Federal Taxation of Corporations

Archive Report

The Budget, the Bonus, and New Federal Taxes

In His Message to Congress transmitting the budget for the fiscal year 1936, President Roosevelt recommended continuance of those temporary internal-revenue taxes scheduled to terminate on June 30 and July 31, 1935, and continuance of the present rates of certain other taxes which would be reduced on June 30, 1935, under the provisions of existing law.1 Although even on this basis a net deficit of nearly $4,000.000.000 was forecast, the President said he did not “consider it advisable at this time to propose any new or additional taxes for the fiscal year 1936.” If legislation should be finally enacted requiring a substantial outlay of federal funds for immediate payment of the soldiers bonus, however, it is believed ...

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