The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1901-01-31
CUT In WAR TAXES
Finance Committee Of the Senate
Lops Off Many Millions.
MUCH SAVED TO TAX PAYERS
Measure Differs From House Bill.
List of Articles on Which
Tax Is Cut.

Senator Aldrich, chairman of the
senate committee on finance, reported
the war revenue reduction bill back to
the senate Thursday. The committee
reports a complete substitute for the
bill as it passed the house. Senator
Aldrich made q statement explaining
the changes, which in part are as fol-
lows:
Stamp Tax Repealed.-Promissory
notes, mortgages, bills OF lading for
export, powers of attorney, protest,
charter, party, certificates of all kinds,
leases, warehouse receipts, telegraphic
dispatches, telephone messages, pass
age tickets costing less than $50, ex-
press receipts, bonds, except bonds of
Indemnity, legacies to religious, chari-
table, literary or educational institu-
tiens.
Special Tax Repealed.-Commer-
clal brokes.
Taxes Reduced. -Conveyances. in
surance, bankers capital, proprietary
medicines, cigars, tobacco, beer.
The statement says that, having al
ways in view the revenue require
ments of the government, the purpose
of the committee has been to repeal
such of the taxes imposed by the war
revenue act of 1898 as are most annoy
ing and burdensome to tax payers, to
to retain such as should be kept as
permanent part of our revenue system,
or at least retained until all war taxes
can be repealed. and to reduce all 9TH
ers as fairly and equitably as possible
by some general plan of reduction.
Pursuing this general plan, it has been
possible to reduce the taxes affected
approximately about one-half.
Taking the estimates. of the treas
ury department as basis the reduc-
tion of revenue affected by the bill will
be nearly $40, 100000, a reduction
somewhat less than was produced by
the bill as it passed the house of repre-
sentatives.
Reductions.-The committees sub
stitute provisions in regard to cigars,
tobacco, beer, etc., are as follows:
That on and after July l, 1901, the
Internal revenue tax on cigars weigh
ing more than three pounds per thou
sand shall be s3. 80 per thousand.
That on and after July l, 1900,
there shall be allowed discount of 25
percentum on all sales of collectors
to brewers and manufacturers of to-
bacco and snuff upon the stamps pro.
vided for the payment of internal rev.
enue taxes upon beer and manufact-
ured tobacco and snuff, provided, that
the discount allowed to brewers upon
beer stamps shall be in lieu of the
discount of u percentum allowed by
the act of June 13, 1898. The effect
is to reduce the tax to SIS per barrel
and on snuff and tobacco to cents q
pound.
There is q general reduction of the
tax on insurance policies and renewals
and in lieu of the present taxes, special
taxes shall be imposed to be paid by
the insurance companies, as follows:
Life insurance companies, 4 cents
on the amount insured for each 500
or fraction of every policy.
The rate Of conveyarces, including
deeds to land, is materially reduced.
In the existing law all deeds covering
values exceeding $40 aye taxed at the
rate of so cents. The senate commit
tee removes the tax on all deeds where
valuations are below 80, 500 and makes
the tax rate 25 instead Of 50 cents.
For each additional $500 above So, 900
the tax is to be 25 cents.
The tax on bankers is fixed at the
rate of 81 on each $1,000 of capital
and surplus used by them.
Section 20 of the existing law per-
tanning to proprietary articles, in
Guiding drugs, perfumeries, etc., is
practically rewritten.