The Monticellonian., 1917-10-05
CONGRESS MAKES LEVY At SGT
FOR EVERY MAN, WOMAN AND
CHILD IN THE UNITED STATES
Excess Profits Revenue at Bill on and Incomes at Nearly
Much Remain Practically Unchanged by Work of
The Conerees.
Will Financing
HeVed to Be the Best That

the eonferees in the senate bill was
secured from the postage, public utili-
ties and manufacturing sales section
and the new Inheritance taxes.
With but few exceptions. the new
taxes are effective with the passage of
| the act.
Senate Version Stands.
The income tax section was adopted
virtually as written by the senate. The
new 2 per cent normal tax on incomes
of more than $1,000 for married per-
sons and $1,000 for single persons Is
in addition to the present law exempt
| ing incomes of less than $1,000 for SIN
! gle persons and $1,000 for married per-
sons. Thus those between the new low
exemption bases and the present ex-
emptiOns will pay only the > per cent
tax. but single persons having an in
come of $1,000 or more and married
| persons whose income is $4,000 or more
would pay the full 4 per cent normal
| tax.
The senate income provision allow
ing an additional exemption of 5000
for each dependent child to heads of
families subject to the present law was
retained The exemption for children.
however, does not apply TO those sub
1eet to the new reduced taxes with the
$1,000 and $1,000 exemptions, respec-
lively, for married and single per-
sons.
Surtax Is Agreed Upon.
SurtaXes were agreed upon as fol-
lows:
One per cent on income over 5000
and less than $500; per cent be-
tween $500 and $4,000: per cent
between $4,000 and $12, 500 per cent
between S12. 800 and $4,000 per ceat
between $4,000 and $4,000; Z per cent
between $4,000 and $4,000; 10 per
Is per cent between $4,000 and $780,
per cent between 1000 and $4,000;
Is per cent betwene $4,000 and $780,
000 % per cent between 100000 and
$f50000 % per cent between $4,000
and 100000; 80 per cent between
500. 900 and $250000: "a per cent be-
tween $250000 and 100000; 81 per
cent between 100000 and 100000;
40 per cent between 100000 and $780,
600; 40 per cent between $750,000 and
S1,0o0,00o, and so per cent on incomes
exceeding $1,o00,oo0.
Increased Tax on Whisky.
Increased senate rates on whisky
and beer We're virtually retained, and
that on. wines somewhat reduced. The
tax on distilled spirits was made So.
per gallon when fer beverage use and
81 less for industrial purposes, esti-
mated TO raise S135,000, 900. The
amendment prohibiting importation of
distilled spirits for beverage use was
retained. Floor taxes to reach with
drawn liquors were approved. Beer
was taxed $50 per barrel additional,
to raise $46,000000, an increase of 20
cents per barrel over the house rate.
Present wine taxes We're doubled.
Taxes on nonalcoholic beverages
We're compromised On prepared
sirups and extracts the taxes gradu-
ated from to 20 cents instead of
from 3 TO u cents gallon were
adopted. Grape juice and other soft
drinks are taxed cent per gallon. as
provided by the senate in reducing the
original 2-eent rate of the house.
Senate rates on cigars and cigarettes
We're retained, but those on snuff were
increased from cents to 5 cents a
pound.
Stamp Taxes Fixed
Stamp taxes agreed upon are:
Bonds of Indebtedness, cents on
each 500.
Indemnity and surety bonds, 90
cents
Parcel post packages. 1 cent for
each % cents of the cost of transpor-
tation.
Capital stock, original issues. 5 cents
per 500.
Sales and transfers, cents per 500.
sSales of produce on exchange. .
cents for each 500 value in merchan-
disc
Drafts, checks payable other than
on sight or demand. promissory notes.
except bank notes for circulation, and
renewals, , cents for all sums below
Hlov anu = cents lOF eatH auul IlOnal
500 or fraction thereof
Conveyance papers, so cents be-
tween 500 and $500 and so cents for
each additional $500.
Customs house entries, from %
cents to 81; entry for withdrawal from
bonded warehouses, 80 cents.
Passenger vessel tickets for ports
other than those in the United States.
Canada and Mexico, between $40 and
$50, 81; between $50 and $50, So. and
above $50, So.
Voting proxies, 10 cents.
Power of attorney. % cents.
Playing cards, decks of not more
than 54 cards, an additional 5 cents
on the present rates.
Taxes on life insurance, eliminated
from the house bill in the senate.
We're amended and reinserted. raising
about SS,00o,000. Effective November
the new taxes on new insurance pol
ieies issued are cents per 500 or
fraction thereof on life insurance and
~~~~~~~~~>~~~~s~
/ Secretary McAdoo iSSuad tb. f,l1a,,.