The revenue act of 1934

Prevention of tax avoidance the primary purpose of the new revenue law. Doubtful issues resolved in favor of increased revenue. Rate structure rearranged but incometax rates not raised materially. New provisions relative t capital gains and losses, personal holding companies, excessive corporate surplus, exchanges and reorganizations. Most consolidated returns eliminated, allowable deductions reduced and more publicity of returns provided for than under the 1924 Act. Expiring capital stock and excess profits taxs increased substantially. Processing taxes on coconut and allied oils adopted to protect American dairy interest against Philippine products, despite the President's protests. Miscellaneous "nuisance" excises repealed. Later efforts to increase income-tax rates by 10 per cent fail, as do proposal to eliminate tax exempt securities and to require a joint return of income of husband and wife. Atmosphere of the New Deal evident throughout.