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Hyder Weekly Herald
Hyder, Alaska
What is this article about?
Congress recently passed a new revenue bill that lowers taxes on small incomes, eliminates minor levies like candy and soft drink taxes, repeals the bank-check tax next January, and increases taxes on high incomes, gifts, corporations, and capital stock. It expects to generate $417,000,000 annually.
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Tax On Small Incomes
Details of the new revenue bill, passed recently by Congress, disclose that the measure not only provides lower taxes for those who work for a living but also does away with a variety of small tax levies which fall most heavily on those of small income.
Included among the latter are the candy and soft drink taxes, the tax on jewelry worth not more than $25 and the levies on furs valued up to $75.
The enactment also provides for the repeal next January of the bank-check tax and cuts the 5 cents a $100 tax on sales of products for future delivery to 3 cents.
Higher taxes are levied on big incomes, gifts, corporations and personal holding companies and a tax of one-tenth of one percent is imposed on the declared valuation of corporation capital stock. The latter tax is expected to be one of the largest new revenue producers.
Corporations are also subject to an excess profits tax of 5 per cent on capital stock earnings above 12 1/2 per cent.
Partial individual tax return publicity is provided under which tax payers will be required to file a separate statement, subject to public inspection, showing gross and net income, total deductions and credits, and the tax payable.
An annual income of $417,000,000 is expected from the measure.
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Domestic News Details
Event Date
Passed Recently
Outcome
expected annual revenue of $417,000,000; lower taxes on small incomes, higher on big incomes and corporations
Event Details
The new revenue bill passed by Congress lowers taxes for workers and small incomes, eliminates taxes on candy, soft drinks, jewelry under $25, furs up to $75; repeals bank-check tax next January, reduces sales tax for future delivery from 5 to 3 cents per $100; increases taxes on big incomes, gifts, corporations, personal holding companies; imposes 0.1% tax on corporation capital stock; 5% excess profits tax on earnings above 12.5%; requires public inspection of partial tax returns.