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Winona Republican Herald: Wednesday, November 5, 1947 - Page 1

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   Winona Republican-Herald, The (Newspaper) - November 5, 1947, Winona, Minnesota                                w EATHER Cloudy tnnlfhtl fllourty c OME TO THE Wlnona Mardi Gras November 6-7-8 Full Leaied Wire Report of The Associated Member of the Audit Bureau of VOLUME 47, NO. 221 WINONA. MINNESOTA. WEDNESDAY EVENING, NOVEMBER 5. 1947 FIVE CENTS PER COPY TWENTY PAGES Rankin Running Last in Mississippi Another Veto Predicted for Tax Reduction Knutson Plans Prompt Cut at Special- Session WMihlnglnn Representative Robert L. Doughton (D.-N. C.) pro- dlrtpd today that the renewed Re- publican attempt to slash Income tAXp.i a year will run Into another prrMdnntlal veto. Thp North Carolina House veter- an, who managed tux legislation whpn hlx party controlled Congress Mild thu new tax cut proposal wll full tifriiuw: "Urtlrvi tlio Hrpubllcans can dhow that wi- can meet our clomontlc ni-cd.1. for foreign relief com- untl pay on the debt, It Is my opinion Unit they cannot ovcr- riflr nniHlipr prc.ilclpnllnl voto Ihrir tax bill." Two nitPinpU to override tax cut vctops failed la.it year. Doughton matin his statement to uftcr Chairman KnuUon iK.-MliiM.1 of thn llmwi wiiyii un( rmmntUi-p outlined plana for n (IdUblc-barri-lrcl tux OOO.OOO.OOO "quickie" .-Hash at the special session which convenes No- vember 17. and more reductions In nn over-all revision of tax statutes npjcl spring. KnuUon Support KnulMHi told nownmon tho roporl nubmlttcd yesterday by a ton-man citizen.'.' tax study group, calling for tnx for all the Indi- vidual and for corpora- tions B.I wnll, "dcnnttoly nupportn my contentions for Immediate tax rciipf." Tho clllwnn' group, set up by tho and mcan.i committee anc hrftded by RoKWoll Maglll, former under wcrctary of tho treasury, pro- posed 1. First priority for relief for In- dividuals. It made no exact pro- posals on nitfls. 2. Unlvprnal application of the community property principle whrrrhy liiuibnncln nnrt wlvm onn dl- vldr tho family Income equally for ux reporting purposes. woutt lower the tux for middle Incomes nnd rrduce fcdurul revenues by about The system now ap- plies by local law In 13 utatw, Corporation Cut 3. Corporation tax reduction with uprclal conMderntlonn "to fost- er untl promote small business on- trrprlBCH." Corporato net incomes under should bo taxed nt lower rates than corporate not in- comes of greater amounts, tho re- port nAld. 
                            

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