Vernon County censor. [volume] (Viroqua, Wis.) 1865-1955, 1917-10-10

the war revenue bill completed their
draft after two weeks of elaboration.
As revised by the conferees the
measure has been raised from the levy
fixed by the senate of $2,416,670,000 TO
an aggregate of approximately $500
100000. Chairman Simmons of the
senate finance committee estimated
that the increase made by the con
ferees would approach S275,0OOOO0.
Profits 7 az Modified.
The excess war profits tax, as agreed
to by the conferees, is a modification
Of the senate bill, the principal
changes being in the maximum ana
minimum rates of exemption upon
which the tax is To be determined.
The senate graduated scale of exemp-
tons ran from 6 to 10 per cent, while
the house exemption rate was s per
cent. The conferees adopted the grad
uated rate Of from 10 per cent.
The definition of capital, which was
a point upon which the conferees ar
gued Tor days, was modified so as 10
provide that the actual value of tangi-
bic property paid into corporation
or partnership or individual business
before January l, 1914 shall be taken
as Of that date The proviso as to
good will and other intangible prop
erty has been somewhat liberalized.
As to Invested Capital"
In calculating war excess profits the
terms invested capital Of corpora
tious and partnerships was declared
to include "actual cash paid in. actual
cash value and other tangible prop
erty paid for stock or shares at the
time Of payment or January l, 1914,
but in No case TO 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 actual cash value of patents
and copyrights paid in for stock or
shares at the time Of payment .
good will trademarks, trade brands,
franchises II for bone-fide pay
ments not to exceed the cash value. "
II stiphlaaes that such intangible
assets exchanged for securities before
March ), 1917, not exceeding ~ per
cent OF the total, shall be included at
value not exceeding fair cash
value at the time of purchase.
Postal increases.
A fat Increase on reading matter Of
a cent per pound until July /. 1919,
and y cent thereafter was provided.
Advertising matter exceeding ) per
cent OF the total space would be taxed
from 4 TO "a cents additional until
July l. 1919. and from Il TO 4Ia cents
more until July l. 1870; and from 4
70 ca cents to 1927 and from l cent
to 8 cents thereafter.
An additional tax of Is cent per
pound until July /, 1919. and 4 cent
hereafter, on religious, agricultural,
fraternal and similar publications WIS
adopted.
The / cent tax ou letters excepting
drop letters and postal yr-ds, was re-
stored by the conferees cent adj
mailing cards was added The first
class mail Increases are estimated to
raise S9O.Ou0OV0. and are effective 80
days afetr the passage Of the act. The
senate provision exempting from post.
age letters written by soldiers and
sailors abroad was retained.
Railroad Tickets Hit
The conferees levied per cent In
lieu Of the senate rate Of : and the
house rate OF 10 per cent on passenger
transportation. estimated to raise from
the compromise levy nbouot 500 600 %
900 instead of ST. 10000 under the
senate plan. The per cent tax on
freight transportation was retained
and the tax on express transportation
was Increased so that / cent would be
levied on each 20 cents paid instead
Of each - cents. The house 10 per
cent lax on Pullman accommodations,
cut to per cent by the senate. was
restored and is estimated to raise S.
600 90
In lieu If the house per cent
NtkA ftl4 Nttt7 IA t4hlpLi'iHltN bN lAdNu-
fatturers aud the senate federal
license tax on owners, the conferees
adopted 3 per cent tax on all motor
vehicles, including trucks, payable by
manufacturers, producers aud import
erS
Taxes of 3 per cent OF manufacture
ers ales of musical Instruments and
Jewelry also were written in. with a
tax Of = cent foot on motion pie
ture him.
New Inheritance Tax.
new system Of graduated lnherl-
lance taxes was written into the bill
10 lieu of the house plan and despite
tine Senate's rejection of such taxes.
The new rates on inheritances, with
those of Americans in military service
exempted. range from one-half Of /
per cent on $4,000 estates to 10 per
cent on estates of Sl0.OO0OOO and
more
The bulk of the increases of between
S25O0OO,0OO and $3O0,OO0,O00 made by
>--~~-~.-1~-~1~.~O~J~O~~~~
CECkC nEW tDrnTN toaa,