The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1913-05-09
IS WISE LEGISLATION
WORKING OF UNDERWOOD TAR.
IF WILL BENEFIT COUNTRY.
American Manufacturers, Second ia
None, Are Sure to Rise to the oe-
casjon ana Maintain the Ma
tion's es, 7remaey'

That the American m~'nufacturer'
spurred by q competitive safiu "
greater activity to retain ont Vi u
his home market, will increase Ils
efficiency TO such an extent that ne
will make new trade conquests abroad
Is the prediction Of the Demochatlc
members of the house ways ana
means committee who framed the I'm
derwOod tariff bill.
The report signed by the fourteen
Democratic members OF the committee
has been presented to the house.
They estimate that for the first fiscal
year following the passage of the bill
the receipts Of the government Will
be less than the disbursements by
$6S. 100, 900. To meet this deficit the
income tax has been framed and 1t Is
estimated the revenue from this tax
will be $70,125,000
According to the committees esti-
mates, the customs revenue from the
Underwood bill will be s37.Ss6.O00 less
than the customs receipts from the
Payne law in 1912.
It Ia estimated hat the chemical
schedule OF the new bill will produce
s12,9s5.OOo as against s12,23s.742 in
the Payne law. the ~earthenware sched'
ule, $9.497.000 as against s11,156,22l;
metal schedule, SIS, 549, 900 as against
ST, 346,221; wood schedule, $s9S, 900
as against $3,042,S34; sugar schedule
$40, 1876 900 as against $50, 951.00 to-
bacco schedule. s26,002 900 as against
$25.571 900; agricultural schedule, SILL
SCI, 900 as against s34.146,00O; spirits,
$21, 1857. 900 as against ST.. 400 900; cot
ton. 81, 257. 900 as against s11,0s5.OOO;
fax, hemp and jute. $15,977,00o as
against $40, 062, 900; wool, s12, 744 900 as
against 1927, o72, 900: silk. s16,212,o0o as
against s13,695.000; pulp and paper
32,957,000 as against s4,Ss6,000; sun
dries. S59, 1852, 900 as against s2b.
+, o31, 900.
The average reductions in duties
from the present Payne law to tn
Underwood bill by schedules are a
follows:
Chemicals from rs to 10 per cent
earthenware. so to SO; metals, "a t
e 20; wood. IL to 3; sugar. As to 30
l. agricultural. go to 16; spirits, $40 t
n $3.50; cotton, 40 to 80; fax, As to ~
wool, SIS to IS; silks, 81 to "A; pull
and paper, 81 to II. Increases: Tt
a bacco, 50 to So; sundries, "a TO 33.
1t is estimated the amount of dut
's able importations under the bill woul
r increase in value from $3.50, 209, 9l5
"a $79S, 1856 900. The average duty unde
the Payne law is 1912 per cent, {
a against an estimated average duty u
ie der the Underwood bill of 1850 pt
er cent.
10 Under the income tax law it is esi
is mated that 425, 900 incomes. includir
s. corporations as well as individual
a. will be taxable. The greatest amour
Id OF revenue, according to the calcul
a lions. will be derived from incom'
within the range from $4,000 to $40
TX 900. Over 100 incomes taxable at
as per cent, as we'll as l, 2 and 8 p
ee cent. surfaces, are included in T.
on reckoning.
he The income from the tax on the
at immense incomes will bring In
Id told, $5,S26. 900. The committee es
sh mates that $4,000 incomes betwe
'o- 81, 1000 and $4,000 will be subject
the / per cent. tax, yielding $4,000
According to the estimates, howev'
the greatest number OF taxable
comes will be in the range OF $40
Of to $4,000. These will yield to {
government, II the expectations of t
-. committees calculators are borne {
by experience. $5.340,000,