The Big Stone Gap post. [volume] (Big Stone Gap, Wise County, Va.) 1892-1928, 1893-11-23
PROPOSED INCOME TAX.
tits Expected to Yield Fifty Millions
-Sugar-Tobacco

it's Expected to Yield Fifty Millions
-Sugar-Tobacco
WAsHrNGroS, d. c., Nov. 90
revenue of $50, 100000 is expected
by the members Of the Ways and
Means Committee from the moder-
ate income tax, which they propose
to incorporate in the new revenue
bill. The rate Of the tax will proba-
bly, be 3 per cent, and the exemption
will he high enough to exclude the
great mass of lahoring men and peo-
pie on small salaries. The limit
now under discussion is from $1,000
to 81, 900. \ good many statistics
have been prepared by the Treasury
experts on the incomes of the coun-
try, and the rates of revenue obtain
ed under different plans, and it is
believed that the 2 per cent. rate will
Weld handsome sum. II the IN
crease in the revenue should prove
insufficient after year or two to
meet the demands of the country, the
rate might be slightly increased, or
the limit Of exemption lowered.
One Of the attractions of an income
tax on those members Of the commit
tee who are advocating it is that it
allows changes in the rate to meet
the demands of the Treasury without
disturbing the industries Of the coun
try, as in the case of changes in the
tariff.
If the income tax is adopted in
the form now under consideration
other changes in tho intcrnalreve-
nue. Laws will not be necessary
There will be no increase in the beer
tax, the whiSkcv tax, the tax on man
ufacturcl tobacco, or the tax ON CT
CARS. The question ofduty on sugar
is still an open one, but it is not
unlikely that duty will be imposed
OF about | cent per pound on both
raw and refined sugars. This will
enable the committee to abandon the
bounty now paid the Louisiana, and
Nebraska growers, without leaving
them absolutely without protection
against foreign competition. 1t Is
also desired to strike a blow at the
sugar trust by making the duty on
refined sugar substantially the sam,
as on raw sugar
The reciprocity section which deals
with sugar hides and tea, will prob
ably be stricken ont. The articles
named will remain free from duty
from all countries. unless a small taN
is imposed on sugar, and it !, not be-
Iicvcd that the countries now hay
ing reciprocity arrangements will de
sure to abrogate them, because til,
rctaliatory duties against Venezuela
Columbia, and lIayti may be aban-
doncd.
HE treatment of bituninous Goa
is another open question with the
Democrats. Goa! was on the free
list in the original draft of the bill
in accordance with the pledge of tho
Democratic national platform to mod
ify the Mckinley law in the dircc
ton OF free raw materials. The pro
test from the coal districts Of West
Virginia, Pennsylvania, Tennessee
and Alabama has been so strong
however, that some Of the members o.
the committee are weakening, anC
may vote to retain a small duty.
Chairman Wilson hopes to present
the completed bill to the Republican
members Of the Ways and Means
Committee by The latter part Of next
week, so that they can have THEN
minority report ready upon the meet
ing Of Congress in December. IIo is
not in favor of party caucus tc
pass upon the bill, but believes that
it should he fairly considered by the
House. as presented by the commit
tee. This was the course with The
Mills bill, and no caucuscs were held
until debate began under the five
minute rule on the separate schedules
Mr.. Wilson believes that the bill
will be more symmetrical and conss-
tunt If taken up as it comcs from the
committee, and that general debate
in the House will solve some Of the
problems which might cause interim
nablc discussion in party caucus.