The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-09-30
WAR REVENUE BILL
C0NfERfES REPORT.
IMPORTANT CHANGES
Measure Now Carries Grand
Total of Two Billion, Seven
Hundred Million Dollars
LETTER POSTAGE is
INCREASED ONE CENT

come ak on Excess Over
$1,000 and Single Men on
ExcessO Over S. 900 of Income
Washington. Sept. 2s.-After more
sthan a fortnight Of work the ccn-l
Eerees upon the war revenue bill made
xhetr report upon the measure to-
might. The bin has heen increased
10 nearly s2.70o, 600, 000. The chief
changes made are In the war excess
taxes and the increased postal
lrates en- first and second class mat
lter. AS agreed 10. the excess prof.
Int tax is "A modification of the senate
hill. The maximum and minimum
iexem ptions we're changer from s 10
10 TO I to 9 per cent. The gradual
ed rate was altered from percentage
of the deduction 10 percentage Of the
profits upon the invested capital. KS
accepted the rates now in h bin are
in addition to the existing axes
Twenty per cent of the net income
in excess NJ the deduction provided
fo rand not In excess of Is per cent
OF the invested capital for the tax
able yesr.
Twenty-Five percent of the amount
Of net income in excess OF Is per
cent and not in excess OF 20 per cent
OF such capital.
Thirty~f1ve per cent of the amount
OF net income In excess of 20 per
cent and not In excess OF 25 per cent
zof such capital
Forty-nve per cent Of the amount
OF net income In excess cf e. per
cent and not tn excess Of IS per
cent of sach capital
sixty per cent of the amount of net
income in excess Of 30 per cent OF
such capital.
Exemptions Powered.
ISxefrp tiops from the lax are COM
pensatioH of fees received ny state or
federal officers or employees, corpora
lions and individuals already exempt
cd under the set Of September 2.
1ass. and Incomes derived from the
fsu.anes RI life, health and accident
~ansarAnceW, combined in one policy
issued en the weekly payment pre-.
milan plan,
Corporations, partnerships and In
Givifuais without capital OF only a
roaai nai, capital arg. charged, In the.
ssee. Ia individuals and partnerships.
"a Fat rate Of 8 per cent on net pro-
nats above $4,000 and ia the csse OF
n corporation the same tax on net
profits above $4,000.
On very important mater settled
was the defnttfon of ca eital
This has been modified so tina the
actual value of tangible property
paid IN before January /, ra14, shall
De considered. II stock was issued
khe value spoken of must not exceed
lS1e par vaiae cT the stup.k.
The committee also ''htersltzed' the
trAfue OF good will and other intang1-
bic property
Letter Postage Three Cents.
One rent was added. to ordinary
4etter postage 20 that letters other
than those sent from ar to American
kofdters and sailors would cost three
ceats. This in supposed to SO into
effect thirty DAYS after the passage
nj the act. The second class postal
rate has Been changed 10 the zone
ryssen which begins July /. 1913.
E~ading matter viii between that
date and July !. 1919, one and one-
quarter cert per pound or fraction
Hhereof. Afrer Tuiy I. 1919. the rate
will be i liz cent per pound. II the
fpace devoted 20 advertising matter
does not exceed 8 per cent Of the total
space OF a magazine the rate VIII be
khe same So IL on reading matter. But
otherwise ths nre system comes into
oftect- This ir n complicated scale
which eventually goes TO 10 cents In
NE eighth xone after .ruly 1. 1921.
Following IL the tex Of the war
nonrae tax sections adopted hv the
6Unfcrcea. Section THAT t11 In
Addttion to the normal tax imposed by
subdivision fa) Of section ! OF the
hck entitled AN act TO increase the
kgpenue and for other purposes'' APP
6Sr0yAd Eertcrrher 4. 1919. there shall