Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1894-06-28
PHE EXEMPTIONS.
Mr.. Allison's Amendment
Regarding Corporations,
MUTUAL PLAN CONCERNS.
They Were Exempted From
Taxation.
In the House the New ues,ca s,nie-
hood nm Came VI, nu, Vote
Was No, ncachcd--rh- Nicara-
sua cans,--I,ens OF News.


by Associated Press
Washington June s7-only eleven
senators were IN the chamber whom
President stevenson raped to or
der tuday. The twenty minutes were
spent awaiting the appearance Of quo
rum.
A hill TO amend the act providing
Tor the times and places FOR holding
terms Of the United States court In the
state OF washinRton was passed Then
the debate on the Income tax provision
OF the tarin bin was resumed, The
pending amendment was that Of Mr.
Allison to exempt corporations, CONF
nanles or Rpsooonhons having a capital
stock OF less than 100000 Mr. Hul
Immediately took the moor The theory
OF this income, he said, was that the
Incomes from Individual investments
unloaa they exceed 5000 should not
be subject to the tax, rut no such
limitations existed Ha to corporations,
He could see no reason FOR the disiinc-
ton, ITO thought some amendments
hud been accepted that would give
n small corporation the same cNcmp-
tlon granted to individuals Mr. Vest
IN reply to MIR nm epid that under tho
present system OF taxation ~ the train
system the citigens paid upon conuump-
tiun, II was unjust aud unequal, The
poor paid practically M much no the
rich. Property aud incomes, ~ his
opinion, should pay for the protection
OF the government Why should not
taxes be levied. not upon the property
but upon The wanta OF the ciiizens3
Tho $4,000 exemption 10 individuals,
whether the figure was the correct one
or not, was the amount paid M the cost
~ LIVING. Corporations consumed moth
/ In. they were entitled To no exemption
and should have none
MIR. Vest thought the bill was pecu-
Harry Just and oonrideraic " corpnra-
| Hons, II the rule that applied 10 IN
| diyidnals was 10 be applied 20 corpora
lions the exemption u 5000 should
| o0 allowed corporations lsrer ~ nInnlla
MIR Allison modified his aniendneai
I SO as 10 exempt corporations whose
4 cnpiiui and surplus dih not exceed
| 800. 900, tho cost ~ Insurance. oic nt
| any notwithstanding company to he
1 considered IN eatiinnting cNpohacH,
] Mr.. Allison after some discuarlon
! finally decided to Withdraw his amend
l went altogether.
MI Perkins Of california offered an
amendment IN the shape Of provide
! exempting from the operation u the ne
\ come TAX savings banks doing . com
/ moreial business whose capital stock ~
/ ipld AZ "a npeoini guarantee fund Tor
/ the benefit 1r their depusllvfpi
/ Mr. Harris moVcd 10 lay thg amend.
ment on the table Mr. perhnn pro-
tested against having. the debate on ms
Z A III 81
"YDu have no right 10 DO ms hhid
he appealing 10 Mr. Harris.
'But / VIII assert the right fepiied
the senator from Tennessee.
Mr. Perkins thercupon Withdrew lnh
I amendment AT the RuREeation 81 Mt.
/ Aidrleh, who said ho had offered mn
! amendment covering the same point
cgomptlng savings banks organised on
the inutunl plan solely for tho Deneht
| OF their dpposllorn.
MIR. Smith offered the amcnimsnt ot
MIR. Mcpherson 10 exempt diyideniH q
! eorpofatlona 20 Individuals not ex-
c.odlnR $4,000 Tho amendment was
inid on the table. ~ 60 n
Mr.. IIilf. who desiicd 70 Hprak On the
amendment but who WAS cut on by
MIR. tIarrlf motion, Immediately re-
offered the hmcndment reducing the
I dividends exempted 70 5000 -.
Mr.. Iiilis amendment was lost ~
Mr.. nm modified 'he amendment 30
MS 10 exempt dividends not exceeding
$1,000; defeated. ~ 10 u.
Mr.. Hoar offered an amendment u
exclude from the operation OF tho tax
Joint stock companies whose members
receive as a share Of the proiltH hsH
,hnu $4,000 each. Lost. 20 10 ~.
Mr.. nm again modified his former
Amendment 40 ng 10 redure the cxrnip-
tinn 10 1900 Lost. "a 70 80.
Mr.. Allison then aaid all Httsmpta 10
eliminate the injustice 10 ainnll stock
holders IN corporations liaeing failed,
he would renew the amendment w
offered cartier IN The day, fSing 9 iiDii-
tntldn tipon fsle capital stock OF com
pnnies 10 be aubiested 20 the tax lie
modified the amendment. however 10
aa 10 exempt corporations hAy'ig
cafftai stock OF less than $4,000 In
stead o. 100000 Lost, "a 10 u
Mr.. Hoar offered his nTnen1mnni 70
erefnpt Joint stock companies, cor
nnnflong md associations whose In
comes 90 not exceed 1000 Lost - TO
Mr.. Inn offered an amendment 70 The
end OF section ~ 10 exempt corpora
tons cf4ntcd by the states which by the
treasurer OF their Incorporation are. re-
o,if,ed to pgy a spaci@. Tax on Their
earnluga. dlVihsn-.T and franchises 20
the state other than the general tax.
Defeated. 2grD 80.
Mr. Aidrleh. Republican. u Rhode
Island Offered an amendment 70 ek-
ampt savings banks Organized on the
mutual plan solely for the henett OF
their denosit0ra. II was accepted
Mr.. Vest offered an amendment,
which whs agreed. 10 cyemptlng mutual
enyinxs bankg conducted for the bene-
M u fcposltora In the state OF Della
ware. M. PETER proposed an Hmends
,9.,,t ,,shfeh was lost 10 strike out the
rxoneuffsn made 10 the Dp8ufe commit
tees amendment 70 eectiqn - 10 case
* sniarieg u state, county and muni-
cipal officers. a.
N. Hill moved 10 amend section ~,
10 provide for the Inspection pf hc-
counts OF corporations enojeoi 70 the
tax 70 40 70 limit INC Tins o. isApsS-