Revenue Revision, 1932, Hearings ... Seventy-second Congress, 1st Session: January 13-27, February 2-4, 19321932 - 1237 pages |
From inside the book
Results 1-5 of 99
Page 3
... revenue system rests on a com- paratively narrow base and that our tax receipts are susceptible to the widest variations in accordance with variations in business condi- tions . This is particularly true of current individual income - tax ...
... revenue system rests on a com- paratively narrow base and that our tax receipts are susceptible to the widest variations in accordance with variations in business condi- tions . This is particularly true of current individual income - tax ...
Page 6
... income - tax law would still remain a tax paid by relatively few individuals . There would be only some 3,600,000 Federal taxpayers in a nation of 120,000,000 people , and of this number less than 300,000 would contribute 90 per cent of the ...
... income - tax law would still remain a tax paid by relatively few individuals . There would be only some 3,600,000 Federal taxpayers in a nation of 120,000,000 people , and of this number less than 300,000 would contribute 90 per cent of the ...
Page 18
... tax is not a tax at all . It can only be justified as supplementing the income - tax law and the estate - tax law . That is the real justification . I do not believe anyone would care to tax gifts as such , Mr. Chairman . Mr. HAWLEY ...
... tax is not a tax at all . It can only be justified as supplementing the income - tax law and the estate - tax law . That is the real justification . I do not believe anyone would care to tax gifts as such , Mr. Chairman . Mr. HAWLEY ...
Page 27
... income - tax payers would feel of this increase ? Mr. MILLS . The income - tax payers would feel it next March , pro- viding you gentlemen show the diligence we hope you will . Mr. RAGON . Next March , when he makes his return , how far ...
... income - tax payers would feel of this increase ? Mr. MILLS . The income - tax payers would feel it next March , pro- viding you gentlemen show the diligence we hope you will . Mr. RAGON . Next March , when he makes his return , how far ...
Page 36
... tax expert than I am , we are at the disposal of the committee . The CHAIRMAN . We will be glad to avail ourselves , Mr. Mills , and probably will . Mr. ALDRICH . Have you got a figure there showing the total num- ber of income - tax ...
... tax expert than I am , we are at the disposal of the committee . The CHAIRMAN . We will be glad to avail ourselves , Mr. Mills , and probably will . Mr. ALDRICH . Have you got a figure there showing the total num- ber of income - tax ...
Other editions - View all
Common terms and phrases
50 cents 50 per cent additional administration admission Alien Property Custodian ALVORD amendment American amount BACHARACH bank believe bill BROWN Budget burden Canada Canadian capital gains cent tax CHAIRMAN CHINDBLOM cigarettes collected committee Congress corporations cost CRISP debt decrease deficit depletion Doctor ADAMS dollars DOUGHTON EMERY employees estate tax estimate excise tax exempt expenditures fact farmer Federal Government figures fiscal gentlemen gift tax going HAWLEY income tax income-tax increase industry inheritance taxes Internal Revenue JONES June 30 legislation LEWIS loss manufacturers matter McCORMACK ment MILLS MONDELL net income operation paid period present produce profit proposed question RAGON RAINEY reduced refund Representative retailer revenue act sales tax selling statement suggestion surtax taxable taxation taxpayer theater tickets tion to-day tobacco TREADWAY Treasury Department United VINSON York
Popular passages
Page 339 - February 28, 1913, the basis for depletion shall be the fair market value of the property at the date of discovery or within thirty days thereafter, if such mines were not acquired as the result of purchase of a proven tract or lease, and if the fair market value of the property is materially disproportionate to the cost.
Page 339 - ... gross income from the property during the taxable year, excluding from such gross income an amount equal to any rents or royalties paid or incurred by the taxpayer in respect of the property. Such allowance shall not exceed 50 per centum of the net income of the taxpayer (computed without allowance for depletion) from the property...
Page 163 - Go to now, ye rich men, weep and howl for your miseries that shall come upon you. Your riches are corrupted, and your garments are motheaten. Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire.
Page 373 - Except as otherwise provided by law in the case of income, war-profits, excess-profits, estate, and gift taxes the Commissioner of Internal Revenue, subject to regulations prescribed by the Secretary of the Treasury, is authorized to remit, refund, and pay back all taxes erroneously or illegally assessed or collected, all penalties collected without authority, and all taxes that appear to be unjustly assessed or excessive in amount, or in any manner wrongfully collected...
Page 367 - Where upon application by the corporation the commissioner finds and so declares of record that the tax if determined without benefit of this section would, owing to abnormal conditions affecting the capital or income of the corporation, work upon the corporation an exceptional hardship evidenced by gross disproportion between the tax computed without benefit of this section and the tax computed by reference to the representative corporations specified in section 328.
Page 303 - The present assault upon capital Is but the beginning. It will be but the stepping -stone to others, larger and more sweeping, till our political contests will become a war of the poor against the rich, a war constantly growing In Intensity and bitterness.
Page 206 - ... should be made to feel that the community, in the form of the State, cannot thus be deprived of its proper share. By taxing estates heavily at death the State marks its condemnation of the selfish millionaire's unworthy life.
Page 387 - ... (b) Except as provided in subdivisions (c), (d), (e), and (g) of this section — (1) No such credit or refund shall be allowed or made after three years from the time the tax was paid...
Page 339 - The basis upon which depletion, exhaustion, wear and tear, and obsolescence are to be allowed in respect of any property shall be the same as is provided in subdivision (a) or (b) for the purpose of determining the gain or loss upon the sale or other disposition of such property...
Page 206 - The growing disposition to tax more and more heavily large estates left at death is a cheering indication of the growth of a salutary change in public opinion.