The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1893-11-23
THE PROPOSED INCOME TAX.
Revenue of Fifty Millions Dollars Ex
pected Therefrom


WASHINGTON, Nov. 15.-A revenue
OF htty million dollars is expected by
the Democrats of the ways and means
committee from the moderate income
tax which they propose to Incorporate
10 tho new revenue bill. The rate of
the tax will probably be per cent. and
the exemptions Will be high enough to
exclude the great mass of laboring men
and people on small salaries. The limit
now under discussion is from SO, 500 to
$4,OOO. & great many statistics have
been prepared by the Treasury experts
on The Incomes OF the country and the
rates OF revenue obtained under different
plans, and it is believed that 2 per
cent. rate will yield handsome addition
to the revenue of the government. II
the increase in the revenue should prove
insufficient, after year or two, to meet
the demands Of the Treasury, the rate
might be slightly increased, or the limit
OF exemption lowered. One of the at.
fractions OF the income tax to those
members of the committee who are ad-
vocatng 1t allows changes ia the rate to
meet the demands of the Treasury, with
out disturbing the industries Of the coun =.
Try, as III the case OF changes in the
tariff.
Ii the income tax is adopted in the
form now Under consideration, other
changes IN the internal revenue laws
Will not bo necessary. There will be
no increase in the beer tax, the whis.
key tax, the tax on manufactured to.
bacco or the tax on cigars. The ques
ton of the duty on Sugar is still an open
one, but it is not unlikely that a dutv
will be imposed of about l per cent.
per pound on both raw and refined sug-
ars. This will enable the COMMITTEES to
abandon the bounty now paid the Lou.
islana and Nebraska growers, without
leaving them absolutely without protec-
ton against foreign competiti IN. 1t is
also desired to strike blow at the sugar
trust by making the duty on refined sugar
substantially the same as on raw sugar.
Inc reciprocity section, which deals
with sugar, hides, tea and coffee, will
probably be stricken from the law, but
without necessarily abrodyating the ex.
lstlng reciprocity arrangements with
GcrmanY, with Spain regarding Cuba
and with the South American countries.
The articles named will remain free OF
duty from all countries, unless a small
tax ls imposed on sugar, and it is not be,
lleVed that the countries now having re-
clproclty arrangements will desire to
abrogate them, because the rotaliatory
duties against Venezuela, COlum bla and
Haiti nay be abandoned.
The treatment OF bltumlnuous coal ~
another open question with the Demo.
Gratis OF the comm tee. Coal was on
the tree list IN the original Graft OF the
tariff bill, in accordance with the pledge
OF he Democratic national platform to
modify the Mckinley law 10 the dircc.
ton OF free raw materials. The pro.
tests from the coal districts OF West
Virginia. PENNSYLVANIA, Tennessee and
Alabama has been 80 strong, however,
that some OF the members of the com.
mltt"e are weakening, and may vote to
retain small duty.
Chairman Wilson hopes to present
the completed bill to the Republican
members of the ways and means com.
mlttee by the latter part of next week,
80 that they can have their minority re,
port ready upon the meeting Of Con.
gress i'll December. He ls not in favor
OF party caucus to pass u 1on tie bill,
but believes that 1t should 10 fairly con.
sldered by the House as presented by
the committee. This was the course
with the Mills bill, and no caucuses
were held until debate began, under the
five minute rule, on the separate sched.
ules. Mr.. Wilson believes that the
bill will be more symmetrical and con
slstent if taken up as it comes from the
and that general debate IN
the House will solve some of the prob.
lens which might cause an iuterminahle
discussion to party caucus.