The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-06-28
THE INCOME TAX.
Many Amendments offered, but Few
Accepted by the Senate

Accepted Dy the senate.
WASHINGTON. June 27.-Only eleven
Senator's were in the chamber when Vice
President Stevenson raped for order to-
day. Twenty minutes were spent awaiting
the appearance of a quorum. bill to
amend the act providing for the times and
places for holding terms of United States
Court in the State of Washington was
passed. Then the debate on the income
tax provisions of the tariff bill was re-
sumed. The pending amendment was that
of Mr.. Allison to exempt corporations, COM
panies and associations having a capital
stock of less than 100000.
Mr.. Hill Immediately took the floor. 'rhe
theory of this income tax, he said, was that
the income tax from individual invest
ments unless they exceeded $4,000 should
not be subject to the tax. But such
limitations existed as to corporations. He
could see reason for the distinction. He
thought some amendments had been
adopted that would give small corpora
dividuals
Mr.. Vest. in reply to Mr.. Hill. said that
tariff systematic citizens paid taxes upon
consumption 1t was unjust and unequal.
rich Properly and incomes in his opinions one
should pay for the protection of the gov
eminent. Why should taxes be levied not
the citizens? The $4,000 exemption to ndi-
viduals. whether the figure was the correct
COST of not living corpora nb Ne Consumed
nothing; they were entitled to no ex-
emption and should have none. Mr.. Vest
thought the bill was peculiarly just and
considerate of corporations. If the rule
that applied TO individuals was to be APP
1900 should be be allowed corporations large
small.
Mr. Allison modified his amendment so as
Hons xuhA ow%s&-
surplus did not exceed 100000. the cost of
insurance. ETC.. of any manufacturing or
TINA ri ting expenses. Mr.. Allison. after some
discussion. finally decided to withdraw his
amendment altogether.
Mr.. Perkins offered amendment in
the shape Of a proviso, exempting from the
operation of the income tax savings banks
doing commercial business whose capital
stock is held a special guarantee fund
for the benefit of their depositors.
Mr.: Harris moved to lay the amendment
on the table.
Mr.. Perkins protested against having the
debate, on his amendment summarily cut
off You have no right rr to do this" said
But will assert the right" replied the
Senator from Tennessee.
MIR. Perkins thereupon withdrew his
amendment, at the suggestion of Mr. Aid
rich. who said he would offer an amend
ment covering the same point, exempting
savings banks organized on the mutual plan
solely for the benefit of the depositors.
Mr.. Smith offered the amendment of Mr..
Mcpherson TO exempt dividends of corpora
tions to individuals not exceeding $1,000.
The amendment was laid on the table-31
TO a.
Mr. Hill. who desired TO speak on the
amendment. but who was cut of by Mr.
Harriss motion. Immediately reoffered the
amendment reducing the dividends exempt
TO 5000. Mr.. Hilfs amendment was lost
20 to g. Mr.. Hill modified the amendment
so as 10 exempt dividends not exceeding
5000 Defeated-20 10 "a
Mr.. Hoar offered an amendment 10 ex-
clude from the opera ton of the tax joint
stock companies whose members receive as
share of the profits less than $1,000 each.
Iost-20 TO &c.
Mr. Hill again modified his FORMER amend
ment so TO reduce the exemption 10 ST.
600 Lost-23 to 81
Mr.. Allison said that all attempts to
eliminate the injustice TO small stockholders