Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1917-10-06
ARRANGE FOR
MEASURES TO
RAISE MONEY
Joint C0nfereeS on War Revenue
Complete Their Bill and Turn
in Their Report.
TAX LEVlES WILL BE HEAVY

Under Legislation Provided, Powerful
Corporations viii Pay Their Proper
Share for the Finances Tina. Must
Be Provided for the Successful Con-
tinuance Of the War-Best Efforts of
Statesmen at Washington Have
Been Put Forward to the Accom-
pIishment Of the country's Ends.
WaShington.-The joint conferees on
the war -evenue bin completed their
draft after two weeks of delberation.
As re.ised by the conferees the
measure has been raised from the levy
hXe0 by the senate 81 $24l6,670.0O0 TO
an aggregate Of approximately s., 700,
00OD0 Chairman Simmons Of the
senate finance committee estimated
that the increase made by the con
ferees would approach $275,0000O0
Profits 7 ak Modified.
The excess war profits tax, AZ agreed
20 by the conferees, is a MOD ication
Of the senate bill the principal
changes beng in the maximum .and
minimum rates o. exemption upon
which the tax is % be determr ed
The senate graduated scale of exemp-
tons ran from to 10 per cent, while
the house exemption rate vas S per
cent. The conferees adopted the grad
uated rate of from 7 to per cent.
The definition Of capital, which was
a point upon which the conterees ar
gucd for days was modified SO as to
provide that the actual value of tangi-
BILE property paid into a corporation
or partnership or individual business
before January l, 1914, shall be taken
as of that date. The proyiso as to
good will and other Intangible prop
erty has been somewhat liUeralized
AS to Invested Capital"
In calculating war excess profits the
terms Invested capital of corpora
lions ana partnerships was declared
10 include actual cash paid in, actual
cash value and other tangible crop
erty paid for stock or shares at the
time of payment or January l, 1914.
but in no case 10 exceed the par value
OF the original securities paid in or
earned surplus and undivided profits
used or employed in the business, ex-
elusive of undivided profits earned dur
ing the taxable year
The allowance for intangible assets
includes "actuM cash value of patents
and copyrights paid in for stock or
shares at the ume Of payment ....
good will trademarks, trade brands,
franchises 49,. if for bone-fde pay
Iaent, not 10 exceed the cash value
II stipulates that such intangible
assets exchanged for securities before
March 3, 1917, .ot exceeding 20 per
cent of the total, shall be included at
value not exceeding fair cash
value al the time of purchase.
Postal increases.
a flat increase on reading matter of
u cent per pound until July i, 1919,
and l. cent thereafter was provided.
Advertising matter exceeding . per
cent OF the total space would be taxed
from 4 10 "a cents additional until
July L. 1919, aud from IL to az cents
more until July l, 1920 and from q
te taa cents To 1927 and from / cent
10 cents thereafter
An additional IAN of u cent per
pound mul July l. 1919. aud 4. cent
'hereat1er un religious agricultural.
fraternai and similar publications. was
adopted
The I cent tax Oh letters, excepting
drop letters and postal cards, was r.
stored by the couferees. 4 ] cent ad-
diuoual tax CA postal and private
mailing cards Was added. The first
class mail increases are estimated to
raise S9oo0o.o00. and are effective 30
days afetr the passage ot the act The
senate provision eNeuptlug from post
age Letters written 10y soldiers and
sailors abroad was retained
Railroad Tickets Hit.
The conterees levied 5 per cent In
lieu OF the senate rate of ami the
house rate OF 40 per cent on passenger
transportation. estimated 10 raise from
tile compromise levy ahouot 100000
Geo instead of $3I50o0o0 under the
senate plau, The . per cent tax on
freight transportation was retained
and the tax on express transportation
WAS increased So that / cent would lie
levied ON each 10 cents paid instead
Ct each - ceuts. The house 10 per
cent tax on Pullman accommodations.
cut 10 : per cent by the senate. was
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