Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1913-04-23
FULL ABSTRACT
NEW TARIFF BILL
SHOWING READJUSTMENT
OF NATIONS FlSCAR
POLICY
ACCURATE ADJUSTING TAX
AN INCOME TAX To BE THE
MEANS OF PROPERLY AID
yUsTING THE FUNDS TO
BE RAISED

WASHINGTON ID. G. April 22.-
Presenting the completed Democratic
tariff bill 10 the house today, the
Democrats OF the ways and means
committee recommended radical
readjustment Of the entire fiscal pol
icy OF the nation. They proposed to
make an income tax the means OF ac-
curately adjusting the funds TO be
raised by taxation 10 correspond win
necessities for government expendi-
lures.
income Tax.
The report, after Quilting the oper-
ations OF the proposed income tax
said:
The revenues from all income
taxes readily respond TO changes oi
rates and the latter can be raised or
lowered within few days time with
out business disturbances such as
general tariff changes occasion. II Is
believed that a budget or other ef-
fectivc system by which congress may
be able closely to calculate and de-
termine In advance forthcoming ex-
penditures soon will be- devised, In
which event II should become easy
TO maintain a close balance between
expenditures and revenues such as Is
practiced In most other civilized
countries. With other sources CT
revenue revised TO honest and fixed
basis. and the income tax perma-
nent part OF our revenue system and
at all times affording a substantial
amount OF revenue. congress could
and II necessary. should, annually
raise or lower the income tay rates
In such manner as would prevent
either deficit or surplus In the
treasury.
ElinJna,e Protection.
To eliminate protection OF profits
and 10 cut off duties which enabled
industrial managers 10 exact a bonus
for which no equivalent is rendered.
10 Introduce in every line OF TN
dustry a competitive tariff basis pro-
vlding for n substantial amount OF
importation to the end that no con-
Germ shall be able 10 feel that " has
a monopoly OF the home market 'ex-
cept through the fact that u is able
TO furnish better goods at lower
prices.
(Which Is the wiser course for our
government to take" the report ask
ed. THE one that demands the pro-
lection of profits the continued pol
icy of hothouse growth of our indus
tries es-the stagnation OF development
that follows where competition ceases
or the reduction OF our tariff laws
TO basis where the American manu-
facturer must meet honest competi-
tion. In our judgment the future
growth of our great industries lies
beyond the seas.
show Schedules.
"A detailed table was presented
showing, by schedules, the total reve-
nue. secured under the Payne law for
1912, and the estimated revenue un-
der the new law for 2-month pc
riod The table showed that In
1912. $3.50. .20s.9l5 worth of imports
paid s304.597.O35 in duties at an
equivalent average ad valorem rate
OF i0.i2 per cent II estimated that
under the new bill 81 0.999, 900
worth of imports would pay S2e5'-
70l 900 In duties at an average ad
valorem rate OF 1850 per cent. 1hac
the new bill would raise s37 ,Ss6. 900
less than the present law
High Cost Of Living.
In close conjunction with the
high cost OF living. the report sug-
gested the development OF trusts and
industrial combinations during the
same period. and gave list of 225
such combinations organized since
1891. II also referred TO the rapid
exhaustion OF natural resources. un-
der the protective system
or the democratic theory Of tariff
revision, Il said.
Theory OF Tariff.
To protect profits. OF necessity.
means to protect inefficiency."
In series OF tables the report
states that the articles. dutiable un'
der the Payne law, and placed on
the free list by the Underwood bill,
in the last year yielded a revenue OF
s2t.s9s.22s on imporu of slo2.io2.-
$40. The committee took from the
present free list and levied duties
against articles which il IL estimated
win Yield sf.6t7.055 revenue on
Sf2.5s2.sI0 imports IN year OF the
Underwood bill.
Government Revenue.
Treasury experts computations in
the reports show the government
revenue from all sources In 1919 was
S92s.523.4s3 and expenditures
sg0t.29T.s7s. giving surplus OF
t37.224.5O2. The total estimated
revenue the first year under the Tn
derwood hill Is 1925. ESQ 600 and ex-
pendlturcs t99i. i.79o.oo With q