The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-06-14
TARIFF REVENUES DECREASED
UNDERWOOD BILL PROVIDES
FOR INCOME TAX AND BIG
INCREASE IN REVE-
NUE..
Comparison Made of Payne-AIdrich
Tariff Bill and Underwood Tariff
Mcasure-Where the Money TO
Run Federal Government Comes
From.

Washington, June "a table pre-
pared by the senate finance commit
tee showing comparative figures based
on the Underwood tariff bill and the
present tariff law, shows the average
ad valorem rate in the proposed law
to be 32.99 per cent as against 1854
per cent, under the Payne-Aldrich
bill.
The estimated loss of revenue
Underwood bill would be S24,71S,329
on an import valuation of $1O2,534,-
ACC. Reveue under the proposed bill,
. exclusive Of the income tax, is est-
mated at s266,7O1,13O, as compared
with $304,216,694, under the present
rates.
With the income tax revenue Z
mated at approximately $500" %.
the total revenue under the We'd
bill would aggregate about JOO,-
600.
In the sundries schedule, wherein
the Democrats have added many arti-
cles not heretofore taxed or have in
creased rates on luxuries, the ad va
loren equivalent shows an increase
over the Payne-Aldrich rates from
24.72 per cent to 1926 and the esti-
mated revenue from this schedule is
raised from s27,000.000 to approx
mately $6O,OOO,OOO.
Wool revenue, it is estimated, will
decrease from $27,OOO,OOO to $13,-
100000. The sugar revenue will de-
crease at the rate OF 10000 900 a
year until sugar goes on the free list
in three years
Majority members of the senate
finance committee will meet tomorrow
TO prepare the measure for the Demo
cratic cCucus next week.
Senator Simmons, chairman of the
committee, said two of the subcom-
mittees would not be able to report
fully for several days, as each has
several propositions to submit to the
majority members for advice. These
include Questions relating to the in
come tax, administrative features and
whether certain duties on the silk
schedule should be specific instead OF
ad valorem.
The proposal Of the subcommittee
in charge of the agricultural sched-
ule to put countervailing duty on
live stock, grains. meats and -four also
will be discussed by the majority
members. With these products on the
free list. subject to countervailing
duties, cattle from Canada would be
dutiable at from % 1-2 to 25 per cent.
ad valorem, sum equal to the Ca
madam tax on cattle; meats would be
duitable at 1-2 to 3 cents a pound /;
wheat 10 to IL cents a bushel: oats
and rye, to 10 cents a bushel: flour
( so to 60 cents a barrel: rye -four, As
to so cents a barrel; oatmeal, so to 60
cents a barrel
Senator Simmons estimates that the
majority members will he at least a
week considering the bill
To protect the city Of New York
against the operation of a proposed
income tax. where it might fall upon
the City's interest in the earnings of
the InterbOrough Rapid Transit COM
pany, Comptroller Matthewson and
Acting Corporation Counsel Hohle OF
New York have suggested important
amendments to the income tax pro-
vision.
One amendment would make il
clear that incomes of States or mu-
inequalities can not be taxed. The
other would exempt earnings Of any
private corporation when the opera
tion of the income tax would result in
"A loss to State, county or city.