Evening journal., 1916-09-08
Extrauagan of All Congresses Ends Long

law is to be imperative within one
year after the close of the war in
Europe.
A modification Of the special tax on
Joint stock companies and corpora
tons was agreed on by the conferees
by which, as the bill becomes law,
there is imposed tax Of fifty cents
for each $1,000 OF such stock. with
proviso that the tax shall be based
on the fair value Of the stock, and in
arriving at the estimate Of this value
surplus and undivided profits shall
be taken into account An exemption
amounting to $4,000 Is allowed from
the capital, surplus and undivided
profits before this tax begins to run.
The income tax applies as the bill
finally stands to all incomes above
$4,000 In the case OF unmarried per-
sons. and $4,000 in the case OF mar
ried man whose wife lives with him.
or a married woman whose husband
lives with her, as in the present law,
but increases from one TO two per
cent per annum the tax TO be levied.
assessed and collected on such net
| incomes.
The Graduated Income Tax.
An additional tax Of one per cent.
per annum is to be levied on the
amount by which such net income ex-
ceeds $4,000 and does not exceed
$4,000; two per cent. on the amount
" which such net incomes exceed
$4,000 and do not exceed 100000;
three per cent between 100000 and
$4,000; four per cent. between $4,000
and 10000: five per cent between
100000 and $4,000; six per cent.
between S150,O0O and S2O0,O 900; seven
per cent. between 100000 and $780,
600 and $500 900; nine per cent. be-
tween 100000 and 100000; ten per
cent between 100000 and 81 900 900 I:
eleven per cent. between 100000
and S1500,000: twelve per cent be-
tween $1,500.00O and S2,000,00 and
thirteen per cent on incomes above
$2,000,000 per annum.
The new paragraph placing high
duties on dyestuffs was retained by the
conferees, but the Senate provision
postponing the operation Of the new
rules until after the cessation of hos
tilities in the war in Europe was struck
out
tariff commission remain intact The
commission authorized Is to- consist Of
six members, not more than three Of
them 20 belong 10 one party. The term
Of Office for the members Of the com
mission is fixed At twelve years, the
first members appointed 10 hold for two,
four, six, eight, ten and twelve years.
The term Of each 10 be designated by
the President Of the United States No
member is to be permitted to engage
in any other business OF employment.
The salary in any other business OF
employment. The salary of members is
fixed at 81 500, and provision is made
by an appropriation of $500, 900 annual
~ for the employment Of clerks and
other officials.
Federal Inheritance Tax.
For the first time in the history Of
the country a federal inheritance tax is
10 be imposed, and the house bill on
this subject IL retained. II provides a
tax Of ! per cent. on estates mp n
$4,000, 2 per cent. ON those between
$4,000 and sl50O00, per cent. on those
between $4,000 and $4,000, 4 pei
cent. between S25O.0OO and S450,O0O
8 per cent. between $4,000 and 81 900,
600. 3 per cent. between 81 100000 am
50. OOO, 900, Z per cent. between $1,000,
600 and SO, 100000, per cent. between
s3OO0OOO and "a 200, 900, o per cent be
tween 100000 and s5,00OOOo, and II
per cent. on all estates amounting e
more than s5,OO0O00.