New-York tribune., 1901-01-25
WAR TAX REDUCTIONS.
SENATE AMENDMENTS REPoRTED-Io-
TAI OF NEARLY s5o.Ooo.o0O CUT OFF.
fBr TELEGRAPH 10 THE TFIBrYr. J

Washington Jan 24-Air. .Aldrich. chairman OF
the Senate Finance Committee, reported the Emer-
eency Tax Reduction bill lste this afternoon. and
snnounoed that he would ask 10 have it considered
early next week Some committee amendments
have Yet 10 be made TO the paragraph fixing the
tax transfers Of stocks. Otherwise the bill is
completed and ready for passage No minority re-
port is 70 he made and little or no opposition 20
The bin is expected the floor Of the Senate The
measure as reported is practically new and in
dependent scheme of tax reduction.
It cuts into the emergency revenues : little deep
than did the House measure. for which IT is
a substitute. The beer tax is lowered 70 s. 90 2
barrel and the tax tobacco IS decreased 70 nine
cents a pound The estimated cut in the Treas
ury's income from the changes made by the
Finance Committee amounts 10 about ah01Oce. and
the substitute will probably reduce the internal
revenue receipts by $50 0oo on The tax on bank
checks is retained Those on telegrams and on
express package receipts are repealed synopsis
OF the Senate measure follows
Stamp taxes repealed Promissory notes mort
cages bills OF ading for export powers OF attorney
protest. charter party, certincates Of all kinds,
leases warehouse receipts. telegraphic dispatches
fhs So eRPTess receipis fTefghf receipis bonds,
except bonds Of indemnity. legaeies % religtous'
Charitable. literary educational institutions.
Special taxes repealed, Commercial brokers;
Taxes reduced: Conveyances insurance, bankers
capital proprietary medicines cigars, tobacco beer
The statement made by Senator Aldrich says:
Having always in view the revenue requirements
Of the Government. the purpose OF the committee
The War Revenue act of lS9s as are most annoying
and eurdensome 70 taxpayers 70 retain such as
system, or least retained until all taxes can
equitabiy as POSSIBLE bv some eeneraI plan Of re-
duction Pursuing This general plan II has been
one-half
The committees substitute provisions in regard
70 cigars. tobacco beer. etc. are as follows.
That on and after July l, 1901. the Internal Revs
o 5aS on es @ w wes5ns q me Ih9n hee bs pc
after July l, 1901, there shah be allowed discount
and manufacturers of tobacco and snuff upon the
nue. taxes upon beer and manufactured tobacco
Provided. that the discount allowed to brewers
upon beer stamps shall be in lieu OF the discount
Of ~ per cent allowed by the act Of June l3 1SsS
and on snun and tobacco 10 cents a pound.
There is a general reduction Of the tax on insur-
ance policies and renewals. and il is provided that
in lieu Of the present taxes special taxes shall be
imposed to he paid bv the insurance companies as
follows
insured for each 800 or fraction Of every policy.
This provision is modified @ by the following pTovso
on the industrial other weekly or monthly pay
ment plan Of insurance the tax 10 be paid shall
he 20 per cent of the amount of the first weekly
premium; or per cent Of the first monthly pre-
of this section shall not apply any fraternaI
beneficial society or order or farmers purely local
relief association. operated on lodge system or
y 9 By e an gzs for aP6 9be eRe:Sa
benefit Of its members, and not for profit.
anty insurance companies. one-quarter of / per
cent OF the gross premium receipts. purely CO.
operative or mutual fire insurance companies 10
All Insurance companies are to be required 70
make annual returns the Commissioner OF In
ternal Revenue, the returns required being such
as VIII enable the Commissioner 70 levy and col
lect from the companies the taxes required to
the ps@ pec 9s sEs aved In case e ss OF
panies il IS provided that the delinquent company
shall. besides being liable for the payment OF
double the amount of such special tax be deemed
guilty OF mlsdemeanor, and upon prosecution
Commissioner of Internal Revenue is authorized
TO eKamine books and accounts Of companies he
The rate on conveyances. including deeds to
al deeds covering values exceeding 800 taxed
at the rate Of 80 cents. The Senate Committee re-
below 2,So and makes the tax rate 25 instead
For each additional soo above 81 ooo the tax is to
The tax bankers is fixed at the rate of 81 on
|lch S.op OF capital and surplus used by them
section % Of the existing law, pertaining pro-
etc.. is practically rewritten >
The language of the first portion of the section
cosmetics are eliminated. The proviso reported
no samP @ "a ok sha oe imposed upon & any
son making. uttering vending the does
the making or preparing of the same. or does not
nave or claim 10 have any proprietary right in the
exclusive or special use OF the name title there
Of or upon any uncompounded drug or chemical
not made. uttered or vended under any letters
patent issued IN this or any foreign country. And
pro .dded turther t6at no stamp tax shall be i'm
compounded according 70 a formula in the United
States pharmacopcea or the National formulsry,
such medicine or preparation Is designated on the
package or inclosure thereof by its true and cor
aforesais and vybfn the edfion and 0aPs ~ su"b %
~ NJ -o6 SG Paee ~, u sCh
mUla of such preparation medicine is conspicu-
any stamp tax be imposed upon any medicine or
medicinal preparation which bears conspcuousIy
correct working formula for making. compounding
or preparing ne same; proyldedi that such med
age thereof. or otherwise, to the public by the
specific for any disease or ailment
Further provision is made that no taxes shall be
imposed on physicians prescriptions for tndividu-
In the rates OF taxation on proprietary articles as
fixed in Schedule B of the existing law, there are
material reductions and various other changes in
cluding the elimination from list of all per
fumeries and cosmetics chewing gum and substi-
tutes therefor. and sparkling other bottled wines
tenth of one cent on articles the retail price of
which does not exceed 10 cents. An additional tax
OF one,twenueth OF one cent is hxed on each ad-
ditional ave value fractional part thereof
for use of religious literary charitable or educa
tonsl purposes from taxation under tns & a% @ and
acies which the tax has not been collected.
amps aGf66rzed ed b Section g of the PTesent
Is made applicable 10 imprinted stamps on bank
Most OF the articles upon which the existing tax
Is repealed included in the House list the diff
ference being that the Senate committees list is
NOT 50 long or numerous as thar Of the House.
Among the taxes which the House removed en-
trely. but upon which the Senate committee did not
act and which therefore remain are the following:
circuses and other places Of amusement, bank
checks, drafts or bills Of exchange, both inland
and foreign; money orders. brokers' contracts and
manifests for Custom House entry. All these
taxes are left in the existing law The Senate
provision In regard 10 steamship passage tickets
leaves the existing tax upon all tickets costing
more than $50. The House repealed the entire tax
Ths House removed all proprietary medicines and
other rrOrrietsrN articles including