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Story
August 29, 1937
Imperial Valley Press
El Centro, Imperial County, California
What is this article about?
In Washington on Aug. 28, Rep. Fred M. Vinson and Treasury officials draft an outline for revising U.S. tax laws under President Roosevelt, targeting inequities in surplus taxes, capital gains, administration, and excise levies, with work to start in October or November.
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OUTLINE DRAFTED FOR PLANS TO REVISE U. S. TAX STATUTES
WASHINGTON, Aug. 28.(UP)—Administration leaders today drafted the tentative outline for a sweeping congressional program to revise federal tax statutes. Plans were made to speed its consideration if a special session is called.
Rep. Fred M. Vinson, D., Ky., chairman of a special nine member house ways and means subcommittee in charge of the study, conferred with Undersecretary of the Treasury Roswell Magill and experts of the joint congressional committee on taxation on the scope of the revision proposed by President Roosevelt.
He said a study to be pursued by the committee would include:
1. Revision of the controversial undistributed surplus tax to aid weaker corporations.
2. The capital gains and losses levies.
3. Cumbersome and "red tape" features in administering tax statutes.
4. The $500,000,000 per year excise or "nuisance" taxes, now operating on a two year extension.
5. Codification of internal revenue statutes.
Vinson said the study, which will precede a formal bill, was designed to seek means to "tighten" and remove existing "inequities" in present law rather than as a new revenue raising survey.
"If there is a special session, our committee will begin work around Oct. 15," he said. "If not, we will begin in November."
WASHINGTON, Aug. 28.(UP)—Administration leaders today drafted the tentative outline for a sweeping congressional program to revise federal tax statutes. Plans were made to speed its consideration if a special session is called.
Rep. Fred M. Vinson, D., Ky., chairman of a special nine member house ways and means subcommittee in charge of the study, conferred with Undersecretary of the Treasury Roswell Magill and experts of the joint congressional committee on taxation on the scope of the revision proposed by President Roosevelt.
He said a study to be pursued by the committee would include:
1. Revision of the controversial undistributed surplus tax to aid weaker corporations.
2. The capital gains and losses levies.
3. Cumbersome and "red tape" features in administering tax statutes.
4. The $500,000,000 per year excise or "nuisance" taxes, now operating on a two year extension.
5. Codification of internal revenue statutes.
Vinson said the study, which will precede a formal bill, was designed to seek means to "tighten" and remove existing "inequities" in present law rather than as a new revenue raising survey.
"If there is a special session, our committee will begin work around Oct. 15," he said. "If not, we will begin in November."
What sub-type of article is it?
Historical Event
What themes does it cover?
Justice
What keywords are associated?
Tax Revision
Undistributed Surplus Tax
Capital Gains
Excise Taxes
Internal Revenue Codification
What entities or persons were involved?
Rep. Fred M. Vinson
Roswell Magill
President Roosevelt
Where did it happen?
Washington
Story Details
Key Persons
Rep. Fred M. Vinson
Roswell Magill
President Roosevelt
Location
Washington
Event Date
Aug. 28
Story Details
Administration leaders draft tentative outline for congressional program to revise federal tax statutes, including revision of undistributed surplus tax, capital gains and losses, administrative features, excise taxes, and codification of statutes, aimed at tightening and removing inequities.