The age-herald., 1901-01-25
SUBSTITUTE FUR WAR REVENUE BILL Senate Finance Committee Re- ports a New Measure REDUCTION or $4O,OOO,OOO It Provides for Repeal of Many
 of the Taxes EHf
 CHANGES FROM THE HOUSE BILL Senator AIdrich Made a Statement to Effect That Under It's Provisions Present Revenues Would be
 Reduced One-HaIf.
 
CHANGES FROM THE HOUSE BILL

Washington, January A.-Senator Adrich, chairman of the Senate committee on finance today reported to the Senate complete substitute for the war revenue re- duction bill it passed the House. Sena- tor Aldrch made a statement, explaining the changes which are as follows
 Stamp taxes repealed Promissory notes, mortgages, bills of lading, for ex- port, powers of attorney, protest, charter party, certificates of all kinds, leases, ware house receipts, telegraphic dispatches, tele- phonic messages, passage ticket costing less than $50, express receipts, freight re- ceipts, bonds except bonds of indemnity, legacies to religious, charitable, literary or educational institutions.
 Special taxes repealed:
 Commercial brokerage.
 Taxes reduced: Conveyance, insurance, bankers, capital proprietary medicines, cigars, tobacco and beers."
 The statement says 1t has been possible to reduce the taxes affected apparently one half
 The Reduction.
 Taking the estima tes of the Treasury De- partment as a basis, the reduction of reve- nue effected by the bill will be nearly S40,- 000,OO0
 IecuucllOHSs IHo committees SuD-prOF1S- ions in regard to cigars, tobacco beer, etc., are as follows:
 That on and after July l, 1901, the in- ternal revenue tax on cigars weighing more than three pounds per thousand shall be $330 per thousand.
 That on and after July l, 1901. there shall be allowed discount of 20 percentum on ali sales by collectors to brewers and manu- facturers of tobacco and snuffs on the stamps provided for the payment of internal revenue tax upon beer and manufactured . tobacco and snuff; provided, that the dis count allowed to the brewers upon beer stamps shall be in lieu of the discount of 71a percentum allowed by the act of June 13 1898. The effect is to reduce the beer tax to $1.5O per barrel and snuff and to- bacco to cents pound'
 Life Insurance CompanieS-Four cents on the amount issued for each $1OO or frac- tion of every policy. This provision is mod flied by the following provision:
 That in all policies for life insurance only, issued on the industrial or other weekly or monthly payment plan of insur- ance, the tax to be paid shall be paid 20 percentum of the amount~of the first week. ly premium or percentum of the first monthly premium; and provided further, that the provision of this section shall not apply to any fraternal beneficial society or order, or farmers purely local co-op- eratiye company or association, em- ployes' relief association operated on a lodge system or local cooperative plan, organized and conducted solely by the members thereof for the exclusive benefit of it's members and not for profit. Marine inland, fire, casualty, fidelity and guaranty insurance companies, one-quarter of 1 per cent of the gross premium receipts, purely cooperative or mutual fire insurance com panies" to be exempted. All insurance companies are required to make annual returns to the commissioner of internal rnfrt trf1c haip as will enable the commissioner to levy and collect from the companies the taxes required to be paid by them.
 Rate on Conveyances.
 The rate on conveyance, including deeds to land Is materially reduced. In the exist ing law all deeds covering values exceeding NOO are taxed at the rate of 50 cents The Senate committee removes the tax on all deeds where valuations are below S2500 and makes the tax 25 instead of 30 For each additional s50OO above 5000 the tax is to be R5 cents. The tax bankers Is fixed at the rate of H on each $10oO of capital and surplus used by them.
 In Section 20 of the existing law pertain Ing to proprietary articles including drugs, perfumeNes. etc., perfumeries and cos metics are eliminated. The provision as reported provides that no stamp tax shall be imposed upon any uncompounded drug or chemical wherein the person making, nttering or vending the same does not have pr claim to have an exclusive right to mak- Ing or preparing of the same, does not have or claim to have any proprietary right in the exclusion or special use of the name or title thereof upon any uncom- bounded drug or chemical, not made, uttered or vended under any letters patent Issued in this country any foreign coun- try; nor upon medicines compounded ac- cording to pharmacopeia formulas or where the formula Is printed on the pack age or on physicians individual prescrip- ton.
 In the rates of taxation on proprietary articles there are material reductions and various other cha ses including the elimi- nation from the tax list of all perfumeries and cosmetics. chewing gum and substi- lutes therefor and sparkling or other bot lied wines On patent medicines the tax Is reduced to 1-10 of one cent on articles, the retail price of which does not exceed 10 rents An additional tax of 1-20 of one cent Is fixed on each additional five cents value or fractional pant thereof
 Among the taxes which the House re- moved entirely, but which remain in the Senate bill are the following: Custom house brokers proprietors of theatres, cir cuses and other places of amusement, bank checks, drafts or bill of exchange, both inland and foreign money orders, brokers contracts and manifests for custom house entry.