Elk City mining news. (Elk City, Idaho) 1903-1913, 1913-04-17
PRESIDENT WILSON INSISTS ON
CARRYING OUT DEMOCRATIC
TARIFF PLEDGES.
HE HAS COMMAND OF The SITUATION
Many Important Additions Are Made
to Free List, Including Raw Wool.
and Leather-Revenue to Be
Raised by Income Tax.


the eve of the converting of congress
in extra session, commands the tariff
situation, determined to uphold the
tariff pledges of the democratic plat
form adopted at Baltimore.
Sugar Decision Delayed.
The president was reported to have
withstoOd the renewed attacks upon
the free raw wool schedule, as en-
bodied in the bill to be introduced
from the ways and means committee
Monday, and delayed decision only on
the sugar schedule, left open for SEN
atOrs and representatives from Louis
lana and beet sugar states to agree to
accept free sugar in three years.
So firm is the presidents attitude
reported to be, an attitude backed by
the majority of his party in both
branches of congress, that an effort
OF legislators to escape caucus pledge
on the wool schedule would not be
| tolerated.
The ways and means committee,
having completed the tariff bill, ad-
Journed leaving the sugar schedule
open, approved in two ways. The COM
mittee voted for free sugar flatly, and
also for the suggested alternative of
one cent pound for three years, to
be followed by free trade.
Free Sugar Is Probable.
Two schedules were drafted, the
committee leaving it to Chairman I'm
derwood to incorporate in the bill the
schedule finally approved by the pres
ident If no agreement can be reached
by way of compromise with the anti
free sugar senators, it was indicated
that the tariff bill would be introduced
any way, probably with sugar on the
free list
On Monday Chairman Underwood
introduced the bill and the house dem
ocrats were called to consider it in
caucus on Tuesday morning. The
prevalent opinion is that the entire
tariff will be considered as one mea-
sure.
Loss in Revenue.
The bill, it is estimated, will result
in loss in revenue of from $4,000, 900
to $S5,000,000, as compared with the
Payne-Aldrich law. The saving to the
people, it is estimated by the demo-
cratic experts, will aggregate several
times this loss.
Income Tax Provisions.
The income tax provision, from
which the loss of tariff revenue is ex-
pected to be recovered, has been thor
oughly planned. Though the exemp-
ton on this is placed at $4,000, it was
said that should the compromise plan
for three years of reduced rate on
raw sugar prevail the personal income
exemption might be raised to $4,000. |
The $4,000 exemption, it is understood,
was determined upon with the view
of placing sugar on the free list, which |
alone would cut off $4,000 900 in rev.
enue.
Revenue Expected.
The new tariff revision is expected
by democratic leaders to produce an
annual revenue of 1925, 100000 from
the dutiable schedules and approx
mately $100,000,000 more from the in
come tax, allowing for free sugar.
There is an alternative proposition
ready to clamp into the income feature
of the bill at the ways and means COM |
mittee meeting on Monday if it is |
found necessary to raise more revenue
from the income tax to make up for
any depletion in the tariff revenue
that might result from whatever agree
ment is reached on sugar.
The committee majority have been
proceeding on the assumption that it |
is necessary for the government to
raise an annual revenue of at least
S310,000,000 or $315,000,000. While the
new tariff law will take effect at mid |
night, the date of approval, the income
tax feature of it will be effective for
the calendar year 1913 and during sue
ceeding years. This will be in line
with the present scheme of assessment
of the corporation tax assessable on a
calendar year basis, so as to accord
with the methods of the business or
CARNATIONS with whose accounts it
deals.
The exemption to the income tax
law, aside from the $4,000 minimum in
come limit as to persons, would apply
mainly, if not entirely, to religious
and charitable institutions.
E,~;k;..-