Word: maximum
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...with the tax reduction bill in the House of Representatives. The regular Republicans wanted 25% maximum surtaxes, the Democrats wanted 44% surtaxes and the radicals wanted 50% surtaxes. So Representative Longworth mixed a compromise with 37½% surtaxes. Nobody wanted surtaxes like that, but they had to agree if there was to be porridge. So on the final vote, everybody shouted "Yes" and the bill was passed...
Summary of changes: 43½% is the maximum rate; addition of a gift tax; reduction of normal income rates below the Mellon plan; increase in inheritance rates; changes, not expected by the Treasury, in the excise taxes...
...English system bears the same relation to the American that the Old World intensive agriculture bears to the large-scale surface cultivation still typical of American farming. In the former case, a small area is carefully tilled, and studied, in order to raise the maximum produce which its natural fertility makes possible. In the latter, whole-sale methods are applied to vast territories, and a fair yield is ordinarily obtained, which rarely represents the full return of which the land is capable...
...increase inheritance taxes from the present maximum of 25% at $10,000,000 and more to a maximum of 40% at the same figure...
...Rickard (promoter of the Dempsey -Willard, Firpo -Willard, Dempsey-Firpo fights) laughed at the new promoters with indifferent scorn. He said they could not pos-sibly make money if they gave $500,000 to the fighters. He calculated that $600,000 would be the maximum receipts under most favorable circumstances, whereas expenses, including the $500,000 would approach, if not exceed, $1,000,000. Mr. Raymond is figuring on $2,000,000 receipts...