SECURITIES AND SALARIES

HEARINGS

BEFORE THE

SPECIAL COMMITTEE ON TAXATION OF GOVERNMENTAL SECURITIES AND SALARIES UNITED STATES SENATE

SEVENTY-SIXTH CONGRESS

FIRST SESSION

PURSUANT TO

S. Res. 303 (75th Congress)

A RESOLUTION ESTABLISHING A SPECIAL COMMITTEE ON THE TAXATION OF GOVERNMENTAL SECURITIES AND SALARIES

PART 3

FEBRUARY 14, 15, AND 16, 1939

Printed for the use of the Special Committee on Taxation of
Governmental Securities and Salaries

CONTENTS

Statement of—

Page

Blough, Roy, Director of Tax Research, Treasury Department.
Gutkin, Sydney A., Newark, N. J..

575

557

Hanes, Hon. John W., Under Secretary of the Treasury.
Morris, Hon. James W., Assistant Attorney General.

573

653

Murphy, Henry C., principal economic analyst, Division of Research and Statistics, Treasury Department--

618

O'Donnell, Al F., Assistant Director of Research and Statistics,
Treasury Department---

646

Shultz, William J., professor, College of the City of New York, New
York City.

531

Studenski, Paul, professor, New York University, New York City..
Wenchel, John Philip, Chief Counsel, Bureau of Internal Revenue,
Treasury Department--

546

683

Williamson, Kossuth M., professor, Wesleyan University, Middletown,
Conn_-_

525

Letters, telegrams, and memoranda submitted by—

Bottolfsen, Hon. C. A., Governor of Idaho__

677

Joint Committee on Internal Revenue Taxation, staff of....

710

Lutz, Harley L., professor, Princeton University, Princeton, N. J..

704