Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1909-08-05

on the retail dealer which requires him
to record every sale amounting TO TWO
pounds or more TO one person In one uay
A number Of other ironclad requirements
are included in the redraft Of this section
adopted by tho conference committee. by
which II was intended TO prevent any
frauds upon tho internal revenues ana
Mt the Same time give as much or
local market as possible TO the tobacco
growers Tho grower had contended for
unrestricted sale OF amounts up to ten
pounds.
Foreign built yachts are subjected to
an excise tax Of 81 per gross ton. which Is
70 be collected annually on the first day
or september. In lieu Of the excise tax
'ne owner OF n foreign built yacht or
pressure boat may pay a duty Of IS per
cent. al valorem on this yacht. This will
entitle him to American registry. The
| excise tax provision was adopted because
or the fact that some question lad been
raised about the ability OF the govern
ment to enforce collection of import du-
| ties.
THE CORPORATION TAX.
Every corporation. Joint stock COM
pany. or association organised Tor
profit. and every insurance componv
Is required to pay annually mn excise
tax of one per cent. upon its entire
net income over and above sb ooo
This feature was put into tho hi, 70
raise additional revenues to nppIv on
the treasury dcncit. The section was
prepared Ivy Attorney General Wicker
sham assisted by other able LAWYERS
In the administrative circle and great
double taxation. n provides n form of
publicity which will enable the gov
eminent TO exercise supervision over
corporations. The form Of returns
which must be- made by corporations
and other features Of the corporation
tax law were made public in detail
during It's consideration in the Sem
ate. I. is estimated that from s2..-
900 GOO 70 sso.ooo.oo a year will be
collected Under this new form Of fed
raj taxation.
PANAMA CANAL BONDS.
The secretary of the treasury is au-
thorized to issue Panama canal bonds
to the amount OF 1920. 900. which
sum. together with that already ex-
pended. equals the estimated cost OF
|
cd that the bonds shall he issued ex.
ccpt MS needed to provide money &c
carry on the work OF canal construc
I ton. The bonds arc to be payable 81
S years from the date Of issue and vii
bear interest at rate rot exceeding
three per cent. When the bonds arr
sold the secretary Of tho treasury viii
restore to the WORKING balance th'
$40. csc, 900 paid originally for the can
al property and the cnnal zone.
The rc--nactment of the provision
authorizing the issuance Of treasur'
certificates for money borrowed t
meet public expenditures. increase
tho authorization from si0o.oo0.ooo t
e 100000, 900. A large number OF oth
d er provisions that are In force undo
= the existing tariff law are include
II in the conference bill with a rev
x changes in phraseology In severa
, | cases
=, DRAWBACK PROVISION.
:. The drawback provision In tie D,ngie
n law Is incorpora' ed In the conference pi
g in lieu Of the drawback of the House ol
II which intended to permit the SUBSTITUTE
d o, domestic material In the manuta'
S tured article for export 10 the sal"
Is quantity that the imported material upo
$. which a drawback was obtainaoie. wa
h used in the manufacture OF similar al
u ,icles for domestic consumption. An az
e tltional provision was adopted entithh
Is rsers of domestic alcohol In the mani
is facture Of perfumery and cosmetics
Is secure drawback Of internal revenr
le tax to the amount OF alcohol used IN
lie exported article.