Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1909-06-29

his direct vote and the latter by the
sytem of pairing. Mr. Lorimer went TO
Illinois yesterday in the belief that
the Oil schedule would not come up
until early next week,
All of the middle western progress.
sives. including Dolliver and Cummins
of Iowa. McCumber and Crawford of
North Dakota. La Follettetof Wiscon-
sin, Nelson and Clapp of Minnesota,
Johnson and Gamble of South Dakota.
Burkett and Brown of Nebraska and
Bristow of Kansas, came in strong on
the chorus OF nays and helped lay
away what VAS in effect ]. committee
amendment
Taft Plan Introduced.
President Taft's coropration tax
plan was presented to the senate just
before adjournment late yesterday
by Senator N w. Aldrich. chairman of
the finance committee and was order
ed printed as a committee amendment
to the tariff bill If the schedules are
completed by Monday the corporation
tax amendment will then be taken up
and held before the senate alltil final
disposition is made of 1t and the
amendments on the subject of direct
tax on incomes.
To be Known as Taft Plan.
In general form the corporation tax
measures follow the outline given by
the Associated Press after the confer
ence at the White House on Tuesday
night when the subject was consider
ed by the president, the lawyers OF his
cabinet, and the senate and house Re-
ASK ,af Nv
torpey General Wickersham and Sen
ator Root the measure Is believed to
be amendment proof and an effort
will be made to put 1t through con,
gress unchanged. It will be designat.
ed as the Taft plan" the weight of
the presidents name being depended
upon largely to encompass it's enact.
ment.
Provisions Of the Plan.
Briefly stated the plan imposes q
tax of 2 per cent upon the net earn.
ings of every corporation, joint stock
company or association organized for
profit and having {. capital stock repre-,
sented by shares. every insurance
company organized under the laws OF
the United States or any state, terri
tory or district or organized under
the laws of any foreign country and
engaged in business within the United
States.
Some of the Exemptions.
| Every latitude is given to concerns
subject to tax for the exemption Of
expenses, cost OF maintenance, depre
citation of property, debts and interest
thereon and other forms of taxation
and all expenditures usually takar
| from the earnings accounts. Every
corporation is salso given the exemp
| ton of $4,000 of the earnings before
| the tax shall apply
All of the machinery relating to tht
collection, remission and refund of in
i ternal revenue taxes is made. apple
able to the corporation tax and the re
sponsibility for the enforcement of the
| proposed law rests with the commits
sioner of internal revenue in the same
manner as other internal taxes.
Carries Penalties for Fraud.
While corporations arc required 4
supply information of the most int:
mate character relating to their bust
ness, provision is made to safeguarc
them against the wrongful use Of datt
obtained for the purpose of assessins
the tax. Penalties are provided il
cases of false or fraudulent returns
Practically every character of incor
/ porated institution organized for pro
! fit is brought within the provisions 0
the corporation tax.