Goldsboro semi-weekly argus., 1909-06-30
IIiifRE IS TAFT'S PLAN
He Wants Corporation Tax and
2Per Cent. On Incomes
Aldrich Secures Increase I'm Duties on
Scrap Iron and Wire Nails-Du-
ty of Half Cent on Pc
trOleum Defeated.

Washington, D. c., June 25.-This
was another of the Senates active |
working days and by the time the
Senate closed at seven o'clock so I
many schedules had been considered /
and disposed of that Mr.. Aldrich free
ly predicted that by tomorrow night |
all of them would be out of the way, /
leaving the Senate free to begin con-
sideration of the corporation tax and |
income tax amendments at the COM
mencement of proceedings next week
and to follow these with the admins
trative features Of the BILL
Beginning the days session with an
| increase of 5 per cent. over the House |
rat of 35 per cent. ad valorem, on
harness, the Senate marched steadily |
alci:g throughout the nine hours of
| it's sitting, indulging in very little |
spe ch-making and acting upon many
| important provisions. Among the
| changes made were: An increase of
the duty on scrap iron from SO
{ njs to $3.50 per ton, thus placing it
on The same level as pig iron; an in
CT ;,se of one-fourth of a cent per
pound over the House rates on wire
ma IS; an increase of from four to six
i cents per pound on monaZite sand and.
thorite and other articles used in the
manufacture of gas mantels, and the
substitution of specific for ad valorem
? rates on files, rasps, etc.
!, Increases over the House rates were
made as follows: On harness from 35
per cent ad valorem to 40 per cent. !;
on scrap iron from SO cents to $3.50
f per ton; and On wire nails from one
o fourth to one-half a cent and from
;, one-half to three-fourths cents per
pound, the former for those less, the
q latter for those an inch or more in
= length.
al Toward the close of the day Senator
- Penrose, of the finance committee, bu
h not specifically for the committee
D | presented an amendment fixing a duty
% of one-half cent per gallon on crude
-. oil, and after considerable debate i
i, was disagreed to.
If Senator Penrose spoke at length il
20 support of his oil amendment, declar
n ing that it met the approval of the in
n dependent producers and reiners
70 The oil fields of Mexico figured ex
: tensively in this dissection. Senate
Gore declared that they were myth
During the day the lino1eum and OF
cloth schedule was re-cast SO as t.
apparently meet the demands Of tn
Insurgents, and was adopted with tn
understanding that if it should be sat
ay isfacory upon inspection in the rec
ord the schedule could be re-opene
tomorrow.
~ Just before adjournment for the da
Senator A1drich presented the corpo
Id ration tax amendment, approved b
resident Taft, stating that he hope
The Senate would be in position t
IN axe it up for consideration Monday.
In general form the corporation ia
~ measure follows the outline given al
,r the conference at the White Hous
Tuesday night, when the subjeC
s ,-as considered by the President, law
0T ers of his Cabinet and Senate an
:ouse Republican leaders. AS draft
d by Attorney-Genera1 Wickershar
i and Senator Root the measure is be
lieved to be amendment-proofa and a
effort will be made to put it throug
,r. Congress unchanged. 1t will be des
a ignated as "the Taft plan," the weigh
ar of the Presidents name being depend
ed upon largely to encompass it's eI
actment
en- Briefly stated, the plan imposes
gs tax of 2 per cent. upon the net carr
is ings of every corporation, joint stoc
ne company or association. organized fo
profit and having a capital stock rel
resented by shares, and every inSul
ha ance company, organized under tn
- laws of the United States or of an
bo state, territory or district, or organ
- lied under the laws of any foreig
country and engaged in business will
in the United States.
Every latitude is given to concern
Nv subject to the tax for the exemptio
,is Of expenses, cost of maintenance, tf
of depreciation of property, debts an
,ht the interest thereon, other forms
er taxation and all expenditures usual
in taken from earnings accounts. Ever
of ton of $4,000 of earnings before tt
,st tax shall apply.
an All of the machinery relating to tt
he collection, remission and refund of il
nd ternal revenue taxes, is made applies
,1y BILE to the corporation tax and the r
sponsibility for the enforcement
the proposed law rests with the con
missioner of internal revenue in tt
~ same manner as other internal take
,;,1 While the corporations are require
:. to supply information of a most int
III mate character relating to their bus
:, - ness provision is made to safegual
- them against wrongful use of data o
=, tanned for the purpose of assessir
- the tax. Penalties are provided
- case of false or fraudulent returns.
-. Practically: every character of il
corporated institution organized fl
profit is brought within the provision
- of the corporation tax.
for
is Tariff for revenue only" seems