The Waterbury Democrat., 1935-01-30
Stack OF Bills M
 Both Houses Today
lcontlnued srom PaRa ii

pliance and whose productions and prices conform to code stipuiations. The set-up would continue for
 two years, from the date of enact-
 ment, and violators would be
 classified as having committed a misdemean0r and be subjected to
 fines of not more than $500, im- prisonment for not more than ten
 days, or both, for each ofrense. State courts would be empow-
 cred to enforce provisions, al- though the same offense may not be prosecuted in both state and federal courts.
 The codes would be proclaimed
 by the governor, after proper hear
 ings, and would conform to MIRA
 specifications.
 The bill, containing 16 sections,
 defines it's contents as "emergency legislation" W hi oh recognizes widespread unemployment and
 Reorganization of industry, which
 burdens commerce. affects public
 welfare and undermines the stand
 ards of living of the people of this state"
 The state codes would conform with national codes and would be
 established on application of one
 or more industry or group. En-
 forcement would rest with the at-
 torney general. with the aid of state and federal agencies. One section of the bill provides that acts in accord with the codes
 be exempt from the antitrust
 laws of this state"
 VIII Balance Budget Hartford. Conn, January 90 - | (UP) - The legislatures appro- priations committee had resigned
 itself today to the fact that the.
 budget can be balanced only by in- | creasing the state revenue through emergency taxation measures. The anticipated deficit at the
 end of the present biennium will be 5'0OO,OOO. It was computed there would be at least an additional
 $14.o00,000 red entries during the
 next biennium. even if all items
 were sliced to the bone. Senator Kenneth r. Cramer, re-
 publican. Wethersfield, chairman of the appropriations committee,
 has promised the budget will be
 balanced when 1t goes before the
 general assembly, probably late .n | March.
 He intimated a sinking fund would be set up to absorb the
 mounting debt and new revenues
 were imperative.
 The governors special tax study
 commission incorporated many money-raising suggestions in its report several months ago. An income tax has been proposed by socialists. Sales taxes will be rec commended.
 The governor, tax experts and
 legislature leaders have held sev- eral conferences without reaching
 definite conclusions. Meanwhile
 the finance committee and appro-
 priations are determined the fi-
 nance group must hold up consid- eration of new tax plans. Plan Of Socialists Hartford, Conn, January 30 - (UP) = While the appropriations
 committee struggled with the
 heart breaking task of bringing the
 threatened $27,000.000 deficit proposed increasing state revenues
 by imposition of an income tax. A bill, providing for taxation of
 incomes was submitted to the sem ate, exempting single persons ub to $3,500, married couples up to $500, and posting additional ex-
 emptions of $500 for each depend-
 ent.
 | Individuals would be assessed at
 the rate of 3 per cent for the first | $1,500: five per cent for the next | $3,506; 10 per cent for the next $5O0O: 13 per cent for the next $15,000; 16 per cent for the next cent on additional income up to
 and exceeding $20O,000. Corporations would be taxed at the rate of three per cent on the
 first $1,000 and per cent on each
 additional $1,000 until a maximum
 of 20 per cent has been reached on
 income in excess of $8.O0O. Non-residents, deriving income from property or business within the state, would be subject to the
 same taxation.
 Salaries, bonuses, losses and de- preciation and federal taxes would
 be deductible from the gross earn ings of corporations. joint stock companies and associations. The taxes would be collected by the state tax commissioner who would be authorized to employ as many deputies as necessary to com- pute and collect the assessments. Delinquents would be forced to
 pay 2 percent interest and an addi- tional one per cent each month, after February IS of each year, until the tax has been paid.