The Tabor independent. [volume] (Tabor, S.D.) 1913-19??, 1916-08-17
|TAhP TAX TO Be
dome AWAY WITH
lax on Corporation Stock Is
|sues and on Undivided Sur
plus of Banks to Be
Imposed.

washington, Aug. ia corporation
4pck license tax to raise approximate
s20.O 900, 900 elimination of most OF
II Objectionable stamp taxes which
Ice had been accepted and approved
Eth an amendment Of the proposed
a profit tax munitions manufactures
sre determined upon by the demo-
tatic Senate caucus last night after a
&e hours debate on the revenue bill.
Southern and western senators made
hitter assault upon the finance com
q ttee amendment which proposed a
\ per cent tax or the new profits OF
4anufacturers Of materials used as
tmponent parts of munitions Of war.
4 was insisted that 1t would result in
4 heavy tax on cotton and copper
ring into the manufacture Of NUM-
bns.
AS approved the section relating to
&%unitions provides that a net profit
II Of 10 per cent be levied upon manu-
*@cturers of all munitions of war, and
lat a S per cen tax be levied on manu-
&ctures Of materials which enter into
tch munitions. The estimated loss Of
¥ue due to the 5 per cent reduc-
[bn would be about $4,000, 000.
Abolish Stamp Tax.
no MAKE up lOT llllS ucCi CdSO anu
30 to make possible elimination Of
&Op0sed stamp taxes, against which a
Eerce storm was gathering not only in
Ee caucus but in the House, Senator
&mmons suggested a license tax Of so
Hnts on each $40, 900 Of capital stock,
4 divided profits and surplus of all
Separations, 500, 900 Of the stock of
Heb corporation to be exempted. The
fOpOsal was seized upon by all the
<|natorS present at ono and incom-
&ssed into an amendment which was
&animOusly approved. The tax would
priv to all corporations, including
INKS, having capital and surplus in
Ecess Of 500. 600.
1.-THE proposed normal tax on incomes
left at 2 per cent, where the House
d fixed it, the exemption to be $4,-
for persons with families and 3d.
for single persons as in the pres
I law. The rate Of taxation under
listing law is l per cent.
New Income Schedule.
In addition to the normal tax, ad-
fiOnal taxes on large incomes will be
gied as follows:
One per cent UP to the amount by
tich the total net income exceeds
\ ,0OO and does not exceed SAC, 900;
per cent on $40,0 900 to $685. 900; 3 per
nt on 100000 to $50, 900; 4 per cent on
1000 to 800, 600; 5 per cent on $780,
to $50, 900; 6 per cent on $4,000 o
5000, 900; z per cent on 5000, 900 to
10000; 8 per cent on $3.50, 900 to
10000; 9 per cent on $500, 900 to
10000, On net incomes exceeding
pO,OO0 but not exceeding 4, 0OO,-
a tax Of 10 per cent; exceeding
100000 but not exceeding 81, 500, 90,
per cent; exceeding 81, 500, 900 but
exceeding So o0, 900, ~ per cent;
eeeding $4,000, 900, 13 per cent.
Inheritance Schedule.
upon the transfer of in~heritances
following taxes will be levied: One
cent of the amount of estates val
at not to exceed $50, 900: 2 per cent
estates exceeding $4,000 and not
cecding $3.50, 900; 3 per cent on $780,
TO $3.50, 900; 4 per cent on $3.50. 900 to
zoo; 5 per cent on $4,000 to ST.
oVVO; 6 per cent on 81, 900, 900 to So
N0VO; per cent on 50, 600, 900 to So
SUgO; 8 per cent OF 3 1000, 900 to 81
oVO: . per cent on $4,000. 900 to S.
and 10 per cent on estates exceed
$4,000. 900 in value. The only in
taSe IN h proposed income taxes
e. the House rates Is from 10 10 10
cent on incomes in excess of So
CVVo. The rates from 6 to 10 per
on estates also are additions to
rates proposed in the House bills.