The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. Causes of the Panic

Collection:: Economics Books

40 The Stock Market Crash—And After sale of capital assets including stocks, bonds and real estate, amounted to less than 10 per cent of total reported individual and corporate incomes. In any event the government would have had little to lose and much to save, by successful agitation for the repeal of this law. During and after the panic the Treasury Depart- ment recommended that Congress reduce income taxes during 1930—a one per cent cut on both per- sonal and corporation incomes. The department stated that total ordinary receipts of the govern- ment for the current fiscal year through Novem- ber 20, were $119,000,000 larger than for the corresponding period of 1928; total ordinary ex- penditures, on the other hand, had been reduced by $107,000,000. This amply permitted a tax cut, with a saving of $160,000,000 a year. It was stated that a further cut of the tax on capital gains, or its repeal, would assure the government against such losses in revenue as were sustained by reason of the fall in stock prices during 1929. In fact, during ordinary years the losses in revenue (allowed to the extent of 12% per cent on capital net loss from sale of real estate, stocks and bonds, other than loss from sale of assets held more ‘than two years) ran into the millions. Thus the Statistics of Income for 1927 states this amount to be $227,878,965. This factor of establishment of loss for income tax purposes tended to hold the stock market down after the crash. Great volumes of securities were sent into the market after the bottom was touched on November

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