REPUBLICANS TO REWRITE LEVY PROVISIONS OF FEDERAL TAX LAW
Washington, D.C. (JFK+50) On August 7, 1921, the Evening Star published a front-page story announcing that "the rewriting of the levy provisions of the federal tax law of 1918...will be begun by the majority members of the ways and means committee tomorrow."
The information had been provided to the Star by Chairman Joseph Fordney* who expects the task to be completed by the committee in ten days.
It is thought that the Republicans are planning to repeal the excess profits tax and replace it with an increase in the corporation income tax from 10 to 15 per cent. A $2000 exemption allowed under the present law will also be repealed.
*Joseph Fordney (1853-1932) was born in Hartford City, Indiana & served as a member of the U.S. House of Representatives (R-Michigan) 1899-1923.
SOURCE
"Task Of Rewriting Federal Tax Levy Begins Tomorrow," The Evening Star, Washington, D.C., August 7, 1921, Chronicling America, Library of Congress, www.loc.gov/
