The revenue act of 1935

President Roosevelt, in a special message to Coogress oa June 19, recommended heavier surtaxes national debt reductio large individual incomes; inheritance and gift taxes, earmarked for corporation incomes: addition to existing estate and gift taxes; graduated taxes co stitutional amendment thrcorporate dividends; and the submission local government securities. The B eueral acation of income from federal, state and proposals, was rushed through Cogeress 2, 0cying the larger part of his dubbed this a political "soak-the-rich" or "shpeed in spite of opponents who on individuals, graduated taxes on corporation incomes, and taxs on inter ncreased surtaxes dends were provided, though not on exactly the terms suggested by the President But instead of adopting the suggested pew inheritance and gift taxes, existing estate and gift taxes were raised; and no provision was made for the constitutional amendment to eliminate tax-exempt government issues. It is estimated that the new act will afford additional annual revenue of about $250,000,000 when in full operation.