The midland journal., 1917-10-12

increased from cents to 5 cents a
pound. a.at
Stamp Taxes Fixed. se,
Stamp taxes agreed upon are:
Bonds of Indebtedness, 5 cents on
each 500. i1t
Indemnity and surety bonds, 80
cents.
Parcel post packages, 1 cent for
each % cents of the cost of transpor-
tation.
Capital stock, original issues, cents
per 500.
Sales and transfers, 2 cents per $1OO.
Sales of produce on exchange. 2
cents for each $1OO value in merchan-
disc.
Drafts, checks payable other than
on sight or demand, promissory notes,
except bank notes for circulation, and
renewals, 2 cents for all sums below
$100 and 2 cents for each additional
$100 or fraction thereof.
Conveyance papers, so cents be-
tween $10O and $500 and so cents for
each additional $500. ,...s.a 4..
Customs house entries, from 25
cents to 81; entry for withdrawal from
bonded warehouses, so cents.n
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, 25 cents.
Playing cards, decks of not more
than "a cards, an additional cents
on the present rates.
Taxes on life insurance, eliminated
from the house bill in the senate,
were amended and reinserted, raising
about $5,000,O00. Effective November
1 the new taxes on new insurance pol
icies issued are 8 cents per $1OO or
fraction thereof on life insurance and
1 cent per 81 on the premium charged
on marine, casualty, fire and inland
insurances.
Amusement taxes agreed upon pro-
vide that all persons entering places
Of amusement free, except employees
and officials on duty and children un-
der twelve, would pay tax rate of l
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 amusements with maximum ad-
mission of. 10 cents and benefit enter
tainments and agricultural fairs were
exempted.
After November I, 1917, members of
all clubs, except fraternal orders, pay
ing more than $12 annual dues would
be subject to 10 per cent tax.
Exemptions Are Allowed.
On excess profits the conferees
agreed upon q minimum deduction OF
per cent and a maximum of 10 pei
cent, instead of the 6 to 10 per cent
fixed by the senate. Other exemp
tions are $1,000 for corporations ana
$4,000 for individuals. Corporations.
partnerships and individuals having
no capital stock would pay fiat rate
of per cent on net profits in excess
of $4,000 for corporations and $4,000
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 indis4
tributed surplus, without allowance
for income taxes paid. The 10 pei
cent tax would not apply to undis
tributed income actually invested or
employed in business or invested IL
federal securities after September /,
1917, and 5 per cent penalty for sur
plus retained but 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 1914 per cent
on war munitions manufactures shall
be reduced to 10 per cent, but re-
tanned to January l, 1918. 1t now
yields about $29,O00000 annually and
the senate had proposed its repeal.
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