The Lee County journal. (Leesburg, Ga.) 1904-19??, 1909-03-19
$3OO,OOO,OOO YEARLY
Will Be Produced BY New Tariff
Bill Prelented to Congress.
TAX PROVIDED
Coffee, Hides and Iron Ore ON the Free
List---Duties on Boots and Steel and
Iron Products Were Lowered.

Washington, D. C.-The long await
ed tariff bill was presented in the
house of representatives by Represen-
tative Serene E. Payne of New York.
chairman of the ways and means
committee. An increase Of 100000
900 to S50,O00,000 in the annual rev.
enue of the country will, it is esti-
mated, result from the changes pro-
posed, making total OF about $780,
900 900.
The bill contemplates downward re-
vision with maximum and minimum
provision, which impose an average
maximum duty. Of ~ per cent in ex-
cess of the present tariff. The rec
concentrations made by President
Taft-that an inheritance tax be pro-
vided, and that limited amount of
tobacco and sugar be admitted free
from the Philippines ARE included
in the BILL
The measure also provides for the
issuance OF Panama canal bonds to
the amount of $40,000,000, to REIN
burse the treasury for the original
purchase of the canal, and re-enact
the provision for the issue of treas
ury certificates, the amount being in
creased from $1O0,00O,OOO to $250,000,-
900.
The inheritance tax provision ex-
empts from taxation any property Pc
queathed to any religious, education
al, charitable, missionary, benevolent,
hospital or infirmary corporation. Per-
sonal property other than money or
securities beQueathed to a corpora
ton or association organized exclu-
siyely for the moral and mental i'm
proVement of men or women, or for
scientific, patriotic sot. similar pur-
poses is made exempt from the tax.
The Inheritance tax provision is sim
liar to the New York state law. 1t
provides a tax of per cent on all
1nheritances over $500 that are col
lateral inheritances or in which
strangers are the legatees. In cases
of direct inheritance the taxes pre-
scribed are: On $4,000 to 100000
l per cent; on 100000 to $780,
900 2 per cent, and on those over
$500,000 8. per cent. 1t is estimated
that $2O,000,OOO annually will be de-
rived from this tax.
In, order to prevent the confusion
ghich attended the enforcement OF
the Dingley bill on the day on which
it became a law, the Payne bill is
not to take effect until the day after
it is enacted.
While there is no duty imposed up
on coffee. tea is taxed 3 cents when
imported from the country where it
is produced, and 8 cents when from
other than the producing country.
The Internal revenue tax on cigar
cites is materially increased while
the tax on beer and whiskey is un-
disturbed
Coffee. hides and iron ore are on
the free list; boots and shoes, leather
goods. steel and iron products, lum-
Der. wool. shoddy and wsate, and the
cheaper grades of third class wool
are materially reduced. Tea is taxed
cents pound. An internal revenue
tax on beer and whiskey is not dis
turbe-.. The bill, it is estimated, will
produce $3O0,000,000 revenue from
customs.
The duty on refined sugar is reduc-
ed 5100 of a cent pound, and on
dextrin half cent a pound. A re-
duction Of one-half cent pound is
also made in the duty on starch, with
the exception of potato starch. Zinc
in ore is assessed / cent per pound
for the zinc contained The tariff on
pig iron is reduced from 81 to $3.50
per ton.
The principal increases are made in
the duties on lemons. cocoa and sub
stitutes for coffee, coal tar dyes.
gloves and coated papers and litho-
graphic prints.
TEnDY RFAR ann RIITY 'POSSUM