Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-06-11
BUSINESS mem ENDORSE
SEVEN TAX PROPOSITIONS
mittec OF Chamber OF Commerce
of L. S. Approved.
By VOTE OF MEMBERSHIP
Organization Goes on Record as Fa-
voring SupertaS on All Incomes
Over $4,000, and Further Increase
in Present Excess Profits Excise.

NASH NOTION, June lQ.-Thc Cham
Der Of Commerce OF the United States
in a statement made public tonight
goes on record in favor OF the adj
nitnistration's plan 10 raise war reve-
nue. by imposing supcrtaN on all
incomes over $4,000. and reducing the
exemptions on incomes under the pres
ert income tax. The chamber also ia
rored the proposal to increase fur
;Ker the present excess profits tax.
The organization IS strongly opposed
to any plan that will make taxation
retroactive.
Altogether seven propositions, all
having 10 do with methods for impos-
ing taxes 10 carry on the war. were
submitted 20 the membership, corpos-
ea % commercial organizations and
business men throughout the United
States.
All Of the recommendations made by
the executive committee. Including the
contested section advocating a 90 per
cent increase N the iirst-Ciass postage
rates, carried
The propositions voted upon were:
To raise approximately S4oo.o00,ooo
BY increased individual income taxes
through certain increased super-taNes,
and decreased exemptions. 1885 in ia
vor. th!rty-e!ght opposed
To raise approximately $500. 900
by additions TO the p-esen; excess
profits tax. 1850 in favor, lee opposed.
To raise 800. 600 GOO by 80 per cent
increase ii the f'rst-c!ass mail rates,
i.?22 IL favor, 24s opposed.
TO raise s25o.oo0.o0o by imposing
stamp taxes. 1892 IN favor. ffty-one
70 raise s5ooQo0.ooo by tax on
:uSur!es. 1872 IL favor. e;Ehty-one op
posed.
70 decrease the exemption Of capital
stock from $4,000 20 s2..oo0, favored
by ,.;!.. opposed by i&S.
sUPER-TAX TO BEGIN
ON INCOMES OF $4,000
With regard 10 increased super
taxes and decreased exemptions il the
first question submitted. the member
ship approved the suggestion OF the
Standardization 10 reduce the exemp-
sion OF incomes Of married people 20
sooto. sad 0: single persons 20 1920.
y was also recommended that the
sv7e--tax should begin with ! per cen,
OF incomes OF s3e0o and gradually rise
10 20 per cen; on the largest incomes.
ply uni!l the income reaches $4,000,
and beginning al per cent. Il only
runs u Ia ne. cent.
The body recommended shat local
boards Of referees BE- appointed 10 be
composed OF qualified Accountants 20
sessmen;s. and 10 report their findings
10 the Secretary OF the Treasury. To
lessen the number Of appeals on trivial
grounds the cost OF all appeals should
be paid by the petitioners.
The committee which made the
recommendations in the wa- finance
referendum follows:
Wallace y. Simmons. ST Louis. pres
dent ot the Simmons Hardware Com
pany. chairman; T -. ..dams, New
Haven. professor CO political economy
OF Yale; John +. Farweu, president
John Farwell Company, Chicago; I'd
ward a. Filene Boston. president OF
William F!lene Sons. and p. W. Goebel.
president Commerce.! Na::ona! Of Kan
sas City. Kan.
Also John H Gray. head Of depart
ment of economics, University OF MIN
nesota: Edward AZ Kuribut, Chicago.
president OF the jerchants Loan and
Trust Company: Stodiard Jesse. pre.i-
dent OF the First National Bank. Los
Angeles: Hugh Nick. Landon. mer-
chant OF Indianapolis; Robert F. Mad
dox, vice-DTes!deni OF the America n
National Bank. Atlanta; Samuel Nc
Roberts. vice president of the National
City Bank. New York. and Oliver NJ
D. Spraguc. professor OF banking and
finance in Harvard University.