Abstract

Editorials

The article throws light on the tax on capital gains. Democratic Congressmen men are being rapidly won over to the view that provisions of the revenue law applying to capital gains and losses ought to be abolished entirely, and that the abolition should apply to taxes on 1931 incomes. If these provisions remain in force, the deficit that the federal government will confront at the end of the present fiscal year will be far greater than the official Treasury estimates. For with the unparalleled collapse in all security values in the last two years, there are few wealthy men indeed who will not be able to show capital losses for either the year or the two-year period that more than cancel their year's income from interest and dividends, and in many cases even from salaries.