The labor world. [volume] (Duluth, Minn.) 1896-current, 1917-08-11
NEW REVENUE BILL:
REPORT IN SENATE;
RAISES Z BILLIONS
War Profits Expected to Yield
$562, 000. 900 And Income
Tax SIT, 700, 900.

WASHINGTON, Aug. 9.-Senator
Simmons, chairman Of the finance
committee, Monday presented to the
senate the committees report on the
revenue bill.
The measure as drawn will raise a
total of $2,006,970,000.
This is an increase of $139,970,000
over the bill as passed by the house
in May. The additional revenue is to
be raised the first year under the bill,
coming from these sources {:
Income tax, $777,700,000.
War profits, $562,000,000.
Beer, wines whisky spirits and soft
drinks, $21S,000,000.
Cigars, cigarettes and tobacco, $685.
100000.
Freight, parcel post, express, pas
senger transportation, pipe lines, Pull
man seats and berths, and telegraph
and telephone messages, $146,750, 900.
Automobiles are to yield $40,000,00
additional.
Sporting goods 100000.
Perfumes and cosmetics $1,9O0,0O0.
Proprietary medicines $3,400,000.
Cameras, 100000.
Playing cards and other stamp
taxes, $32,000,000.
Tea, coffee, sugar and cocoa, $780,
100000.
Admissions to movies costing more
than Is cents and other amuseme nts
places $23,oo0,o0o.
First class mail matter, $4,000; 300.
Second class, 100000.
Profits tax on newspapers, $500,
| 900.
The beer tax will be So a barrel, an
increase Of 25 cents a barrel over the
tax proposed by the house.
Barreled spirits, $2.10.
Dry wines, 8 cents a gallon.
Liquors, cordials and still wines
| $1.10 per proof gallon.
Champagne, 9 cents a half pint
three times the present rate.
Soft Drinks Taxed.
Soft drinks taxes range from 8 cent:
q gallon on products sold at $1.25 q
gallon to II cents when sold for more
than 81 gallon. The house tax Of
cents a pound on carbonic acid gas
was reduced to cents.
Chautauqua lecturer, because o.
their educational value, are left tax
free.
A large number Of additions art
made in stamp taxes, every bank
check, draft and certificate of deposi
drawing no interest, requiring a 1-oen
stamp.
Incomes Are Hit.
! The largest increase aimed at
| $777,700,000 in income taxes, is to b.
accomplished by increasing the cor
poration income tax, making the tota
per cent instead Of 2 as now, and al
increase Of. 1 per cent on individual
incomes Of over $4,000 a year.
The next largest increase is in wa
profit taxes-$562. 900, 000-to b.
raised by imposition of war profit
tax, instead of the excess profits tax
proposed in the house bill. In gen
eral, it would make the basis of tn
tax the difference between the profit
of the pre-war period and the profit
Of the taxable year, thus taking b,
taxation large part Of the extr'
gains which the war itself has caused
$4,000 Is Exempted.
This war profits tax does not appl.
to any business or individual who's
net income is less than $4,000 yea
and both are given a flat exemption o
$4,000 war profits.
Amendments to the present incom
tax law proposed by the bill INCLUDE
each dependent child under 1S, in fix
ing the net taxable income of tn
head of a family.
Crediting of war profit taxes agains
the income to be taxed.
Requiring brokers to make returns
showing profits made by their Gus
toners, so that the government ma!
check income tax returns.