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Abstract

The Shape of Things

February 19, 1938 issue

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Something called the third basket has found its way into the vocabularies if not the hearts of business men and tax lawyers. It is a new tax device, intended for snaring some of the bigger fry in the tax-avoidance game. For the last month or so it has been the object of a strenuous tug of war between the liberal and conservative groups on the Ways and Means Committee of the House, which has been preparing a revised tax measure. The third basket would levy a penalty tax up to 4 per cent on corporations which fail to distribute as much as 60 per cent of their profits in dividends.

See Also:

TAXATION; FINANCE, Public; TAX planning; FISCAL policy; UNITED States -- Economic policy; UNITED States

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H.L. Mencken, "An Eminent American," July 11, 1923.

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