The daily banner. (Cambridge, Md.) 1897-2008, 1913-09-26
TARIFF REPORT
NEARLY READY
Conterees Change Income Tax
in the Measure.
REACH OTHER AGREEMENTS
$4,000 Exempted For Single Persons
$4,000 For the Married, But No Al
lowancc For Children.


lowance For Children.
Washington, Sept. ga change wa
made in the income tax provision
which was agreed upon by the tar1i
conferees. The conferees agreed o.
$4,000 as the amount of income OF
single person that shall be free fron
the tax.
For a married man the exemption
will be $4,000, with no further exeT(
tion for children. The senate had
cluded an exemption of $500 for
child, not to exceed two. Only one
emption of $4,000 will be allowed for
family, even though the husband AM
wife have separate incomes.
The conferees decided to put burlsI
on the free list, to leave grain bad
on the dutiable list, and to reduce tn
house rate of 20 per cent on plain jut|
fabrics, bleached, to 10 per cent.
The conference report will be mad
to the house on Saturday, it is expect
ed, and to the senate on Monday. Feg
preparation of the report will requir'
some time.
Great interest centered about thl
decision to exempt from the incom
tax parts of premiums on mutual lif'
insurance policies returned to policy
holders as dividends. This action wa
unexpected, as the amendments orig
nally made by the senate had beel
dropped before the bill went into con
ference.
Under the decision reached all lifl
insurance companies writing mutua
policies and mutual marine insurance
companies are treated alike. No par
of their income Is exempted excep
that part of the premium on any pol
icy returned as a dividend or rebate.
The conferees decided the provision
was still within their jurisdiction an,
that they had authority to make thl
change. Holders of mutual insurance
policies and insurance officers through
out the country have urged such al
exemption.
Presidential mediation succeeded 81
we'll that the conferees returned to th|
capitol and later agreed upon almoS
every disputed point in the bill.
complete agreement is expected G.
cept upon the proposed tax on cott0.
futures"
This was not settled. as the. pre1'
dent 4sclinea e:ss5nFs1
report disagreement to the tVl
houses, and the final enactment of thu
bill will be delayed. This differenc)
may be cleared up in time to permit
of the bill being sent to the president
for his signature early next week. The
president had hoped to sign it on Sat
urday night, but this now seems hardly
possible.
The deadlock is over the Clarke sen
ate amendment, which provides for 9
tax of one-tenth of cent pound, o.
so cents a bale, on cotton future
transactions.
A compromise known as the Smith
Lever plan, has been suggested in the
house, and it is reported will be push
gu Wucu tuc ulSdSlSSluSnl 10 iOpoi tCu
This compromise would compel al
contracts for future cotton delivery tt
specify government grades, and would
compel delivery of the cotton to be al
that grade, the difference to be settled
at the prevailing commercial prices
This plan, modelled on the bill of Sen
ator Smith, of South Carolina, and
perfected by Postmaster General Bur
Lesson and Representative Lever, Is
said to have strong support from the
southern senator's