Prospective Revision of House Tax Bill by the Senate
The New Tax Bill framed by the Ways and Means Committee in response to the request for additional revenues made by President Roosevelt on March 3, 1936, is expected to be reported to the House of Representatives within the next few days and to be passed by that body after comparatively brief debate. It is estimated that the measure in its present form would produce $799,000,000 in the first year and $591,000,000 each year thereafter. The President asked for 792,000.000 annually for three years and $620,000,000 thereafter. Speaker Byrns predicted on April 13 that the Chief Executive would insist that sufficient new taxes be provided to restore the budget to the position it occupied before invalidation ...