Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-11


uerwood Simmons tariff bill which,
it is expected, will be introduced in
the Senate to-day. is unique in the
history of American tariff making, in
that g Senate committee will recon-
mend even more drastic reductions
than the original bill contained when
adopted by the House.
The Senate's amended measure will
average about IA per cent under the
duties prescribed in the Underwood
bill The still further lowering of
duties affects every schedule passed
by the House with the exception of
the cotton schedule, which was re-
vised in such manner that the du-
ties to be exacted from the importa-
tion of cotton and cotton manufac-
lures remain practically the same as
those specified in the bill when it was
started on its way to the Senate from
the House Democratic caucus
Democratic Senators, showever
claim that they have not impaired
the revenue producing qualities Of the
bill through reductions favoring the
consumer.
According to their figures this has
been obviated by an increase in the
internal revenue tax on brandies used
in certifying wines from 8 cents per
gallon to $l10 per gallon, through a
tax on so-called spurious wines, forti-
fled with chemicals, and through the
imposition of a tax of one tenth of I
cent a pound on cotton futures sold
in trade and undelivered. A tax of
one-tenth of l cent per pound also
was placed on bananas, solely for
revenue producing purposes.
Estimates Of the revenue to be de-
rived from these sources is about
$S0000 900 In excess Of the $267, 600, 900
revenue predicted for the Underwood
bill. Revised estimates on corpora
ton tav and the income tax amend
ment. which was redrafted by the
Senate, place the revenue from those
SECTORS Of the bill on about an equal
foo't"g with the House estimates.
The exact figures are as follows
Estimates Estimates.
Cocoa ton taxs 100000 $1,000 900
Totals ....... 800. 900 900 StOs. 625 900
An amendment has been made to
the income tax as introduced on the
floor of the Senate by the Finance
Committee, which places the date
upon which this tax shall become
operative at March l, 1913, instead Of
January /, 1918
Income Tax Suffers Cut.
This will cut the 1918 revenue from
the income tax to about $5S, 900 900
and slightly decrease the estimated
revenue for the current year and that
calculated for the original House bill.
This in part is counterbalanced by
the extension Of time granted the
wool and sugar schedules, during
which the Payne Aldrich rates shall
remain operative.
The extension of time for the
Payne Aldrich bill was the only
change made in these schedules. In
the sugar schedule the old tariff rates
are TO be continued until March l. |
1914, and in the wool schedule raw
wool is TO become free on December
/. 1913, and the Underwood Simmons
rates on wool manufacturing are to
become operative on January l, 1914
The sugar schedule retains May l, |
1915. as the date upon which sugar
shall be admitted free of duty.
In 'the free list the principal adj
ditions were raw furs, works of art |
gunpowder, Angora goat hair and al
paca, cattle, sheep and other domestic
live animals, wheat, steer luBOIS'
Photographic and moving picture
films, ferromanganese, fax. machinery
used in making books for the blind,
ament. text books used in the
schools, jute bagging, lizarin, cast
iron pipe and agricultural imple-
ments.
Autos RecIassified
The chemical schedule was cut
from 10 to per cent. The earthen-
ware and glassware schedule suffered
a like reduction. In the metal sched-
uIe a number of important changes
were made beside the free listing of
iron and ore products. These in
Guided a decrease from II per cent
to 10 per cent in beams, from Is to
II per cent in steel plate and iron
forgings and from 10 to s per cent in
steel castings.
Automobiles were reclassifted, those
valued up TO $1,000 being made du-
liable at is per cent; those from
$1,000 to 1900 at 80 per cent. and
automobiles over 81, 500 in value at 40
per cent Parts remain the same as
scheduled in the Houes bill.
In the wood schedule the principal
change was the free listing of cedar
logs
In the agricultural schedule horses