The Denison review. [volume] (Denison, Iowa) 1867-current, 1902-02-04
TIE SPANISH WAR TAXES
The House Ways and Means Com
mittee Authorizes a Bill Re-
ported for Tieir Repeal.
ONLY TAX ON MIXED FLOUR TO REMAIN
Total Reduction In Revenue VIII Be
About $77,OOO,OOO Annually-The
Repeal to Take Effect July 1, 1893
Some of the Special Taxes At
fccted by the Proposed Measure.

Washington, Jan. 31.-The house
committee on ways and means has
unanimously authorized Chairman
Payne to report bill repeating all the
Spanish war revenue taxes except the
tax on mixed flour. The repeal is to
take effect July /, 1902, except the duty
on tea, which is to take effect January
/, 1908. Chairman Payne made state
ment showing that the total reduction
would be $77,OOO,oO0 annually. The de-
lay in the repeal of the tax on tea is
for the purpose of enabling those who
have stocks on hand to dispose of them
before the repeal takes effect. Mr..
Payne says the country will start upon
the next fiscal year with STA, 100000
available cash.
Effect to Be Widespread.
The repeal will affect the remain
ing special taxes imposed by the war,
viz:
On bankers, brokers. grain dealers, pawn
brokers. custom house brokers, theaters,
museums circuses, ETC., billiard rooms and
bowling alleys. playing cards, dealers In
and manufacturers of tobacco. The reduc-
ton on fermented liquor will amount to
60 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.
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, indemnifying
bonds, certificates of profit, brokers' con-
tracts, custom house entries, warehouse
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 reduce
lions include the excise taxes on persons
and firms engaged in refining petroleum
and sugar: special tax of banks and bank
erS; stamp tax on parlOr and sleeping car
berths, etc.
The rate on beer, now $1.60 per barrel,
will be brought down to 81. The present
tea duty is 10 cents per pound and this will
be repealed.
MIR. Payne's Statement.
Chairman Payne made the follow
ing statement on the proposed repeal:
1.-THE treasury now has an available
cash balance of something over 174,0O0,-
| 900. 1t is not likely that this will be IN
| creased materially during the present fis-
| cal year. as the treasury is buying bonds
| at rate that will use up the surplus tc
| accumulate between this and the end Of
the fiscal year, June 30 next. The secre-
| tary of the treasury'S report estimat ted &
surplus for this year of 500. 100000. ant
| subsequent results seem to confirm this
estimate. The committee, therefore
| thought 1t was. entirely safe to repeal the
| remainder of the war revenue taxes,
of 49, 0O0.0 900, In the aggregate $1,000 900, at
this time. This will still leave surplus
! estimated upon this years receipts and
| expense of $22,0O00O0 or $23. 100000 for the
| year, while we will start upon the next
fiscal year with s174.oO0,Oo0 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 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 has 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 considerably less than ST., 200, OOO The
| bill will be presented to the house as soon
! as it can be prepared"