Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-08-05

party for years, chairman of the
powerful Banking and Currency COM
mittee and the man who came with
in one vote of being chosen majority
leader to succeed the late Senator
Joe Robinson, stepped out Friday to
lead the fight on the floor against
the highly important administration
measure.
The attack on the bill by south
many members of the House from the
same section are opposed to it. Their
opposition is along the same lines
as that which prevailed during the
days of the MIRA. They argue that
there must be a definite differential
where wages and hours are concerned
to make it possible for industry in
the south to compete with industry
in the north.
A nonpartisan bloc of So House
members, claiming to represent a
total of 80, met Friday and pledged
themselves to fight all adjournment
moves until the wage bill is enacted.
A resolution passed at the meeting
said these members also stood ready
to stay in session until agricultural,
farm price sterilization, housing and
other necessary" legislation is passed.
Sugar legislation, which has proven
knotty problem throughout the SEES
sion, received the attention of adj
miniStration forces and members of
the House during the week. A con-
ference was held Friday attended by
Secretaries Hull and IckeS and mem
berS of the Agricultural committee.
The administration representatives
continue to object to limitation of i'm
ports of refined sugar from insular
possessions and Cuba. The present
bill will probably be revised to meet
these objections and resubmitted next
week by Chairman Jones. There is
certain to be a drive to revise it in
its new form by amendments. Rep
resentative Cummings of Colorado,
important sugar beet state, leader of
the move to restrict importations, said
after the conference: I'VE hope to
introduce bill that we will be able
to bring out on the floor of the House.
We are going to get sugar legislation
this session."
The President has let it be known
that he is anxious to see a bill de-
signed to plus tax loopholes passed
at this session, even though it be of
temporary stop nature. House lead
erS believe that a skeleton measure
will be enacted to be improved upon
at the next session following a thor
ough study of the highly complicated
problem. Mr.. Roosevelt is said to
have estimated that a stop-gap bill
would yield additional revenue of
from Sl5O,OOO,0O0 to $25O,OOO,OOO this
year.
Proposals under consideration by
the Joint Congressional committee on
| Tax Avoidance and Evasion include
increasing the rate of SurtaX on per-
sonal holding companies to max
imum of 70 per cent, and drastically
increasing the minimum rates. The
rates now are from 8 to 48 per cent.
1t was pointed out that minimum
rates would be increased to reach the
multiple split-ups. In addition, the
committee is studying the possibil-
ity of eliminating the $1,000 deduc-
ton allowed each trust, permitting
only one such deduction.
Next it is proposed that stock
holders of foreign holding companies
and foreign insurance companies be
taxed proportionately on their re-
spective shares of dividends AS to
nonresident aliens, it proposed to
raise the present one per cent with
holding rate to from 20 to Is per
cent, or, to leave the rate as it is and
compel the filing of U. S. income tax
returns.
Yachts, hobbies such as racing
stables, ETC., it was pointed out, can
be dealt with rather easily by pre-
else definition of deductions allow
able. The question of multiple trusts
is being considered but this involves
legal question as to whether they
can be merged as one for tax pur-
poses.
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