New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-07

did the House bill by the inclusion OF
the Lenroot amendment. The maximum
income surtaA under the Lenroot
amendment was 81 per cent. The
Finance Committee stops at 80 per cent.
Similarly the Finance Committee ex-
presses its preference for its own war
profits tax as opposed to the excess
profits. tax which the House drafted.
Most of the new taxes proposed under
the revised bill for war expenses of the
present fiscal year would come from in
comes, war profits, liquor and tobacco
taxes.
The revised Senate bill strikes out
the retroactive tax upon last years IN
comes, but principally by increasing
surtaXes on wealthy persons, and by
doubling the normal tax on corpora
tions proposes to raise S777 100000 in
addition to the $330,000,000 now Sc
cured from incomes. 1t proposes
levy of S562, 100000 on war profits and
extends the tax TO individuals in trade
or business as well as corporations.
The committee, discussing war profits,
reported to the Senate as follows:
ain has now reached a rate of 80 per
cent, the rates in Canada are gradu
ated from 20 per cent TO rs per cent
and the New Zealand rate is 45 per
cent. We must face the possibility,
even the probability, of even higher
taxes than are now proposed in this
country, and we must try TO adjust our
system in such a way that il will work
fuS Of
rates.
"Your committee accordingly pro-
poses the repeal of the existing war
profits tax law and the substitution
fer both il and the additional war
profits tax passed by the House Of a
tax upon a basis similar to that fol-
lowed by the European countries, in
which such taxation has been carried
out with marked success.
"The committee proposes, instead OF
an excess profits tax, war profts tax
in general. 1t proposes to make the
basis of the tax the difference between
the profits of the pre-war period and
the profits of taxable year We take
by taxation, directly or indirectly, for
the purposes of war, great part OF the
extra gains which war itself has caused.
"The change Of basis seems 20 the
committee desirable. not only because
il is equitable and appropriate, but
also because the administration OF the
tax and it's successful collection are
greatly facilitated
The proposed graduated tax on all
motor vehicles is: =,
Upon motorcycles, $3.50; automobiles.
the original listed retail price of which
is not over $500, So; original listed
retail price over $500 and not over
$3.50. $3.50; original listed retail price
over $3.50 and not over $1,000, $40, and
for each further increase of $500 or
fractional part thereof Of original list
ed retail price, an additional tax OF SO.
Proposed taxes that will affect al
most everybody are stamp taxes OF one
cent for each % cents paid for the
transportation of Darcel post and
one cent tax on all checks. drafts or
certificate Of deposit drawing no IN
terest.
The recommendations in regard TO
coffee, tea, cocoa and sugar are:
Upon coffee or substitutes thefore'
two cents per pound; upon tea, fve
cents per pound; upon crude cocoa,
three cents per pound; upon prepared
cocoa and chocolate, imported, fye
cents per pound; upon sugar, one-haf
cent per pound; such taxes 70 be paid
by the manufacturer, producer or i'm
porter