Evening star., 1935-06-25
Inheritance or Gift, High
Income and Corporation
Profits Levies Scheduled
in Amendment.
COMMITTEE Is CALLED
TO WEIGH PROPOSALS
Senator Harrison, After Confer
ring on Draft With Treasury
Experts, Estimates Additional
Revenue to Government Will
Be About $s4o, 900, 900 Yearly.
BY G. GOULD LINCOLN.


The Senate Finance Committee will
meet at 4 pm. today to begin con-
alteration of President Roosevelt's
Share wealth" tax program, which
is to be offered as an amendment to
the pending joint House resolution,
extending certain excise taxes beyond
July /.
Senator Harrison of Mississippi,
chairman of the Finance Committee,
said today the amendments to carry
out the Presidents program would
cover three subjects.
The first, he said, would be an in
heritance tax, with a corresponding
tax on gifts. These taxes would be
levied against the persons receiving
the inheritances and the gifts
Second, he said. would be a grad
uated income tax on corporation
profits.
The third would be a high income
tax on incomes over a million dollars.
Harrison, Experts Confer.
Senator Harrison said he had been
working this morning with tax experts
from the Treasury Department and
with those of the Finance Committee.
He hopes to have draft of the pro-
posed amendments ready to lay be-
fore the Finance Committee at its
meeting this afternoon.
The Mississippi Senator said the
tax on inheritances would probably
start on q net inheritance Of $500, 900.
In other words, inheritanees below
that hgure would be exempt. The in
heritance tax Is 10 be an addition to
the present estate tax, which starts on
estates OF $4,000 or more.
The proposed graduated income tax
on corporation profits would range,
Senator Harrison said, from 10 per
cent to 17l2 per cent. according to
the tentative rates. The 171a per
cent would apply where the corpora
ton profits were $4,000, 900 and above
that amount.
80 Per Cent Surtax.
The increase in surtaxes on indi-
viduai incomes above million dollars
will 60 probably as high as 80 per
cent on incomes of $l0,000,000 or
more. The present surtax on incomes
of a million dollars of more Is SO
per cent.
Senator Harrison estimated that as
O result of these new taxes the Gov
ernment would receive annually about
t340, 900, 900 additional revenue.
It Is his purpose to offer these
amendments to the joint resolution
extending the excise taxes and to keep
that resolution before the Senate until
the amendments are voted up or down,
even if it takes month to get action.
The suggestion has been made that
another Joint resolution extending the
excise taxes for 80 days to 80 days
may be rushed through the House and
the Senate so that there may be no
loss of revenue after July l IL the
pending joint resolution has not
finally been acted upon in the Senate
and approved by the President.
Open Hearing Barred.
Senator Harrison said that he plan
ned no public hearings on this tax
legislation before the Senate commit
tee. No representatives of corpora
tions for example. will have an op-
portunity to be heard To hold open
hearings, he said, might result in long
delay
Signs of revolt developed in both
House and Senate because of the
administration haste in the matter.
It was declared by leaders to be i'm
possible to write into law this tax
program within five days, as proposed
by the leaders and the President.
Senator McNary of Oregon, Repub-
lican leader of the Senate, said: 1T
seems to be pleading unseemly haste.
The program is such an important
proposal that the fullest opportunity
for consideration should be given. It
deals with the tax structure of the
country"
Early Passage Impossible.
While the Senate Finance Commit
tee was plarring to go ahead with
the tax amendments this afternoon, 1t
became apparent that the passage Of
the present tax program by Saturday
(See TAXES, Page 81 5.