Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1893-12-08


nento, orange, myrtle and other
woods in thorough, or not farther
manufactured than cut into lengths
suitable for sticks for umbrellas. bar
asols, sun shades, whips or walking
<anes' all wool Of the sleep, hair Of
the camel. goat, alpaca aud other like
ANIMALS, and oil hair and wool OH the
skin, iiolls, yarn waste, card waste.
bur waste, rags aud flags. including
all waste, or rags, composed wholly
or in part of wool.
1t has been definitely dctermin.
eel that the income tax system to
oe reported by the Ways and
Means Committee will be confined
to a fax OH the net incomes of all
corporations and q tax OH success.
sions and lcgacirs.
Messrs. Bryan, Mcmillan, Whit
ing and others made strong fight
for plan broad enough to include
all incomes of individuals i'm ex.
cess of $4,000 per annum, but they
have been forced to acqniesce in
the Will OF the majority and aban.
dan the graduated income tax in
favor of one applying only to cor
poratlons and SUGGESTIONS. The
Democratic members have now
reached definite conclusion on
this subject, and it can, therefore,
be confidently announced that the
income tax system will be narrow
ell down TO these specific limits,
unless the recommendations of the
committee are upset in the House
and a general plan for IL graduated
tax on all incomes, private as well
as cooperative, he adopted. The
committee, in its report to the
House, will adopt unique argu.
ment for restricting the system to
corporations, instead of applying it
to all individuals. They will state
That the greatest money earning
powers of tho country are the cor.
porations, while the risk TO indi.
vidual stockholders is less than the
FISK i'll any private business.
The corporations derive special
advantages from legislation, ono
OF which is that in event of com.
m8rcial disaster the stockholders
are only liable to the extent of the
full value of the stock subscribed.
and that to offset these special al.
vantages, they should bear 10 gen
erous burden of the expenses of
Government. The tax on corpor
atoms, therefore, will not be a.
graduated one, but will apply to
all net earnings of whatever ag.
gregate. This is an essential dc.
parture from he time honorrd the.
DRY of an income tax. as most 30
lltical economists have favored the
graduated system, imposing moth
ing on incomes of less than $4,000
per annum. per &. Mt. om the rx
cess between $4,000 and ;s2O, 900, 81
per cent. on the excess between
100000 and $4,000, and 10 per
cent. on the excess above 100000.
II a system applying to individ-
nalS had been adopted, there is no
doubt it would have been such a
graduated plan as this, but, as it
is to apply to corporations and
suggestions only, it. will he upon
the net earnings Of the corpora
ton and the gross amount of the
succession of legacy.
Suggestions and legncics in this
connection, of course, apply only to
personally and moneys. The Dem
ocratS Of the committee have also
decided to increase the tax radi-
cally on cigarettes and to impose
tax On playing cards. Both off
these points are definitely decided,
t &C object, on the Que hand, being
to tax II "nuisanre," aud on the
other to lax an article which can
bear Il heavy burden without any
individual feeling the weight of it.
The internal revenue tax on
whSkey is still all open question.
The committee is maintaining Il
stndious reticence on the subject
for fear of the manlpulations Off
spectators on the Stock Exchange.
II -