Middletown transcript., 1917-10-13

| increased from cents to cents a
| pound.
Stamp Taxes Fixed.
Stamp taxes agreed upon are:
Bonds of Indebtedness, cents on
each $1OO.
Indemnity and surety bonds, so
| cents.
Parcel post packages, Il cent for
| each % cents Of the cost Of transpor-
| tation.
Capital stock, original issues, cents
per 500.
Sales and transfers, 2 cents per $100.
Sales of produce on exchange,
cents for each $100 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
500 and 2 cents for each additional
| 500 or fraction thereof.
Conveyance papers, so cents be-
tween 500 and $500 and SO cents for
each additional $500.
Customs house entries, from 25
cents to 81; entry for withdrawal from
bonded warehouses, so cents.
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, $5.
| Voting proxies, 10 cents.
Power of attorney, % cents.
Playing cards, decks of not more
| than "a cards, an additional 5 cents
on the present rates.
Taxes on life insurance, eliminated
from the house bill in the senate,
were amended and reinserted, raising
about $5,O00,000. Effective November
l the new taxes on new insurance pol
icies issued are s cents per $1O0 or
l cent per 81 ON the premium charged
on marine, casualty, fire and inland
| assurances.
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
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 theater:
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 1, 1917, members Of
all clubs, except fraternal orders, pay
ing more than $12 annual dues would
be subject to a 10 per cent tax.
Exemptions Are Allowed.
On excess profits the conferees
| agreed upon a minimum deduction OF
z per cent and maximum of 10 pei
cent, instead of the to 10 per cent
I fixed by the senate. Other exemp'
tions are $1,000 for corporations and
| $4,000 for individuals. Corporations
partnerships and individuals having
no capital stock would pay fiat rate
of S 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 a tax OF
10 per cent on corporations indis'
| tributed surplus, without allowance
for income taxes paid. The 10 pei
cent tax would not apply to undis'
tributed income actually invested OF
employed in business or invested in
| federal securities after September 1
1917, and pa 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 1, 1918. 1t now
yields about s29,OOO,OOO annually dn6
| the senate had proposed its repeal.