The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1917-10-13

"hNHllp lOI.-- l he JOINT 'bIllfIctS WI
the war revenue bill completed their
draft after two weeks of deliberation.
As revised by the conferees the
measure has been raised from the levy
fixed by the senate of $2,4lG,67OOO0 to
an aggregate Of approximately S2,IO0,-
100000. Chairman simmons of the
senate finance committee estimated
that the increase made by the con
ferees would approach S2I5,OOO,OOO.
Profits Tax Modified.
Tho excess war profits tax, as agreed
TO by the cOnferees, Is Il modification
of the senate bill, the principal
changes being In the maximum and
minimum rates of exemption upon
which the tax Is to be determined.
Tho senate graduated scale of eXcmp-
tiofS- ran from TO 10 per cent while
the house exemption rate was per
cent. The conferecs adopted the grad
uatcd rate of from Z TO 8 per cent.
The definition of capital, which was
a point upon which the conferees ar
gued for days, was modified so as to
provide that the actual value of tangl-
bic property paid into a corporation
or partnership or individual business
before January l, 1914, shall be, taken
as Of that date. The proyiso as to
good will and other intangible prop
erty has been somewhat liberalized.
As to Invested Capital"
IL, nalcnlo,I TIM, mar nx,asu prnfitc thu
terms Invested capital" of corpora
tons 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 ;. If for bone-fide pay
II STIMULATES that such intangible
assets exchanged for securities before
March 3, 1917, not exceeding 20 per
cent of the total. shall be included nj
value not exceeding fair cash
value nj the time of purchase.
Postal Increases.
A fat increase on reading matter OF
n cent per pound until July ], 1919,
and " cent thereafter was provided
Advertising matter exceeding 5 per
cent of the total Space would be taxed
from 4 TO "a cents additional until
July i, 1919, and from "a to 4l2 cents
more until July l, 1920; and from q
10 GA cents TO 1921 and from cent
10 . cents thereafter.
An additional tax OF Is cent per
pound until July /, 1919, and a cent
thereafter, on religious, agricultural,
fraternal and similar publications was
adopted.
The ] cent tax on letters, excepting
uiop ltlltIS hiu JoSlui tdTus, WIS re-
stored by the conferees. A cent ad-
ditional tax on postal and private
mailing cards was added. The first
class mail increases are estimated 10
raise $90,0O0,OO0, and are effective 81
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 3 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 abouot $4,000,
600 instead of s37, 100000 under tn,
senate plan. The 3 per cent tax or
freight transportation was retained
aud the tax on express transportation
was increased so that ! cent would b,
levied on each 20 cents paid instea,
of each % cents. The house 10 pc
cent tax on Pullman Accommodations
cut 10 3 per cent by the senate, wa
restored and is estimated to raise So,
100000.
In lieu OF the house > per cen
tax on sales Of automobiles by manu-