The Prescott daily news., 1913-07-19
WITH SENATE CHANGES, REVE- NUE OF $996,s1o,ooo WILL BE
 PROVIDED.
READY FOR THE DEBATERS
Liberal Reductions in Things Bought by Farmer, in Addition to UuIti- mate Removal of Duty on Su-
 gar, Wool and Cotton.

Washington, July 19.-An average reduction of 27.65 per cent from the | rates of the existing Payne-Aldrich | tariff is made in the Underwood Sim mons measure upon which the senate has begun general debate, according to the report of the finance commit tee majority submitted by the chair man, Senator F. M Simmons.
 The report also shows that the bill, as reported to the senate, provides rates APP per cent lower than the Un- derwood bill as it passed the house, and that from it, together with other government receipts for the fiscal year ending June 30, 1914, there will be an estimated surplus in the government treasury of $3,020,000
 Big Addition to Free List.
 A salient feature of this bill, it is pointed out, is the large increase of imports to be admitted free of duty. Under the house bill the value of free listed imports, on the basis of 1912 importations was $103, ,000,0 ,000, where as the Democrats of the senate in cau- GUS, by sweeping changes propose to free list imports valued at $147, ,367,- 900, an increase in undutiable imports over the house bill of 43,367,000.
 Upon the basis of 10 months for the coming fiscal year the report esti- mates that the receipts from customs alone under the new bill will be COee fox n months, $5S,330 900; corporation tax $37 ,000 ,000 internal revenue, includ- ing tax on cotton futures, of $5,000,- 900, and that the revenue from all other sources will bring the total for the fiscal year to $996,S10,000. With disbursements, estimated for the com mittee~ by the treasury experts at $994, ,720 900 a balance is shown in favor of the government of $3.020,000
 Arranging Retaliatory Tariff.
 Particular attention is called to the senate provision designed to furnish the president with power to impose tariff duties of retaliatory character upon all articles comprised in a speci- fled list" which includes many agricul- tural products. For some years" says the report in referring to this retalia- tory provision, there has been de- velopment of maximum and minimum tariffs abroad, and in not few in- stances the government of the United States has been compelled to see its citizens subjected to harsh and dis criminating tariff treatment abroad without being able, under the law, to afford relief
 Of another important feature added by the senate committee, tax of one tenth of one cent a pound on cotton sold through stock exchanges for fu, ture delivery, the report says:
 "Tbe committee believes the sub ject matter to be one fit for the impo sition of a proper tax, not only be- cause of it's indirect influence in elim- mating a parasite which has afflicted the business of dealing in purchases of cotton for future delivery, but be- cause it will result in the collection of considerable sum of revenue from a source which in its usual operation produced abnormal profits from busi- ness that is not susceptible of just taxation in any other way"
 Income Tax Rearranged.
 Reduction of the basic exemption from income tax from s4000 as in the house bill to $3,0O0 for unmarried per sons, and the consequent rearrange- ment of this, the report comments upon as follows:
 Your committee reduces the amount of exemption of the net in- come to $3,0O0 and allows on ac- count of marriage an additional ex. emption of $1 ,000 to either the hus- band or wife where they are living to- gether, but not to both. In the case of a minor child or children living with and dependent upon parent, such parent is allowed an additional ex- emption of $500 for one minor child up to S1 900 on account of minor chill dren, except where both parents are taxable, in which case no exemption is allowable on account of children. By the amendment the lowest possible exemption to any one person must be