The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-04
'TAX-THE-RICH'
FARLEY IS HELD
IN WHITE HOUSE
Roosevelt Opens Conference
With House Leaders:
Study Proposals.


WASHINGTON. Julv 4-Revision
~ Pre- ldcnt ROosevelts "tax-the-
rich program % include liked
taxes on upper middle-class in
comes was proposed today by House
tax experts called 70 the White
House Tor a conference.
The President remained a. the
White House over the holiday TO
discuss tax problems with Chair
man Robert T. Doughton Of the
House WAYS and Means Committee
and his subcommittee scheduled 70
draft tax legislation.
Tax experts said p preliminary
study had convinced them the tax
tne-urnr program must b. broad
ened 20 include ln the $4,000 N
s. C00 200 class u substantial new
revenues arc % ne raised. They de-
cided 70 ask the Presidents ad-
before starting hearings on tn "
posed legislation.
Work Nav Start Monday
Mr.. DouChron said IT vas hoped
% clear up the involved situation
about the tax program 50 that the
committee can start work Monday.
He wants more reliable data on
revenue returns before starting
work on the bill
The conference was scheduled for
II a m The President planned TO
spend the remainder 81 the day
studying various Administration re-
ports. He decided against motor
trip. believing tho roads would be
too crowded
House leaders. although disturbed
over the deserti0n Of the President
ON his utility bin this week. were pre-
u7rcd 90 rush action on the tax bill
Csaer must" legislation Is nearing
romnlction and they don't want 10
allow Congress too much idle time
before plunging into the tax legisla-
fi0n
Treasury Estimate Low
President ROose eei;- in his tax
message. estimated sIch legislation
would eventually tap revenue
source Welding slOO0O00 900 year.
Preliminary treasury estimates we're
hut little more than One-thIrd that
amount.
Figures submitted N the Senate
when that body considering at
taching the "tax-the-riCh" bill TO
the nuisance tax measure. revealed
estimated income Of $40 1000
from hikcd income taxes on $1,000
O0e and more. inheritance and gift
taxes. and increased corporation
taxes
Since then. House committee
members said. the Treasury has
failed % submit proof that annual
revenues Of as much as $4,000 600
would be- possible Henry MOrgen-
THAI. Secretary OF the Treasury. was
reported % have Informed the COM
mIttce he was not Immediately pre-
pared 90 give them definite recon-
mendatiOus and data.
Flooded With Propaganda
Tax revenue data available from
the Joint congressional committee
on internal revenue taxation. ac-
CCTdmg 10 committee members. in
dictate that the proposed Treasury
rates would Weld S75.OOOO00 10
800 600 OOO-leSs than half of the
original Treasury figures.
The President IN his surprise tax
message to Congress said ne IN
tended for the new levies 10 be used
10 balance the budget. II subStan-
tial revenues for this purpose are
wanted. tax experts on the commit
tce believe IL Will be necessary TO
try TO hike income rates in the
$4,000 10 sl.OG0OOO class. House
PrOCrCSSiveS from Wisconsin. in
GLIDING Rep. George J. Schneider.
are urging that present rates be
liked down to the $4,000 and $4,000
levels
A flood Of propaganda is already
reaching committee members from
persons interested IN the legislation.
In some instances 10 was said the
letters and kilograms received out
numbered those during the drive
for action ON the Townsend old age
pension plan.
Al lInIfn nnCTaI NJEEH