Audubon County journal. (Exira, Iowa) 1884-1993, 1917-10-04
TO BECOME Law THIS week
New System Of Graduating Amount Of
Assessment of Corporations Is
Adopted-Incomes to Bring
Huge Sum.

Icc AuAIAcu VIII IL u tue uOuSe, WHITE
it was formally offered
AS revised by the conferees the
measure has been raised from the levy
fixed by the senate of So, 41667 900 to
an aggregate of approximately $2,700,-
100000. Chairman Simmons of the
senate finance committee estimated
that the increase made by the con-
ferees would approach $275,0O0,000.
In Conference for Months.
The war revenue bill has been be-
fore congress for nearly four months.
AS redrafted by the conferees, said
Chairman Simmons, it has been i'm
mensely improved, and he believes
there will be no obstacles to its speedy
approval by congress this week.
The chief changes made in the bill
by the conferees were in the excess
profits, income tax, liquor taxes, taxes
on tobaccos and cigars, insurance, war
stamp taxes, inheritance tax, postal
rates and transportation.
The income tax rates as agreed upon
are substantially the same as passed
by the house with the Gerry amend
ments as passed by the senate. The
house agreed to the senate amendment
increasing the normal tax on corpora
tons from 4 to per cent. The bill
abolishes collection at the source"
and substitutes information as pro-
vided in the senate amendments ex-
cept as to what is known as the tax
free covenant bonds" of corporations.
Profits Tax Modified.
The excess war profits tax, as
agreed to by the conferees, is modi-
6cation of the senate bill, the prin-
cipal changes being in the maximum
and minimum rates of exemption upon
which the tax is to be determined. The
senate graduated scale of exemptions
ran from 6 to 10 per cent, while the
house exemption rate was per cent.
The conferees adopted the graduated
rate of from to 8 per cent.
In lieu Of the house zone tax on Sec
ond-elass publications the conferees in
Guided new zone system effective
July l, 1918, with different rates for
reading matter and advertising mat
ter, with special but increased rate for
religious, agricultural and other publ
cations.
Postal Increase.
A fiat increase on reading matter
of one-fourth of cent per pound
until July l, 1919, and one-half cent
thereafter was provided. Advertising
matter exceeding 5 per cent of the
total space would be taxed from Il to
IN cents additional until July /, 1919
and from one-half cent to AZ cents
more until July 1, 1920; and from
three-fourths cent>to 6A cents to 1921
and from one cent to nine cents there.
after.
An additional tax Of one-half cent
per pound until July 1, 1919, and one.
fourth cent thereafter, on religious
agricultural, fraternal and similar pub
lications was adopted.
The one-cent tax on letters, except
ing drop letters and postal cards, was
restored by the conferees. A one
cent additional tax on postal and pri
vate mailing cards was added.
Railroad Tickets Hit.
The conferees levied 3 per cent II
lieu of the senate rate of and tn,
house rate Of 10 per cent on passen
| ger transportation, estimated to rails,
from the compromise levy about $50,
100000 instead of $37, 100000 unde
the senate plan. The 3 per cent ia,
on freight transportation was retained
and the tax on express transportation
was increased so that one cent woul,
4 be levied on each 20 cents paid in
stead of each % cents. The house i
/ per cent tax on Pullman accommoda
tons, cut to per cent by the senate
was restored and is estimated to rails
$5,OO0,O00.
| In lieu of the house per cent ia
on sales of automobiles by manufat
turers and the senate federal licens
tax on owners, the confereeS adopte
8 per cent tax on all motor vehicle
including trucks. payable by man,
facturers. producers and importers.
Taxes of 3 per cent on manufa,
tax of one-fourth cent foot Z
motion picture film.
On sporting goods the revised BIZ
levied 3 per cent on manufacturer
sales instead of 5 per cent propose
by the house and 2 per cent by IL
senate.
The senate ? per cent manufactu
ers sales taxes on perfumes and pa
ent medicines was retained.
: The senate 1-cent stamp tax
+ bank checks was not restored, but j
fax of cent on4parcel post pack.g
costing % cents or more Was retainc
81 Other stump taxes, all ina,l.'. eireeti'
December l. were retained and Il