Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-11

"AS1lNGION, July 1.-THE IN
derwood- Simmons tariff bill which,
1t is expected, will be introduced in
the Senate to-day is unique in the
history of American tariff making, in
that Senate committee will recon-
mend even more drastic reductions
than the original bill contained when
adopted by the House.
The Senate's amended measure Will
average about IA per cent under the
duties prescribed in the Underwood
bill. The still further lowering of
duties affects every schedule passed
by the House with the exception of
the cotton schedule, which was re-
vised in such a manner that the du-
ties to be exacted from the importa-
ton Of cotton and cotton manufac-
lures remain practically the same as
those specified in the bill when it was
started on its way to the Senate from
the House Democratic caucus
Democratic Senators, however
claim that they have not impaired
the revenue producing qualities of the
bill through reductions favoring the
consumer.
According TO their figures this has
been Obviated by an increase in the
internal revenue tax on brandies used
in fOrtifying wines from 3 cents per
gallon to S1.10 per gallon, through
tax on sO-called spurious wines, forth
fed with chemicals, and through the
imposition of a tax of one-tenth of /
cent a pound on cotton futures sold
in trade and undelivered. A tax of
Of I IL
was placed on bananas solely for
revenue producing purposes.
Estimates of the revenue to be de-
rived from these sources is about
$S000,000 in excess of the 1851, 900. 600
revenue predicted for the Underwood
bill Revised estimates on corpora
ton tax and the income tax. amend
ment, which was redrafted by the
Senate, place the revenue from those
sections Of the bill on about an equal
footing with the House estimates.
The exact figures are as follows:
House Senate
Estimates Estimates
Corporation taxS 3O,000,000 5 $1,000 900
Income tax $500. 100000 600 69,625, 600
Totals ....... 500. 900. 900 s1OR. s25. 600
An amendment has been made to
the income tax as introduced on the
floor of the Senate by the Finance
Committee, which places the date
upon which this tax shall become
operative at March l, 1913, instead Of
January l, 1913.
Income Tax Suffers Cut.
This will cut the 1913 revenue from
the income tax to about S58.000.000
and slightly decrease the estimated
revenue for the current year and that
calculated for the original House bill.
in ie arbq a Nv
the extension of time granted the
wool and sugar schedules, during
which the Payne -Aldrich rates shall
remain operative.
The extension of time for the
Payne Aldrich bill was the only
change made in these schedules. In
the sugar schedule the old tariff rates
are to be continued until March l,
1914. and in the wool schedule raw
wool is to become free on December
l. 1913, and the Underwood Simmons
rates on wool manufacturings are to
become operative on January l, 1914.
The sugar schedule retains May l,
1915 as the date upon which sugar
shall be admitted free Of duty.
In the free list the principal ad
ditions were raw furs, works Of art.
gunpOwder. AngOra goat hair and al
paca, cattle, sheep and other domestic
live ANIMALS, wheat, steer HSOlS'
Photographic and moving picture
films, ferromanganese flax, machinery
used in making books for, the blind,
cement, text books used in the
schools, jute bagging, lizarin, cast
iron pipe and agricultural imple-
ments.
Autos RecIassified.
The chemical schedule was cut
from 10 to per cent. The earthen-
ware and glassware schedule suffered
a like reduction In the metal sched-
ule a number of important changes
were made beside the free listing of
iron and ore products. These In
cluded a decrease from - per cent
TO 10 per cent in beams, from IS to
u per cent in steel plate and iron
forgings and from 10 to 8 per cent in
steel castings.
Automobiles were reclassitied, those
valued UP 20 $1,000 being made du
table at - per cent; those from
81 900 to $500 at 80 per cent. and
automobiles over $500 in value at As
per cent Parts remain the same :
scheduled in the Houes bill.
In the wood schedule the principal
change was the free listing of cedar
logs.
In the agricultural schedule horses
and mules are taxed at 10 per cent: