New Ulm review. (New Ulm, Brown County, Minn.) 1892-1961, 1902-02-05
The House Ways and Means Com.
mittee Authorizes q Bill Re
ported for Their Repeal.
oNLY TAX on MIXED FLOUR o REMAIN
Total Reduction In Revenue Will he
About 81, 200, 900 sAnnua1ly--The
Repeal to Take Eject July !, 1893
Some Of the Special Taxes AZ f-
fected by the Proposed Measure.

Payne torepOrtaSbl Dill peahng 6allthe
Spanish war revenue taxes except the
tax on mixed flour. The repeal is to
take effect Jul 902 /, except the duty
on tea, Which,is to take effect anuary
q, 1908. Chairman r aynemade ca state.
ment showing that the total re duct ion
would be SIT ,OOO, 900 annual ny. The de-.
lay in the repeal Of the tax on tea is
for the purpose Of enabling those who
have stocks on hand tosdispose3 OF them
before the repeal takes effect. Mr..
Payne says the country will start upon
the next fiscal year with Sta 900 goo
availabl cash.
Effect to he widespread.
The. repeal will affect the remain
ing special taxes imposed by the war,
viz: #s I'll SSs .*55
On bankers, brokers, grain dealers, pawn
brokers, custom house brokers, theateTs,
museums, circuses.s etc, billiard rooms and
bowling alleys, playing cards. dealers IN
and manufacturers of tobacco. The reduc-s
ton on fermented liquor will amount to
GO cents per barrel: that on tobacco and
snuff will be three cents, bringing the rate
back to six cents per pound as before the
war. NJ ~. s*4- Re.
The rate on cigars and cigarettes was
changed last year, but the further change
now made will bring the rates back to
those existing prior to the war The re-
peal under schedule A of the law will In
clude the tax on bonds, debentures, etc.;
certificate of stock, sales or agreements
stock transactions, inland and foreign bills
Of exchange, bills Of lading, indemnifytng
bonds, certificates of profit, brokers' con-
r{rin q IN q
entries, steamboat passage tickets
The repeal under schedule B will include
the tax Of one cent per pint bottle on wine
and two cents on bottles over pint The
legacy taxes also come off . Other reduc-
tons include the excise taxes on persons
and firms engaged in refining petroleum
and sugar; special tax of banks and bank
ers; stamp tax on parlori and sleeping car
berths, etc. Il Fs za@
The rate on beer, now $3.50 per barrel,
will be brought down to ST. The present
tea duty is 10 cents per pound, and this will
be repealed. IS H. >4-.>E f>&5ss
Mr.. Payne's Statement.
Chairman Payne made the follow
ing statement on the proposed repeal:
''The treasury now has an available
cash balance Of something over 1914, 000,-
0OO It is not likely that this will be IN
creased materially during the present fis-
cal year, as the treasury Is buying bonds
at a rate that will use up the surplus to
accumulate between this and the end OF
the fiscal year, June 80 next. The secre-
tary of the treasury's report estimated a
surplus for this year of 500, 200. 600, and
subsequent results seem ito confirm this
estimate. The committee, therefore,
thought it was entirely safe to repeal the
remainder of the war revenue taxes,
amounting to $685. 100000, and the tax on tea
of $9,O00,0OO, in the aggregate ST., 100000, at
this time. This will still leave a surplus
estimated upon this years receipts and
expense of s22,OOO,OO0 or $23, 100000 for the
year, while we will start upon. the next
fiscal year with STA, 600 available cash
in the treasury. The committee deems it
wise to have the repeal of the tax on tea
take effect on the list of January next, in
order to enable those, especially retailers
and small dealers, who have small stocks
of the duty paid goods on hand, to dispose
of them before the repeal takes effect We
can provide a rebate on the tobacco tax
and guard against any fraud upon the rev.
enue, for the reason that the internal rev
enue department has this trade under close
surveillance and can and will take an
account OF the stock in the dealers hands
on the first day of July. next. But this will
be impossible as to teas, which come in as
| customs duties and of which the govern
ment mas no account save as they are i'm.
ported In large quantities by the import
~ers. Continuing this tea tax to the LIST OF
January will give us six months revenue
In the next fiscal year upon tea and will
make the ultimate reduction for the next
year consid erably less than So, 600, O0O The
bill will be presented to4the house as soon
as 1t can be prepared ge..
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