New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-05-05
NOT TO BE AMENDED; OH, MOI
OF COURSE, THE DEMOCRATS DID NOT
KNOW WHAT WAS GOING TO HAPPEN.

REPUBLICAN LIES BAsELY BORN" TURN OUT
TO BE TRUTHs-MR. VEST HIMSELF BD-
GINS THE INTRODUCTION OF THE AMEND
MENTs WHOSE EXISTENCE HE DENIED.
fBY TELEGRAPH TO THE TRIBusE.j
Washington May 4.-Senator Vest for the
Democratic majority of the Finance Committee.
reported to the Senate to-day the first batch or
the 300-odd amendments TO the Wilson Tarin
bill accepted yesterday by the Democratic caucus
in the interest OF party harmony" and solidin-
cation The changes announced to-day affected
only the income-tax section Of the BILL modifying
1t in various details Of administration. already
explained, and limiting its life TO between hve,
and six years. The sugar schedule has also
been made public.
The amendments advancing rates in the other
tariff schedules will be furnished in printed form
next Monday the pretence being sedulously OBJ
served that they are still TO originate with the
committee and have as yet not even a construc-
tive existence Meanwhile, progress with the
Tariff bill is to be merely perfunctory. Scarcely
more than an hour given to 1t to-day. Mr..
Harris moving for an executive session before
O'clock
While the Finance Committee are ostensibly
Illuminating in secret dignity over the amend
merits which they are really to accept, ready
made from Mr. German, Mr. Smith and tho
other tariff Warwicks. the Democratic managers
have decided TO devote themselves TO the execu-
tive calendar. and the announcement quietly
made to-day that to-morrow's and Mondays ses-
sons would be behind closed doors. On Tuesday
the Chinese treaty will be taken up and on
Wednesday, when the new bill will be before the
Senate and the public in its entirety, 1t Is ex-
pected that debate upon it's provisions will start
tafnr
The text Of the amendments was follows:
Sections So co and 81 stricken out, and the fol-
lowing section substituted therefor:
That there shall be levied and collected tax OF
2 per cent per annum the net profits or income
above ordinary working or operating expenses OK
all banks. banking institutions trust companies.
savings Institutions, fire, marine life and other in
surance companies railroad, canal, turnpike, canal
navigation, sackwater telephone telegraph. ex-
press electric light. gas. water street railway COM
panes and all other corporations. companies or as
sociations doing business for profit in the United
States, no matter how created and organized.
THAT said tax shall be paid or before the 1st
day of July in each year; and II the president or
other chief officer Of any corporation, company or
association shall neglect refuse to file with the
collector OF the internal revenue district in which
said corporation, company or association shall DO
located engaged In business a statement verified
by his oath affirmation, showing the amount Of
net profits or income received by said corporation
company association during the whole calendar
| year preceding the date of filing said statement
hereinafter required the corporation, company or as
sociatlon making default shall forfeit a penalty
the sum Of 1900 and 10 per cent OF the amount OF
taxes due for each month until the same is paid. the
| payment of said penalty to be enforced pro-
vded In other Of neglect and refusal 70 pay
| penalties and taxes under the internal revenue lava
The net profits income OF all corporations
companies or associations shall include the amounts
| che an1h
certificates of Indebtedness OF any kind or carried
! to the account Of fund.- used for construction.
enlargement OF plant any other expenditure or
| investment representing the net profits made or ac-
qulred by said corporations, companies or associa-
tons.
..That nothing herein contained shall apply to
States counties or municipalities: nor TO corpora
tons companies or associations organized and con-
Quoted solely for charitable. religious or educational
PURPOSES nor the stocks snares funds OF Sc
curities held by any fduciary trustee for char
table religious or educational purposes nor to suca
building and loan associations as are organized un-
der the laws OF any State Territory or the Dis
tr!ct OF Columbia which make loans only to their
shareholders to enable them TO provide for them
selves homes"
There are twenty-three additional amendments
designed to remove certain Objectionable features
ord Iessen the stringency of the law. Where
penalty is attached in case one renders fraudu-
lent return the language has been changed so
as TO read "a wilfuly false or fraudulent return.
In case Of failure refusal 10 make return, the
| collector is directed TO make the list by the eS-
amina ton Of the person. etc. the words by the
examination of his books or accounts being strck
en- out In many places throughout the income
tax feature the present wording relates 10 the
acts OF any person.. and in other places the word
CORPORATION" alone is used. These have been
| amended so as TO include companies and associa-
! tiOns
At the end Of section 62. which regulates the pay
ent of the tax by persons drawing salaries In ex-
cess OF $4,000. there has been added the following
! provision:
provided that salaried due to State. county or
municipal officers shall be exempt from the income
tax herein levied
The section of the revised statutes C,ll6) which
reads: THAT the collector, any deputy coilec-
tor in any district, shall enter into and upon tho
premises, II II be necessary, OF any person therein
who has taxable property and who refuses or neg
lects to make any return" etc, has been amended
so AZ to read: THAT when any person. corpora
ton company or association refuses the collector
or his deputy may make out the return. the au-
thority to enter upon the premises being stricken
out
The limit of the time during which the law shall
be in operation Is iXed at from january l. '''o'
| to January /. 1900.
At the end OF section 55 which relates to the
| method of computing and estimating Incomes, there
has been added the following
! provided, also. that In computing the income
of any person. corporation. company or association.
there shall not be included the amount received
| from any corporation. company association as
! interest or dividends upon the bonds or stock ol
| such corporation company association, II t$e
tax OF per cent has been paid upon its net profits
by said corporation, company or association, as re-
From section So, which describes what shall be
| taxable. the following clause has been expungei:
! And the share OF any person In the gains or
profits of all companies. whether incorporated Or
| partnership. who would be entitled to the same II
| divided whether divided otherwise. except the
| amount OF income received from institutions or
| corporatons whose officers. as required by law.
withhold a percentum of the dividends, Interest.
| gains profits and income made by such institutions
or corporations. and pay the same to the oficer
authorized to receive the same