The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-06-30
REPEAL OF WAR TAXES.
The Act Will Go Into Effect on Tues.
day Next.
WILL CUT OFF s7O,ooO.OOO REVENUE
But There viii Be Small Effect on the
Country at larpc-Ta axes Which
VIII Come Off


New York, June 2o.-on Tuesday next
Uncle sam VIII voluntarily reinquish an
onnual income Of sTo.Oc0cpo.
The act 70 repeal war revenue taxation
WIZ go into effect on july /, and the con
sequent reduction In the income OF the
government win be the largest ever made
Ia its history.
For documentary stamps on stock trans
actions alone Wall street paid Collector
Treats ofHce during 1901 sl0,sT2. 2ul. o8.
or about $4,000 dny Under the new
law the receipts for this district. the most
important IN the country, win fall from
Sis.Jei, 600 10 100000.
Preparations are complete for tha
change" ssid the collector today, "and
do not expect the slightest confusion.
while the internal revenue from taxes
Under the new schedule VIII raise yearly
from $1T5.oOo,0o0 to S2yG. OUo,UOO. the re-
dnciion Is the most gigantic ever made
IL speaks volumes Tor the prosperity OF
ne country that such a change eau take
place without having the slightest eject
On Us nnuncial condition
II may surprise some 70 know that with
the war tax, the revenue from internui
taxes was greater than that from the Gus
TOMS. Now, however, there will De a de-
cibed change
lhe following special taxes will come on
Oh Tuesday:
That OF $50 on a banking concern ana
Of 81 on esch $3.50 Of It's capital; the
rhx on brokers dealers IN grain, securities,
ETC.; pawuhrokers. custom house brokers,
pFpprietors OF the8ters. clrcuses. pubic
exhibitions, bowling alters ana t;iliard
rooms; dealers Ia tobacco and manufnc-
tnrers OF tobacco snd cigars.
Stamp taxes on Instruments, papers or
Documents: issues. deliveries or transfers OF
stock, aud sales and agreements Of sales
or agreements TO sell stocks, products OF
other merchandise ,schtdule A. wines,
seats In parior cars and bcrths Ia sleeping
cars are repealed, as are excise taxes on
persons, firms, companies and corporations
engaged IN refining petroleum and sugar.
Taxes on legacies and distrinut!vc shares
of personal property are revoked, but the
estates " all persons dying prior 20 Juiy
!, this year will he subjected 10 the legacy
tex. even II the distribution is not made
until after that date.
rhr schedule Of tax reduction Is as fol
lows;
tcrmented Liquors.--Thn tax on fer
ncnted liquors IS reduced - 81 per barrel.
SDnff md Tobacco. The tax on snuf and
tobacco is reduced TO cents per pound.
Charlottesville tax on cigarettes wcigh-
ing more than three pounds per 100 Il
reduced 10 SO per 100.
: drawback or rebate IS allowed on ali
original aud unbrokeu factory packages Of
smoking and rnannfactgred tobacco and
snuf held by manufacturer or dculers
on July /. 1902. 20 the amount % differ
enee between the higher rate paid and the
fax by this act.
No discount Is allowed on sale ~ stamps
Tor ferinented liquors or for tobacco or
snun The discount on the sale OF stamps
for fgTmented liquors, which was allowed
by the war revenue act was repealed hy
,iio act ~ March q 1901.
Tho provisions AZ the present law reln-
Tive 10 rnlxed -four remain unchanged ex-
cept q slight change Is made IN the dc
inition 81 mixed -four
flights accrued or liabilities incurred prior
20 The repeal are not affected