THE CONGRESS: Work Done, Jun. 26, 1939

  • Share

The House:

> Passed the Ways & Means Committee's tax-appeasement bill, sent it to the Senate. It would 1) abolish the undistributed profits tax, substituting a flat 18% corporate income tax on earnings over $25,000; 2) permit a two-year carryover of profits & losses and remove the $2,000 loss limit for corporations; 3) permit corporations to revalue upward their securities for two years, to ease their excess profits taxes; 4) permit retirement of bonds and notes below par without taxation. > (In Appropriations Committee) rejected President Roosevelt's and Admiral Byrd's request for a $340,000 claiming expedition to Antarctica. > Rejected a Senate bill authorizing TVA to sell $100,000,000 of bonds to buy utility properties; adopted instead a bill authorizing $61,500,000 of bonds and restricting TVA in its geography and accounting.

The Senate:

>Passed a bill (twitting the State Department) to relieve aliens (such as Irishmen) from swearing allegiance to their former rulers (such as George VI) upon applying for U. S. citizenship.

> Passed a bill permitting interstate shipment of fight films, sent it to conference.

> Passed the $122,624,410 State, Justice & Commerce appropriation bill, sent it to House conference.

> Approved the conference report on the War Department's civil functions appropriation bill ($305,188,514), sent it to conference.

Time.com on Digg

POWERED BY digg

Quotes of the Day »

EXCERPT FROM DOCUMENTS given by the CIA to British intelligence officials about Ethiopian-born British resident Binyam Mohamed, who alleges he was tortured at the behest of U.S. authorities after his 2002 arrest in Pakistan.
For use in rail of Articles page or Section Fronts pages. Duplicate and change name as necesssary to distinguish.