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Form P. R.
511
TO
Mies Egbert
^g^OM
meb
REMARKS:
7he attached are memos regarding the statement before the Ways
and Means Committee which Mr. Thurston
had.
CHAIRMAN'S OFFICE
©
April 2B*
Chairaaa Socles
Goapariaoa of Proposed Surtax
Mr* Sespres
Bete Schedules
13* following table shews taxes ©a iaootaes of varloas sises that
would result £rom the epplicatioa of tho pre teat tax l«ra, tba Treasury1s
proposals* the proposals sogeested hy Sr. Staa* head of the Seehaieal Staff
of the Joint Cosadttae on Internal Eevenue, end the rata echedule we have
developed ia accordance with year suggestions.
Married Taxpayer, Bo Dependant*
Xaoons
I
Effective Sates
| ^odea 'precoat j xiroegmy (' £taa |&scles
foxes
>wseat'|sraagaiy| Stag
2*000 I
2*500
3*000
10.000
50*000
100,000
1,000,000
0
n
31
m
lU»12S
1*3.476
f
&
0%
1,5%
2p*79L
moss
739*596
527&
103
1*060
17.1*8?
1*7*3$
0*4
1*0
5.3
28.3
k3*5
71.8
2.9
5*1
16.3
39>o
52-5
73-8
1.6
1.8 2,8
3.2 3*6
13.6 10.6
Ul-6 35*0
W.3
TtfO 70.1
BofceV 'febarpreseat ft aaxlwatt tasount of 4lli*0bQ aay bo countafl aa earned
iacojae for purpose* of tho 10 par cent earned incase credit in eo&aoetion
*lth the aonsel tax. la the abam table* nil iaocraa ia assoaed to te earaed
for incases of $10*000 ear leas aad $14*000 is aasnasd to le earned for
larger Incases*
She treasury proposes to leave, persoaal sad other exeaptioas
changed. Stsa propoaosreducing the earned iaccae credit fros tea per eeat
to four per eeat of earned incooo hat to aafee that credit allowable for surtax
purposes* instead of only tor mrmgl tax purposes*. as et pro seat. He eleo
proposes substituting absolute saooot tax credits for the present system of
allowing personal exemptions and oredit for dependents as credits against
imam* In effect, tfcia aaountc to disaUcwing persoaal exaaptiea aad oredit
for dependents for surtax porposes (a proposal vo adranced last swaaar).
Under your proposal personal esxsptioa would he lowered to fl,500 for aarried
persons aad the ether exertions aad credits -would he left unchanged.
tmmttto*
@FedFRASER