The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1917-10-12
CONGRESS MAKES LEVY AT SGT Z.
| FOR EVERY man, WOMAN AND
| CHILD IN THE united STATES
Excess Profits Revenue at Bill on and Incomes at Nearly
Much Remain Practically Unchanged by Work Of
saeef The Conferees.
Corporations VIII Financing Of the War
Heved to y Could Devised.

the conferees in the senate bill was
secured from the postage, public utili-
ties and manufacturing sales section
| and the new inheritance taxes.
| With but few exceptions. the new
taxes are effective with the passage of
| the act.
Senate Version Stands.
The income tax section was adopted
virtually as written by the senate. The
new 2 per cent normal tax on incomes
of more than $1,000 for married per-
sons and $1,000 for single persons is
In addition to the present law exempt
ing incomes of less than $1,000 for sim
gle persons and $4,000 for married per-
sons. Thus those between the new low
exemption bases and the present ex-
emptions will pay only the 2 per cent
tax. but single persons having an in
come of $4,000 or more and married
persons whose income is $4,000 or more
would pay the full 4 per cent normal
| tax.
The senate income provision allow
\ ing an additional exemption of 5000
for each dependent child to heads of
families subject to the present law was
| retained. The exemption for children,
however, does not apply to those sub
| ject to the new reduced taxes with the
$1,000 and $1,000 exemptions, respec-
lively, for married and single per-
| sons.
Surtax Is Agreed Upon.
Surtaxes were agreed upon as fol-
lows:
One per cent on income over 5000
and less than $500: per cent be-
tween $500 and $4,000; 8 per cent
between $4,000 and $12,5O0; 4 per cent
between 12,500 and $4,000; 8 per cent
| between $4,000 and $4,000; per cent
between $4,000 and $4,000; 10 per
IS per cent between $4,000 and $780,
per cent between 100000 and $4,000;
Is per cent betwene $4,000 and $780,
600; % per cent between 100000 and
$150,000; rs per cent between $4,000
and 100000; 80 per cent between
100000 and $250.OOO; "a per cent be-
tween $250.OOO and 100000; 81 per
cent between 100000 and 100000;
40 per cent between $500. 900 and $780,
600; As per cent between S75OOOO and
S1.000,000. and SO per cent on incomes
exceeding s1.OOO.OOO.
Increased Tax on Whisky.
Increased senate rates on whisky
| and beer were virtually retained, and
that on wines somewhat reduced. The
tax on distilled spirits was made $2.10
per gallon when for beverage use and
81 less for Industrial purposes, esti-
mated to raise $135.OO0.OOO. The
amendment prohibiting importation Of
| distilled spirits fvr beverage use was
retained. Floor taxes to reach with
drawn liquors were approved. Beer
was taxed $3.50 per barrel additional,
| to raise $46,OO0.0OO, an increase of 25
cents per barrel over the house rate.
Present wine taxes were doubled.
Taxes on nonalcoholic beverages
were compromised. On prepared
sirups and extracts the taxes gradu-
ated from 5 to 20 cents instead of
| from 8 to IL cents a gallon were
adopted. Grape juice and other soft
drinks are taxed 'cent per gallon, as
provided by the senate in reducing the
original 2-cent rate Of the house.
Senate rates on cigars and cigarettes
| were retained, but those on snuff were
Increased from cents to cents a
pound.
Stamp Taxes Fixed.
Stamp taxes agreed upon are:
Bonds Of Indebtedness, cents on
each 500.
Indemnity and surety bonds. so
| cents.
| Parcel post packages, 1 cent for
each 20 cents Of the cost of transpor-
tation.
| Capital stock, original issues. cents
per 500.
| Sales and transfers, cents per 500.
Sales of produce on exchange.
cents for each 500 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 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 SEQ, So, and
above $50. IS.
Voting proxies, 10 cents.
| Power of attorney, % cents.
| Playing cards, decks of not more
than "a cards. an additional 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 Dol.
tcies issued are 8 cents per 500 OF
fraction thereof on life insurance and
@~~~~~~~~~~~~~~~N~>o>>oo>>~
Secretary NcAdoo ,ccs,na A., %o,vo,.,