A Small Novel

The Treasury's measure entitled:

"A BILL

"To reduce and equalize taxation, to provide revenue and for other purposes" as printed, containing the text of the previous tax law with interpolations of the proposed changes, came to about 85,000 words--the size of a small novel.

When published the text of the bill in no way diverged from the summary previously published (TIME, Nov. 19) except to enlarge on the details of the plan.

A 3% normal income tax is placed on the first $4,000 net income, and 6% on all greater net income. No surtaxes are levied on net income of less than $10,000; a 1% surtax is levied on net incomes exceeding $10,000 and not exceeding $12,000; 1% additional on each $2,000 of additional net income until $36,000 is reached; 1% additional for net income exceeding $36,000, but not exceeding $40,000; 1% additional for each $6,000 of additional net income until $100,000 is reached. In addition a 25% exemption is allowed on the taxes on "earned" incomes (wages, salaries and professional fees).

The chief new facts about the measure are its administrative features, most of them highly technical but designed to remove from the taxpayer certain hardships produced by the present act. One of the chief of these changes is a proposal to create a traveling Board of Tax Appeals of from 7 to 28 members appointed by the Secretary of the Treasury and serving for ten years at salaries of $10,000 a year. This arrangement would avoid the necessity of taking tax appeals to Washington.

The penalties for delinquency in tax returns without intent to defraud, and for negligence would also be materially lightened.