The Skyland post. [volume] (West Jefferson, N.C.) 193?-1988, 1939-02-09

Washington.-While there are
many questions to come before
this, Congress on which there will
be sharp differences between the
Administration forces and the al
ready well-organized Coalition
Opposition, there is a great mass
of work ahead on which there
will will be little or no contro--
verSy.
To do all that must be done be-
fore this first session of the 18th
Congress adjourns probably will
keep Senators and Representa-
tives busy until well past mid
summer, though some of the
things which must be attended
to call for action before then.
There is a great list Of laws
which expire by the limitations
written in to them, some OF
which must be renewed this
spring if the purposes for which
they were enacted are to be con-
tinued.
For example, the authority OF
the Reconstruction Finance Cor
poration to make loans to states
and municipalities to aid in fl
nancing projects under local laws
expires on March 20, this year
Since this is generally regarded
as one of the soundest phases of
Government financing there is
little doubt that the authority
will be renewed for another year
or more, but Congress will have
to act quickly.
At the end of June the Recon
struction Finance Corporation it.
self goes out of business unless
Congress renews its charter by
that time.
On the same date the Federal
Reserve System loses its authori-
ty to issue Federal Reserve notes
against Government bonds, un-
less Congress acts.
Other Powers Expire
At the end of the Federal fiscal
year, which is June 80, other
powers and authorities which eX-
pire by limitation include that OF
F. H. A. to insure rehabilitation
loans, and the guarantee by Gov
eminent of F. H. A. debentures;
the authority of the U. S. Hous-
ing Administration to issue SOC
millions of bonds; and the exist
ence of the Federal Service Com
modities Corporation.
More important than any of the
foregoing is the necessity for this
session of Congress to enact a
new revenue law or reafirm the
present one so far as it refers to
taxes on corporations; for the law
passed last year specifies that the
corporation income taxes for
which it provided shall not ap-
ply to any corporate fiscal year
ending after Dec. 81, 1889.
The whole tax question is like
ly to take up a great deal of the
time of Congress. 1t will be
easier to handle, in one respect,
since for the first time in sixty
years all of the Federal tax laws
have been codified, indeXed,
classified and printed in a single
volume.
Heretofore there have arisen
at every session questions as to
what the existing tax laws really
are, whether a previous Congress
repealed this or that tax provi-
sion, and nobody, not even the
tax experts of the Treasury,
could give a final answer with
out going through dozens and
scores of books and records.
Record of Laws
The other day bill which ne
member has ever read passed
both houses of Congress, with
out an opposing vote. 1t was
about the longest bill ever passed
by Congress, running more than
500 printed pages. 1t was the
Federal Tax Code, which now
sets forth in legal form precisely
what the tax laws are so that
members considering changes in
the laws can refer to a particu-
lar page and section of the Code
know just what it is all about.
Expert lawyers employed by
Congress and by the Treasury
and the Department of Justice
worked out the Code and checked
it, so it may be taken as COM
plete and accurate compendium
of all the legislation now in force
on the subject of taxes.
The Treasury's foremost expert
on tax matters, Herman Oliphant,
died unexpectedly during the
Christmas holidays, and no one
nc well oua1ified has vet been