Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1913-08-09
TARIFF CUT 27.64 PER CENT BY
BILL NOW BEFORE SENATE
Free imports Listed In New
Schedules at S147.367, 900.
Debate Continues.

through stock exchanges Tor future
delivery. tie feiort says
'"fbe committee Believes the subject
nstlur to Br one fl for The imposition
III iraper tas
''if the eIcet 81 the proposed tax
81 to eliminate gatnbiilg and to leave
infact that faft ~ the dealings resort
Cd to fff hedging purposes the revenue
fefitsd from this tax should amount
- about s7.o0VtAD year. nnd If IT'S
Imposition does not iette the eff#t "
eliminating the Rambling or speeiila.
tire end 81 the bIsluess the revenue
derived fbprcffom wlli be enormously
In excess ~ this amount"
Income Tax Exemption.
Reduction Of the basis exemption
from income tax from $1,000. as In the
house bin. 10 $1,000 for unmarried per
SONS and the consequent rearrange-
ncnt Of this the report continents upon
as follows.
"Your committee reduces the amount
Of exemption of net Income to $4,000
and allows on account Of marriage an
additional exemption II 81 900 to either
the husband or wife where they are
living together. but not to both. IN
TIE case of a minor child or children
living with and dependent upon the
inrent. such parent IS allowed an nd
ditlonal exemption OF 500 for one mi.
nor child and up to $1,000 on account
Of minor children. except where both
parents are taxable. in which case no
exemption is allowable on account Of
children nv the amendment the low
est possible exemption to any one per
sen would be $1,000 and the highest
possible exemption to any one person
$4,000
while the Amendment may make no
wide difference in the volume OF rev
enue deriyabe from the tax. it is deem
cd equitable as recognizing the added
obligations on account OF marriage and
children aud salutary as emphasizing
the family as the unit In our social
structure"
Farm Implements Free.
The changes III all the schedules are
dealt with ut length in the report. OF
agricultural products many Of which
were transferred to the free list, In adj
dition to those put there by the house.
the committee has this to say;
THE house bill and amendments
made by the committee on finance
fully recognized the paramount inter-
csts of our agricultural population by
Eplacing agricultural implements Of
every description fence aud baling
wire cotton bagging aud ties. low
priced blankets. boots aud shoes ce-
dies. cotton gins, wagons, carts, bag
ging for grain. wool and other bags.
sewing machines and many other prod
ucts of daily utility un the free list"
The sugar aud wool schedules are
left unchanged as to free sugar and
free raw wool, but reductions by the
senate committee IN wool tops and
yarns are explained. and sweeping re
auctions In the metal schedule are
treated in the report With considerable
comment. Pig irou, ferromanganese
aud other products were placed on the
free list by the committee, and the re-
port says:
The house bill places iron ore upon
the free list mainly because 1t was
found that the domestic supply of iron
ore was largely controlled by the Unit.
cd States steel corporation aud for
the purpose of aiding the independent
iron and steel manufacturers in their
competition with this monopoly"