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416865

COMMITTEE ON WAYS AND MEANS

HOUSE OF REPRESENTATIVES

SEVENTY-SECOND CONGRESS, FIRST SESSION

JAMES W. COLLIER, Mississippi, Chair man CHARLES R. CRISP, Georgia.

WILLIS C. HAWLEY, Oregon. HENRY T. RAINEY, Illinois.

ALLEN T. TREADWAY, Massachusetts. ROBERT L. DOUGHTON, North Carolina. ISAAC BACHARACH, New Jersey, HEARTSILL RAGON, Arkansas.

LINDLEY H. HADLEY, Washington. SAMUEL B. HILL, Washington.

CHARLES B. TIMBERLAKE, Colorado. HARRY C. CANFIELD, Indiana.

HENRY W. WATSON, Pennsylvania. THOMAS H, CULLEN, New York.

JAMES C. MCLAUGHLIN, Michigan, CHRISTOPHER D. SULLIVAN, New York. CARL R. CHINDBLOM, Illinois. MORGAN G. SANDERS, Texas.

FRANK CROWTHER, New York. EDWARD E. ESLICK, Tennessee.

RICHARD S. ALDRICH, Rhode Island. JOHN W. McCORMACK, Massachusetts. CLEMENT C. DICKINSON, Missouri. DAVID J. LEWIS, Maryland. FRED M. VINSON, Kentucky.

EUGENE FLY, Clerk

PREFACE

Due to the tremendous decline in revenue receipts, it became evident months ago that a revision of the revenue laws would be necessary during the present session of Congress. In his annual report to Congress for the fiscal year 1931, the Secretary of the Treasury presented a detailed analysis of the fiscal condition of the Government, and recommended increased tax rates on individual and corporation incomes and on estates, and the imposition of sundry excise and miscellaneous taxes.

In contemplation of the necessary revision, the Ways and Means Committee, in open executive session of January 7, 1932, adopted a motion offered by Mr. Crisp to begin public hearings on the proposed legislation on January 13. The chairman and the clerk were authorized to prepare a schedule of hearings, pursuant to which the following notice was given to the press and mailed to all parties who had expressed a desire to be heard:

NOTICE OF REVENUE HEARINGS

WASHINGTON, D, C., January 8, 1932. In contemplation of a revision of the revenue laws and the imposition of increased and additional taxes, the Committee on Ways and Means of the House of Representatives announces to all concerned that it will hold public hearings at Washington, D. C., beginning Wednesday, January 13, at 10 o'clock a. m.

A tentative schedule of bearings has been arranged as follows: General statements.

Jan. 13 and 14 Income-tax rates

Jan. 15 and 16 Income tax-General and supplemental provisions-

Jan. 18 and 19 Estate and gift taxes.

Jan. 20 Miscellaneous taxes

Jan. 21, 22, and 23 Administrative and general provisions.

Jan. 25 Hearings will be conducted in the hearing room of the committee, room 321, House Office Building, Washington, D. C. Sessions will begin at 10 o'clock a. m. and 2 o'clock p. m. unless otherwise ordered by the committee.

Persons desiring to be heard should apply to the clerk of the committee at least one day prior to the date of hearings on the subject concerned, in order to be assigned time on the calendar for that day. In making such application, the following information should be given : Name; business address, temporary address in Washington ; business or Occupation; the person, firm, corporation, or association represented; subject concerning which testimony will be given; number of the section of the revenue act of 1928 or other act to which it relates, if any; and the amount of time desired.

In order to avoid duplication of arguments or suggestions, it is requested that persons baving the same problems to present agree upon one representative to present their views. So far as practicable the committee will seek to recognize witnesses who are qualified to give first-hand information.

Briefs may be submitted in lieu of or to augment oral testimony; but if such papers are printed on both sides of the sheet, two copies must be filed with the clerk for printing in the record.

In accordance with the foregoing notice and subsequent action of the committee, hearings were held from January 13 to 25, inclusive, and from February 2 to 4, inclusive, during which time 178 witnesses testified. Stenographic minutes of each day's proceedings were printed in unrevised form for the immediate use of the committee. Copies were furnished the witnesses for such corrections or additions to their testimony as they might care to make. The changes thus made have been observed in this revised edition.

The chronological order of the proceedings has been disregarded, the testimony and briefs being grouped according to subject matter. Where a witness spoke on a number of subjects, or where his testimony was of a general nature, his remarks have been included under the heading of “General statements." In a few such instances it has been possible to break up the testimony according to subjects without destroying the text, but where the witness only incidentally referred to some other matter, the testimony is included under the heading to which he primarily addressed himself.

A general index of witnesses and subjects has been included for ready reference.

EUGENE FLY, Clerk.

III

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