The Bridgeport evening farmer., 1913-07-18
Changes Proposed in Income Tax PIan--Aim Of Bill Is "TO Disintegrate MOnOpoIiesV and "To Enlarge Opportunity Through Individual Effon"- Revised Bill Re-
 duCes Underwood Rates
 APP Per Cent.

erable sum of revenue from a source
 which in it's usual operation produced abnormal profits from business that is not susceptible of just taxation In any other way.
 The committee is advised that sine. 1907 no official record of the extent of the dealings on the cotton ezchanes in contracts for future delivery fs se- cessibIe to the public but reliable ss- inmates fix the dealings at about 1sO.- 0oo'OeO bales annually in recent years. It seems to be the concensus of opfri- ion that about ten per cent Of fine contracts of sale and purchase of cot ton for future delivery Is embraced i'm that branch of the business known sr hedging and that the other ninety- Der cent. thereof is of a speculative or gambling character where no de- livery of the product is ever really inetnded to be made
 If the effect of the proposed tax is to eliminate all Of the latter class of business and to leave intact that part of the dealings resorted to for hedging purposes the revenue deriV- sf from this tax should amount to about $7,Oo0,00O year and if it's i'm position does not have the effect of eliminating the gambling or specuIa.- tive end of the business the revenue derived therefrom will be enormously in excess of this amount
 Reduction of the basic exemption from income tax from 5000, as in the House bill, to $3,0oO, for unmarried persons and the consequent rear rangement of this. the report com ments upon as follows:
 Your committee reduces the amount of exemption of net income to S3OOO, and allows on account of marriage an additional exemption of $1 GOO to efttl- CT the husband or wife where they are living together but not to both In the case of a, minor child or chi1- dren living with and dependent upon the parent such parent is allowed an additional exemption of $500 for one minor child and up to S1, 900 on ac- count minor children except where both parents are taxable in which case no exemption is allowed on account of children. By the amendment the lowest possible exemption to any one 1 person would ge $3,O0O and the high est possible exemption to any one person $5,0eO. While the amendment . may make no wide differenc ein the | of revenue derivable from the tax it is deemed equitable as recogufz- | ing the added obligations on account . of marriage and children and ss1utary as ernphasizing the family as the unit in our social structure"
 The changes in all the schedules are dealt with at length in the report oE a agricultural p1oducts many of which were transferred to the free list in addition to those put there by ta8 House the committee has this to say.
 ''The House bill and amendment made by the committee on finance full lv recognized the paramount interests of our agricultural population by plac- Ing agricultural implements of every kind and descriut1on, fence and bal Ing wire, cotton bagging and ties, low priced blankets, boots and shoes ce- nent, nails, lumber, coal, harness, sad Hes. cotton gins, wagons, carts, bag zing for grain wool and other bass sewing machines and many other pro duets of daily utility on the free list Tn common with the rest of our people aur agricultural population will share in the benefits brought about by the reduction of the duties on sugar and it's eventual elimination The sub
 CContinued on Page TwoJ