Prospect of Tax Increases by the New Congress
Hoover's Sales Tax Proposal; Democratic Income Tax Proposals
The Nature and Scope of any new tax legislation undertaken by Congress in special session during the early months of the Roosevelt administration will be strongly influenced by the yield from the increased income taxes imposed by the Revenue Act of 1932. First returns and first income tax payments under this act, covering incomes received during the calendar year 1932, will be due on March 15 next. If the yield from the income taxes1 proves as disappointing as that from most of the new excise tax now in effect, further tax levies by the new Congress will be unavoidable. They probably will be unavoidable in any case. Campaign promises of ...