The Dermott news., 1917-10-11

+
pound.
Stamp Taxes Fixed.
Stamp taxes agreed upon are:
Bonds of indebtedness. cents on
each 500.
Indemnity and surety bonds. so
cents
Parcel post packages. cent for
each % cents of the cost of transpor-
tation.
Capital stock. original issues, 3 cents
per 500.
Sales and transfers, . cents per 500.
Sales 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
500 and > cents for each additional
| 500 or fraction thereof
Conveyance papers. 30 cents be-
tween 500 and $500 and 80 cents for
each additional 500.
Customs house entries, from -
cents 10 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 500. 81, and
above SG0. 81.
Voting proxies, 10 cents.
Power Of attorney, ~ cents.
Playing cards, decks of not more
than 81 cards, an additional ) cents
on the present rates.
Taxes on life Insurance. eliminated
from the house bill IN the senate,
were amended and reiHSertcd, raising
about S5.O0o,oeo Effective November
the new taxes on new insurance pol
icies issued ARE s cents per 500 or
fraction thereof on life insurance and
l cent per 81 on the premium charged
on marine, casualty. fire and inland
assurances.
Amusement taxes agreed upon pro-
vide that all persons entering places
OF amusement free. except employees
| and officials on duty and children UNI
der twelve. would pay a tax rate of
cent on each 10 cents or fraction
thereof OF the admission charge This
| tax also would apply TO cabaretS and
similar performances where the cost
Of entertainment is included in other
costs such as service. Holders of AN
nual box seats would pay 10 per cent
OF the annual rental Nickel theaters
and shows, rides and other outdoor
park nmusemcnts with maximum adj
mission Of 10 cents and benefit enter
tainnents and agricultural fairs were
exempted.
After November |. 1917 members OF
all clubs. except fraternal orders. pay.
ing more than ST. annual dues would
/ be subject To 10 per cent tax.
Exemptions Are Allowed
On excess profits the conferecs
agreed upon a minimum deduction Of
per cent and "A maximum of Ia per
cent. instead of the To 10 per cent
fixed ny the senate. other exrmp
tons are $1,000 for corporations and
$1,000 for individuals. Corporations
partnerships and individuals having
no capital stock would pay fiat rate
az ) per cent ON net profits In excess
OF 5000 for corporations aud $500,
for individuals and partnerships.
Miscellaneous income tax amend.
ments inserted by the senate were
| generally adopted, including the so
called Jones amendment for tax of
10 per cent on corporations indis-
tributed surplus. without allowance
for income taxes paid. The 10 per
cent tax would not apply 10 undis-
trihuted income actually invested or
employed in business or Invested In
federal securities after September |,
1917. and per cent penalty for sur.
plus retained hut not employed is pro
| vided.
In making provision for adminIstra.
ton and collection of the new and
existing taxes the conferees provided
that the special tax Of 12ls per cent
on war munitions manufactures shall
be reduced To 10 per cent. but re-.
tanned to January l. 1918, II now
yields about S29,o00o0o annually ,nnd
the senate had proposed its repeal