Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1913-07-18
LOWER THAN HOUSE ACT
SENATE CUTS DOWN DUTIES AS
FIXED IN UNDERWooD's
PET MEASURE
TO RAISE Big SURPLUS
100000 TO BE LEFT in TREAS
uRY WHEN ALL BILLS ARE
HoNoRED

Washington, July 1S.-An average
reduction of 2764 per cent under the
rates of the existing Payne-Aldrich
tariff law is proposed by the demo
cratic Underwood-Simmo tariff bill,
upon which the senate began general
debate today, according to the report
OF the finance committee majority
submitted by Senator F. NJ. Simmons.
The report also shows that the bill
as reported to the senate provides
rates AZ per cent lower than the
Underwood bill as it passed the house
and that from it, together with other
government receipts for the fiscal
year ending June 80, 1914, there will
be an estimated surplus in the gov
ernment treasury or S2,OzO,0O0
A salient feature of this bill, it is
pointed out, is the large increase of
imports to be admitted free of duty.
Under the house bill the value Of free
listed imports, on the basis of 1912
importations, was $1O3,OOOOOO, where
as the democrats Of the senate in eau
Gus by sweeping changes propose to
free list imports valued at ST
600.
Upon the basis of ten months for
the coming fiscal year, the report
estimates that the receipts from GUS
toms alone under the new bill will
be $266,7SO,OOO; from income tax,
$5S,090,00O; corporation tax, $37O00,-
900; internal revenue, including tax
on cotton futures Of $5,OOO,OOO; $297,-
100000, and that the revenue from all
other sources will bring the total for
the fiscal year to $996,S10,OOO Dis
bursements we're estimated for the
coming year by treasury experts at
$994,79O,O ,OOO
In analyzing the bill the committee
deemed the amendments of the
house entirely too drastic, especially
that authorizing examination of for
eign manufacturers, 5 per cent tar
iff discount on imports in American
ships, and other like features which
were stricken out Particular atten-
tion is called to- the senate provision
designated to furnish the president
with power to impose tariff duties
of retaliatory character upon all
articles comprised in specific list,
which include agricultural products"
Another important feature added by
the senate committee is a tax Of
one-tenth Of one cent a pound on cot
ton sold through stock exchanges for
future delivery, the report says:
"The committee believes the sub
ject matter to be one fit for the i'm
position Of proper tax, not only be-
cause of its indirect influence in elm
mating a parasite which has afflicted
the business dealing in purchases Of
cotton for future delivery, but be-
cause it will result in the collection
of considerable sum of revenue
from a business that is not susceps
tible Of just taxation in any other
way
Reduction OF the basic exemption
from income taxes from $4,000, as in
the house bill, to $4,000 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 income to
$4,000 and allows on account Of the
marriage an additional exemption OF
$1,000 to either the husband or wife
where they are living together, but
not to both. In the case of a minor
child or children living with and le-
dependent upon the parents, sucn
parent is allowed an additional e1-
emption Of $500 for one minor child
and up to $1,000 on account Of minor
children, except where both parents
are taxable, in which case no exemp-
ton is allowed on account Of the chill