RADIO SETS UNDER $50 TO BE EXEMPTED FROM NEW TAX
Washington, D.C. (JFK+50) On April 5, 1924, the United States Senate Finance Committee exempted "all radio sets selling for less than $50 wholesale...from the new proposed ten percent tax."
According to the Evening Star, the committee is "winding up its consideration of the revenue bill" and will also exempt articles selling for less than $25 from the jewelry tax.
Despite the exemptions, Chairman Reed Smoot* (R-Utah) says changes in the tax law will bring in $2 million additional funds to government coffers.
President Calvin Coolidge has expressed his opposition to "the imposition of new taxes."
JFK+50 NOTE
According to "Radio" magazine (August 1924) Magnavox combination radio sets (reproducer + amplifier) retailed between $59 and $85. You could purchase a reproducer only (without amp) for $25 to $50.
In 1924, there were 1400 radio stations in the U.S. broadcasting to 3 million radio sets across the country.
*Reed Smoot (1862-1941) was born in Salt Lake City, Utah & attended Utah University & BYU. RS served in the US Senate 1903-1933 & was chairman of the Senate finance committee 1923-1933. He was a delegate to the Republican National Conventions from 1908-1924.
SOURCES
"Magnavox M4," Radio, August 1924, www.worldradiohistory.com/
"Senators Approve Tax On Radio Sets," The Evening Star, Washington, D.C., April 5, 1924, Chronicling America, Library of Congress, www.loc.gov/
