Word: reductionism
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1) Reduction of normal tax .........$3,200,000
2) Reduction of tax on earned
3) Reduction of surtaxes .............48,700,000
This leaves a net reduction of taxation for these rich people of only $5,775,000-but even this reduction does not stand. With surtaxes reduced to a maximum of 25%, it will be more profitable for these people to withdraw their money from tax exempt securities (having a low...
It was regarded as certain that the Ways and Means Committee of the House would take up the case of a soldier bonus before considering Secretary Mellon's tax reduction plan. When the Committee met in its first session, a motion was made to consider tax reduction first. At...