Western Carolina Democrat and French Broad hustler. [volume] (Hendersonville, N.C.) 1913-1915, 1913-07-17
SIMMONS MAKES DISCOVERY.
Turns Trick on Republicans and
Comes i'm Possession Of Their OBJ
iectfons Ia Underwood Bill.

jeGt1OuS 10 UMuOEWOUu DILL
Washington. OBSERVATION-DISCLOSURES
Simmons. chairman Of the Finance
committee, turned a trick on Republi-
can leaders when he got his hands
on a lengthy analysis of the Demo-
cratic tariff bill which had been pre-
pared under direction OF Senator
Smoot, pointing out what the Repub-
licans claim are serious defects in the
measure.
Senator Smoot had delayed for a
month the Introduction of the analy-
sis, despite insistence of Senator Sim
mons that it be printed. On the last
day of the caucus, when the Repub-
licans were assured the Democrats
were through with the bill, Senator
Smoot consented to send the dOcu-
Democrats have not yet printed their
bill, and have a day or two to make
corrections and laugh at their oppo-
nents. inasmuch al debate vii not be-
gin until next week.
Knowing that the Republican docu-
ment might contain valuable pointers,
Senator Simmons directed the Finance
subcommittee to go over their
schedules today while he went over
the Smoot analysis to check up with
the subcommittee tomorrow.
Senator Simmons heard some weeks
ago that Republican leaders had eau
toned Senator Smoot to hold back
the analysis.
Don't send it in yet" they urged.
1T will give us away" Then the FL
rance committee determined to lay in
wait for the document and today he
Iounced on it before it went to the
printing Office. He found the result
Of Senator Shoots careful labors of a
month, added by a corps of experts
and assistants. He said some of the
analysis point out errors that could
be corrected, but that much of the
document was found to be- argument.
The bill probably will not 60 to the
printers until tomorrow night as the
subcommittee still are checking up
for corrections. Meanwhile, Senator
Simmons is completing the committee
report on the measure.
Senator Simmons today received
from the commissioners of internal
revenue an estimate of the revenue
to be derived from the income tax
IS revised by the Democratic Senate
caucus. The House estimate on the
basis of a fiat exemption of $4,000 was
SO, zoo, 900 a year. On the basis Of
a $4,000 exemption for single persons,
$4,000 for taxable married persons.
with an additional $500 each for de-
pendent children up to two as the
caucus amended the section, the esti-
mate for the normal year shows very
little difference, it being $69,625. 900.
For this year, however, two months
will be lost owing to the change in
time the incomes are to be computed
from January LIST, 1913, to March 1st,
1913. For this year this would leave
the estimated revenue from income
tax at approximately $4,000, 000.
More revenue, however, will be de-
rived from the corporation excise fea-
ture of the tax than the House esti-
mate of $50, 600.
The commissioners report shows
that in the last fiscal year 5000. 900
was collected from the corporation
tax, and estimated for the coming
year the revenue is $37, 100000. The
general revenue estimate to be de-
from income and corporation
under the House bill was $780,
100000 and under the bill as revised
by the Senate this income is estimat-
ed at 1O6,625,O 200. For the first year,
however, owing to the two months cut
put from income tax revenue, the gen.
sral revenue would be approximately
s95, 900 600. Senator Simmons is haT.
ng worked out a general revenue es-
innate for the whole tariff bill. This
-
over the House figures.