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Casper Daily Tribune
Casper, Natrona County, Wyoming
What is this article about?
U.S. Senate rejected a provision limiting tax deductions on tax-exempt securities (37-36 vote), approved public access to tax returns, amid debates on evasion and refunds by Senators Norris and McKellar.
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EXEMPT BONDS
IS DEFEATED
Senate Rejects Plans
To Levy Tax on
Securities.
WASHINGTON, May 2.—A treasury provision in the revenue bill limiting tax deductions in relation to income from tax-exempt securities was rejected today by the senate, 37 to 36.
The proposal was bitterly assailed as an indirect levy on tax free federal, state and municipal bonds while its proponents argued it would bring in $35,000,000 additional revenue annually by checking tax evasions by holders of large incomes.
Opening of tax returns to examination committees was approved without debate.
This provision also has been approved by the house. A finance committee amendment authorizing the committee to make public the returns also was accepted by the senate action.
Senator Norris, Republican, Nebraska, opened a fight for full publicity of all tax returns.
Resuming his argument, Senator Norris predicted publicity for tax returns would result in the collection of millions of dollars more each year by "showing up those who are now evading the income tax."
Senator McKellar, Democrat, Tennessee, assailed the policy of making refunds without public hearings. He said that in 1921 a total of $28,000,000 was refunded in taxes and in 1923 the refunds were $229,000,000.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Event Date
May 2.
Key Persons
Outcome
senate rejected treasury provision 37 to 36; approved opening tax returns to examination committees and finance committee amendment for public returns; norris advocated full publicity; mckellar criticized refunds without hearings ($28,000,000 in 1921, $229,000,000 in 1923).
Event Details
Senate rejected a treasury provision in the revenue bill limiting tax deductions on income from tax-exempt securities, assailed as indirect levy on bonds but argued to yield $35,000,000 revenue by curbing evasions. Approved examination of tax returns and publicity amendment. Norris pushed for full publicity to increase collections. McKellar assailed secret refunds.