Individual Income Tax Reduction: Hearings ... 80th Congress, 1st Session, on H.R. 1, an Act to Reduce Individual Income Tax Payments. April 22-May 2, 1947 |
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ALVORD amount billion dollars budget calendar capital CHAIRMAN committee Congress corporations correct cost debt reduction dividends economy EDIE effect estimate excess excise taxes expenditures Federal figures fiscal 48 Form W-2 going Government gross income HANES House bill HUMPHREYS income payments income-tax increase individual income tax Internal Revenue Internal Revenue Code investment JOHNSON of Colorado joint return LAWTON less married couple national income NIXON normal tax paid percent percentage personal exemptions present law profits proposed public debt purchasing power quarter question recession refunds RUTTENBERG savings SCHUTZER Secretary SNYDER Senator BREWSTER Senator BYRD Senator CONNALLY Senator GEORGE Senator HAWKES Senator JOHNSON Senator LUCAS Senator TAFT separate returns SHERWOOD spendable income statement surplus SURREY talking tax bill tax rates tax reduction tax relief taxation taxpayers thing tion venture capital wages wife withholding
Popular passages
Page 386 - ... avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts which unavoidable wars may have occasioned, not ungenerously throwing upon posterity the burden which we ourselves ought to bear.
Page 454 - Indiana needs no guardian and intends to have none. We Hoosiers — like the people of our sister States — were fooled for quite a spell with the magician's trick that a dollar taxed out of our pockets and sent to Washington will be bigger when it comes back to us. We have taken a good look at said dollar. We find that it lost weight on its journey to Washington and back. The political brokerage of the bureaucrats has been deducted. We have decided that there is no such thing as "Federal
Page 495 - HR 1222fi, which has passed the House of Representatives and is now pending before the Senate Committee on Interior and Insular Affairs.
Page 311 - Failing that, a number of trade journals, the publications of the National Association of Manufacturers and the United States Chamber of Commerce recommended that the act be ignored until it was tested in the courts.
Page 4 - Amounts received as a pension, annuity or similar allowance for personal injuries or sickness resulting from active service in the armed forces of any country...
Page 4 - ... (A) Separate Return With Adjusted Gross Income $5,000 or more. — Except in the case of a joint return by husband and wife, if the adjusted gross income is $5,000 or more, the standard deduction shall be $500. "(B) Joint Return With Adjusted Gross Income $5,000 or more. — In the case of a joint return by husband and wife under section 51, if the aggregate adjusted gross income of the husband and wife is $5,000 or more, the standard deduction shall be $1,000 or an amount equal to 10 per centum...
Page 13 - ... (1) that portion of a tentative tax, computed as if the law applicable to taxable years beginning on January 1, 1945, were applicable to such taxable year, which the number of days in such taxable year...
Page 5 - ... (A) the amount by which the wages exceed the number of withholding exemptions claimed, multiplied by the amount of one such exemption as shown in the table in subsection (b) (1...
Page 5 - Income tax collected at source. (a) Requirement of Withholding. Every employer making payment of wages shall deduct and withhold upon such wages...
Page 124 - As used in this paragraph the term "calendar week" means a period of 7 consecutive days beginning with Sunday and ending with Saturday. (e) Rounding off of wage payment. In determining the amount to be deducted and withheld under the percentage method, the last digit of the wage amount may, at the election of the employer, be reduced to zero, or the wage amount may, at the election of the employer, be computed to the nearest dollar.