax on corr
poration profits ranging from 10 per
cert on net profits of $4,000 to APP
proximately 1872 per cent on profits
from S20,000,000 upward. The pres
ent rate is a fat one of 1874 per
cent. Mr.. Roosevelt had suggested
q graduated scale from 1034 to 1874
per cent.
2. Higher levies on private in
comes over 100000, ranging from
so per cent at 100000 to 30 per
cent on S1O,0O0,000 or more.
3. Taxes on inheritances Of $780,
600 or more, graduated upward as
the present estate tax.
Gifts Tax Also Likely
Senator Harrison said provision
probably would be added to place
a tax on those who receive gifts.
This would parallel the present levy
on those who make gifts and would
be designed to close up any possible
loophole in the levies.
The nuisance tax extension must
be passed by Saturday night to pre-
vent expiration of these levies and
loss of S1,500,000 Of revenue daily.
Republican Leader Charles L. Nc
Nary at the outset Of the days Sem
ate session attacked this hasty pro-
cedure. He demanded the proposals
be studied over the summer.
Senator Bennett Champ Clark.
Cd, Mo- made the threat of filibus-
tering to prevent action this week.
House Members Indignant
Influential Democrats on the
House Ways and Means Commit
tee we're indignant over the attempt
to Jam through the new levies and
threatened to block the Administra-
ton plans in that branch of Com
gress.
Rep. Samuel B. Hill ID, Wash),
chairman of the Ways and Means
subcommittee on taxes. lead the
House rebellion.
1t is no way to legislate to have
these taxes proposed by the Presi-
dent originate in the Senate" Rep.
Hill said.
Speaker Joseph w. Byrns. how
ever, said he saw nothing UNUSUAL
in the Senate putting on a revenue
amendment to the nuisance tax bill"
Roosevelt Vetoes Delays
They have had no conjunction
about doing it in the past" he said.
I think the program ought to be
given more serious consideration and
not rushed through this week.
see no reason, however, for extended
delay. We ought to be in adjourn
ment position by Aug l or TO-"
Several leaders in three hour
White House conference last night
counseled against such haste, but
President Roosevelt insisted on inn
mediate action.
Mr.. Roosevelt was said to feel
that delays would only increase I'M
certainty and raised doubts as to
his sincerity in asking Congress to
impose higher taxes on large inheri-
tsnces, large private incomes and
the incomes Of big corporations.