The daily morning journal and courier., 1901-01-25
REDUCTION OK WAR TAXES
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ance, bankers capital, proprietary med icines cigars. tobacco, beer.

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 ance, bankers capital, proprietary med icfnes, cigars, tobacco, beer. | The statement says: Having always in view the revenue requirements of the l government, the purpose of the com nittee has been to repeal such of the taxes imposed by the war revenue act of 1898 as are most annoying and bur- densome to taxpayers, to retain such as should be kept as a permanent part of our revenue system, or al least retained until all war taxes can be repealed and 1 to reduce all others as fairly and equi- i tably as possible by some general plan l of reduction. Pursuing this general i plan, 1t has been possible to reduce the taxes affected approximately one half. Taking the estimates of the treasury department as basis, the reduction of revenue affected by the bill will be near | ly $40, ,000000, reduction somewhat less than was produced by the bill as it passed the House of Representatives" Reductions: The committees substi- tute provisions in regard to cigars, to- bacco, beer, etc., are as follows: That on and after July l. 1901, the ir1-
 
 more than three pounds per thousand shall be $8.30 per thousand.
 That on and after July 1. 1901, there shall be allowed a discount of 25 per cent on all sales by collectors to brew CTS and manufacturers of tobacco and snuff upon the stamps provided for the payment of internal revenue taxes up- on beer and manufactured tobacco and snuff:
 Provided that the discount allowed to brewers upon beer stamps shall be in lieu of the discount of seven and one- half per centum allowed by the act of June 13, 1898. The effect is to reduce the beer tax to $1.50 per barrel and on snuff and tobacco to cents pound.
 There Is general reduction of the tax on insurance policies and renewals, and 1t is provided that in lieu of the present taxes special taxes shall be imposed to be paid by the insurance companies as follows:
 Life insurance companies, cents on the amount insured for each $100 or a fraction of every policy.
 This provision is modified by the fol- lowing proviso: That in all policies for life insurance only, issued on the in- dustrial or other weekly or monthly payment plan of insurance, the tax to be paid shall be 20 per centum of the amount of the first weekly premium, or per centum of the first monthly pre- mium; and provided further, that the provisions of this section shall not ap- ply to any fraternal, beneficial society or order, or farmers purely local coop erative company or association, or em- ployes' relief association, operated on a lodge system or local cooperative plan, organized and conducted solely by the members thereof for the executive ben- eff of it's members and not for profit
 Marine, inland, fire, casualty fidelity and guaranty insurance companies, one- quarter of one per cent. of the gross premium receipts, purely cooperative or mutual fire insurance companies'' to be exempted.
 All insurance companies are to be re- quired to make annual returns to the commissioner of internal revenue, the returns required being such as will en- able the commissioner to levy and col lect from the companies the taxes re- QulGeu to De pdiu Dy tHeIll. III case UI the non-payment of the special taxes levied against insurance companies 1t is provided that the delinquent company shall, besides being liable for the pay ment of double the amount of such spe- cial tax, be deemed guilty of misde- meanor and upon prosecution thereof shall pay fine Of not more than five hundred dollars. The commissioner of internal revenue Is authorized to exam inc books and accounts of companies he suspects are making false returns.
 The rate on conveyances, including deeds covering deeds to land, is mater- ally reduced. In the existing law all deeds covering values exceeding s100 are taxed at the rate of 50 cents. The Sen ate committee removes the tax on ali deeds where valuations are below g, 800 and makes the tax rate 25 instead of 50 cents. For each additional $500 above s. 900 the tax is to be 25 cents.
 The tax on bankers Is fixed at the rate of s1 on each $1,0O0 of capital and sur plus used by them.
 Section 20 of the existing law pertain
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