The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-11-22
THE PROPosEr INCOME TAX.

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A Rsvenue of Fifty Millions Dollars Ex
pectsd Therefrom.
WASHINGTON, Nov. ia revenue
of fifty million dollars is expected BY
the Democrats Of the ways and means
committee from the moderate income
tax which meY propose to incorporate
in tho new revenue bill. The rate o
the tax will probably be 2 per cent. anc
the exemptions will be high enough I
exclude the great mass of flaboring meE
and people on small salaries. The limit
now under discussion is from $500 tc
$4,000. A 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 pei
cent. rate will yield a handsome addition
to the revenue of the government. i
tho 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 COMMITTEES who are ad.
vocatlng 1t allows changes 10 the rate to
meet the demands of the Treasury, with.
out disturbing the industries of the coun'
try, as in the case OF charges in the
tariff. ,.-.
If the income tax is adopted in the
form now 1nder consideration, other
changes in the internal revenue laws
will not be necessary. There will be
no increase in the bser 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 duty
will be imposed of about l per cent
per pound on both raw and refined sug.
ars. This will enable the committee to
abandon the bounty now paid the Lou.
islana and Nebraska growers, without
leaving them absolutely without protec'
ton against foreign competition. It is
also desired to strike blow at the sugar
trust by making the duty on refined sugar
substantially the same as on raw sugar.
The reciprocity section, which deals
with sugar, hides, tea and coffee, will
probably be stricken from the law, but
without necessarily abrodgating the ex.
isting reciprocity arrangements with
Germany, with Spain regarding Cuba
and with the South American countries.
The articles named will remain free OF
duty from all countries, unless small
tax ia Imposed on sugar, and it is not be.
lieyed that the countries now having re-.
ciprocity arrangements will desire to
abrogste them, because the retaliatorY
duties against Venezuela, Columbia and
Haiti may be abandoned.
The treatment OF bltumlnuous coal ls
another open question with tho Demo.
Gratis Of the committee. Coal was on
the free list III the original draft OF the
tariff bill, in accordance with the pledge
of the Democratic national platform to
modify the Mckinley law ID the direc.
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.
mitt-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 in December. he ID not in favor
of party caucus to pass upon the BILL,
but believes that 1t should Ee fairly con.
sidered 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-
sistent if taken up as it comes from the
committee, and that general debate In
the House will solve some of the prob.
lems which might cause an interminal'le
discussion to q party caucus.