The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-04-23

and iron and steel industries. Wool
has had q specific duty that when
worked out to an ad valorem basis
amounts to a tax OF nearly 30 per cent
of the average value of all WOODEN
goods Imported into the United States,
and the duties imposed have remained
practically unchanged for forty years.
During that time the wool industry
has made comparatively little pro-
press in cheapening the cost OF its
products, and improving its business
methods.
On the other hand. in the iron AND
steel industry the tariff rate has been
cut every time a tariff bin has been
written. Yet the iron ana steel in
dustry has not languished."
Series of Tables.
In series OF tables the report
showed that the articles dutiable un-
der the Payne law and placed on the
free list bY tho Underwood bill In the
last year yielded a revenue OF s24
69S.a26 on imports OF sl02,402.579. The
committee took from the present free
list and levied duties against articles
which it is estimated Will yield 81
647,o55 revenue on s4s595.slo during
n twelve month period under the TN
derwood BILL
a computation by Treasury experts
presented In the report shows that the
government revenue from all sources,
In 1912 was s93S,o22,4S1 and the gov
eminent expenditures sg0l..e7, 979.
leaving surplus of s37,22i,a02. The
estimated revenue from all sources for
the first year under the Underwood
bill is S926.o0o.o0O, and the estimated
expenditures S994,790.000. With a
Treasury surplus of s1,335,000. this
would leave deficit to be raised by
tho income tax amounting to s6s.79o.-
600. The earning power of the In
como tax the first year OF it's opera
tion is fixed by the report at $1o,-
10000.
In it's estimate of the amount to be
raised by tho income tax the com
mittee presents Il table. showing that
10000 incomes between $4,000 and
$4,000 will pay S6So,0o0 tax; 17S.o00 in
comes between $4,000 and $4,000 VIII
pay s5.340.0o0; $4,000 incomes between
$4,000 and $4,000 will pay si,2to.ooo:
24.5o0 incomes between $4,000 and
100000 w:Ii pay s3,lS5.o0O: 10000 in
comes between 100000 and $4,000 will
pay S2,100.O00; 2l.000 incomes between
$4,000 and Sb0,oO0 will pay S0.666, 600;
$500 incomes between $4,000 and
100000 will pay Sli,560,OOO; $500 in
comes between 100000 and S25Oo0O
will pay $iI.65oO00: $50 incomes be-
tween 100000 and 100000 will pay
$6.I43.o00; $40 incomes between $500, 900
and sl,000.000 Will pay s9,l9l 900. and
100 incomes of over $l,000000 will
pay s5s26,000 total of 425.0oO in
comes to be taxed, sTo.I25.O00.
Income Tax Included.
The report says that the income tax
is included lin response to the general
demand for justice in taxation aud to
the long standing need OF an elastic
and productive system Of revenue"
In connection With our leRislativ
work of readjusting tho old and adopt
ing n new fiscal policy" the report con-
tinucs. Congress should eliminate the
Inequalities and abuses of tho existing
system Of tariff taxation. reduce the
customs rates to 81 sound revenue basis
and levy an income tax to equalize
the tariff burdens and to give elias.
ITCHY and productivcness to our rev.
enue system"
The report charactcrizes the present
tariff system as "tluctuating. innexible.
unstable and oftentNmcs unproductive,
thus exposing the government to de-
iiciencies or excuses with all their
attendant embarrarsmcnts.'
The report declared tho maximum
and minimum clause of the Payne law,
giving the President the power to i'm
pose additional duties on the goods
Of countries declining to include the
United States as most favored ma
ton in commercial adjustments has
been n failure Tho new bill strikes
That provision from the law and gives
tho President the power to negotiate
trade agreements containing mutual
CONCESSIONS with foreign countries to
be approved by Congress