The Bridgeport evening farmer., 1916-09-08
REVENUE BILL PASSES BOfH HOUSES; DESIGNED
 TO RAISE $205,000,00O

Washington. Sept. S-Both- houses .Af Congress last night approved the General Reserve bill. The bill is in- landed to raise ,s2o5. .O0o,o annually. In its main features the Revenue bill increases the income taxes, lm- moses inheritance taxes, provides protection duty on dyestuffs, taxes nrofits on munitions, places a special flax on, joint stock companies and cor porations, creates 8 bipartisan tariff commission, changes the wine sched- Mle of the Underwood Tariff law, pro- vides measures to prevent the dump dne,' of European products in America after the war at prices with which American manufacturers cannot com- lpete, changes the duties on print pa lper. continues a number of the spe- Icial emergency taxes, which were to Iexpire by Limitation on Dec. 31, ln- scluding taxes on brokers, pawnbrok- .ers. shipbrokers, custom house brok- iers, theatres and places of amusement, ictrcuses, bowling alleys, and billiard tables and manufacturers of tobacco, icIears and cigarettes; and gives the lEresident authority to adopt reta.ia- Itory measures toward any beligerent knation that illegally interferes with ltlie trade or commerce of the Uli.ed letate<.
 [ The bill was finally brought before Pboth. Houses of Congress last night after a three days conference of joint scommittee appointed to harmonize the Imany points of difference. The con |ferees decided to cut out all stamp taxes, thereby reducing the estimated revenue by about $5,000.000. This amendment eliminated from the bill lall taxes on bonds, debentures, certi- ficates, futures, stock transfers. con- lveyances of land, mortgages. custom mouse entry documents. steamship ticZ lkets, sleeping car and parlor car fares. lend similar stamp taxes. which will now expire by limitation on Dec>S1. | The rates of taxation under the tn- kcome tax section of the measure were kaAowed to stand unchanged, as pass led by the House and extended by the ISenate, so as to impose '13 per cent. surtax on incomes of more than $2,- tO00,O00. In order to recoup the re- tduction in revenue made by abolish Hing the stamp taxes, the tax on muni- btions of war was increased from 10 kper cent. to 12 1-2 per cent. This provision applies to all manufactures fof, gunpowder and, other explosives, eexcept where used for industrial pur- Eposes and sporting uses; all projectiles. t1lreafms of every kind used for mili- ktafy purposes, electric motor boats and (8ubmarines, or parts of any of these larticles. This section of the law is Ito be imperative within one year af- S4er-the close of the war in Europe. Corporation Tax Modified.
 1 A modification of the special tax on b3oint stock companies and corpora ttions was agreed to by the conferees kby which, as the bill becomes a law {8here is imposed a tax of 50 fents for bach $1,000 of such stock, with a pro- tv1so that the tax shall be based on kthe fair value of the stock. and in tarriving at the estimate of this value esurplusg and undivided profits shall be Itaken into account. An exemption !Amounting to $99.O00 is allowed from Ithe capital, surplus, and undivided Eprofits before this tax begins to run. { ThAincome tax applies, as the bill khnally stands, to all incomes above k$8,O00 in the case of unmarried per-
 
 kried man whose wife lives with him. or a married woman whose husband Dives with her, as in the present law. fbut increases from 1 to 2 per cent. per annum the taxes to he levied, as- lsessed and collected on such net in- tcomes. An additional tax of 1 per tcent. per annum is to be levied on 1.-the amount by which such net income Eexceeds $2O,o00 and does not xeceed t$40,o00; 2 per cant. on the amount Iby which such net incomes exceed t340, 900 and do not exceed $60,000: 3 Iper cent. between $6o,o00 and ESQ., I000; DIT cent. between $80,000 and l1to0, 0,0O0; 5 per cent. between $100,- 1000 and $150,00: 6 per cent. between if15O,000 and $20O.000; per- cent. between s20O, 900 and $250,000; 8 per cent. between $250,o00 and $so0,ooo; lS per cent between s30o,000 and iSOoo00e; 10 per cent. between $500,- l0oo and $1.O0O, ,000; Il per cent. be- ksyeen S1.o00, 900 and $1.50o,0oo; IF her cent. between $1,500,000 and $2,- loo0, 900, and 1s per cent. on incomes Iabove $2.0o0,O00 per annum.
 New Duties onI Dyestuns.
 The new paragraph placing high hutaes on dyestp6s was retained by tthe confeyees, but the Senate provts- iion postponine the operation of the InSw rates until after the cessation of
 h0stflities in Europe was struck out and the rates were modified so that
 instead of a specific duty of cents a Ipo,,nd on indigo dyes and alizerene a l3oTp cent. ad valorem duty was laid EaS originally provided in the House bill Medicinals and davors were also
 left at 30 per cent. ad valorem, the Ispecifc tax provided by the Senate having been cut out. A provision was also placed in the bill to establish a igraAual reduction of the rates of duty lon dyestuffs at the end of five-year period, which begins with the date lof the passage of the bill. This pro- vision is designed to meet the critiA icism made by Senator Underwood and other Democrats that the dyestuff Ischedule was indefensible as a Demo- cratic measure and that 1t was a rad-
 ical departure from all platform pledges of the party.
 A large part of the time spent in ithe consideration of Senate amend tmentS in the conference was occu- pied with the controversy between lCalifornia wine producers and those lof the East, mainly in Missouri and lOhio, over taxes on blended wines. On that question a compromise was reached. The Eastern wine interests