Internal Revenue. Hearing ... May 9-27, 19211921 - 789 pages |
From inside the book
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Page 29
... Senator McCUMBER . Was that on account of the excess - profits taxes or a ... SMOOT . You mentioned an exemption of $ 4,800 in my bill . I placed it at ... Senator SMOOт . Politics , though , means a great deal , I will say to the witness ...
... Senator McCUMBER . Was that on account of the excess - profits taxes or a ... SMOOT . You mentioned an exemption of $ 4,800 in my bill . I placed it at ... Senator SMOOт . Politics , though , means a great deal , I will say to the witness ...
Page 30
United States U.S. Congress. Senate. Committee on finance. Senator McCUMBER . On the last turnover ? Mr. LORD . It looked to me that it would produce about that . Senator SMOOT . About what ? Mr. LORD . Three per cent would produce about ...
United States U.S. Congress. Senate. Committee on finance. Senator McCUMBER . On the last turnover ? Mr. LORD . It looked to me that it would produce about that . Senator SMOOT . About what ? Mr. LORD . Three per cent would produce about ...
Page 33
United States U.S. Congress. Senate. Committee on finance. Senator SMOOT . I know 1918 taxes that have been adjusted by the Treasury Department five different times and each time a different amount arrived at . There is one case that I ...
United States U.S. Congress. Senate. Committee on finance. Senator SMOOT . I know 1918 taxes that have been adjusted by the Treasury Department five different times and each time a different amount arrived at . There is one case that I ...
Page 34
... Senator SMOOT . I think it is the very least important . Senator JONES . Assuming that the taxpayer is going to make an excess return , how would the Government Treasury be benefited by reducing the high surtax ? Mr. SATTERLEE . The ...
... Senator SMOOT . I think it is the very least important . Senator JONES . Assuming that the taxpayer is going to make an excess return , how would the Government Treasury be benefited by reducing the high surtax ? Mr. SATTERLEE . The ...
Page 35
... Senator JONES . Let us stay with the one point . Of course , I recog-- nize ... SMOOT . You have studied this question enough to know , have you not , that ... Senator SMOOT . Well , do you not know it ? Mr. SATTERLEE . I know from what I ...
... Senator JONES . Let us stay with the one point . Of course , I recog-- nize ... SMOOT . You have studied this question enough to know , have you not , that ... Senator SMOOT . Well , do you not know it ? Mr. SATTERLEE . I know from what I ...
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Common terms and phrases
amount Association automobile believe billion burden cent tax CHAIRMAN CLARK collected committee commodities Congress consumer consumption consumption tax corporation cost cough drops dealer distributed dividends dollars earnings estimate excess excess-profits tax excise taxes exemption fact farmers favor Federal flat tax going Government grape juice HANCH imposed income tax increase individual industry Internal Revenue invested capital jobber levied Luden's manufacturer MCKENZIE merchant National paid passed Philippines present tax production Prof profits tax proposed question raise repeal represent retail revenue stamp sales or turnover securities sell Senator CALDER Senator DILLINGHAM Senator JONES Senator LA FOLLETTE Senator MCCUMBER Senator MCLEAN Senator SIMMONS Senator SMOOT Senator WALSH Senator WATSON shifted SMITH SMITH BROS sold stamp statement stockholders sumer surtaxes tax law tax-exempt taxable taxation taxpayer tion to-day transactions Treasury turnover tax undistributed United WILFLEY
Popular passages
Page 403 - All of the expenses of the commission, including all necessary expenses for transportation incurred by the commissioners or by their employees under their orders, in making any investigation, or upon official business in any other places than in the city of Washington, shall be allowed and paid on the presentation of itemized vouchers therefor approved by the commission.
Page 536 - In the case of a resident, by deducting from the value of the gross estate — ******* (3) The amount of all bequests, legacies, devises, or transfers, to or for the use of the United States, any State, Territory, any political subdivision thereof, or the District of Columbia, for exclusively public purposes, or to or for the use of any corporation organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes...
Page 403 - A vacancy in the Board shall not impair the right of the remaining members to exercise all the powers of the Board, and three members of the Board shall, at all times, constitute a quorum. The Board shall have an official seal which shall be judicially noticed.
Page 92 - The tax which each individual is bound to pay ought to be certain, and not arbitrary. The time of payment, the manner of payment, the quantity to be paid, ought all to be clear and plain to the contributor, and to every other person.
Page 403 - ... to employ and fix the compensation of such attorneys, special experts, examiners, clerks, and other employees as it may from time to time find necessary for the proper performance of its duties and as may be from time to time appropriated for by Congress.
Page 653 - I do not want art for a few, any more than education for a few, or freedom for a few.
Page 532 - ... any part of the gross income which, pursuant to the terms of the will or deed creating the trust...
Page 532 - The net income of the estate or trust shall be computed in the same manner and on the same basis as provided In section 212...
Page 92 - Every tax ought to be levied at the time, or in the manner in which it is most likely to be convenient for the contributor to pay it.
Page 213 - Act of 1918) upon all articles commonly or commercially known as jewelry, whether real or imitation; pearls, precious and semiprecious stones, and imitations thereof; articles made of, or ornamented, mounted or fitted with, precious metals or imitations thereof...