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

pound.
Stamp T1xes Fixed.
Stamp taxes agreed upon are:
Bonds of Indebtedness, cents on
each 500,
Indemni'r and surety bonds, 90
cents.
Parcel post packages, l cent for
each % cents VI the cost of transpor-
tation.
Capital stock, original issues, 8 cents
per 500.
Sales and transfers. cents per 500.
Sales of prod.ce 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, 80 cents be-
tween 500 and $500 and so cents for
each additional $500.
Customs house entries, from 25
CtuLS W 9I cutIy LII IfOui
bonded warehouses, 80 cents.
Passenger vessel tickets for ports
other than those in Che United States,
Canada and Mexico, between $40 and
$50, 81; between $50 and $50, So, and
above $50. So.
Voting proxies, 10 cents.
Power of attorney, % cents.
a.I.
than "a cards, an additional 5 cents
on the present rates.
Taxes on life insurance, eliminated
from the house bill In the senate
were amended and reinserted, raising
about $5,00000O. Effective November
/ the new taxes on new insurance pol
icies issued are cents per 500 or
fraction thereof on life insurance and
! cent per 81 on the premium charged
on marine, casualty, fire and inland
assurances.
Amusement taxes agreed upon pro-
vide that all persons entering places
| Of amusement free. except employees
and officials on duty and children UNI
der twelve. would pay tax rate of 1
| cent on each 10 cents or fraction
| thereof Of the admission charge. This
tax also would apply to cabarets and
similar performances where the cost
of entertainment is included in other
costs. such as service. Holders Of an
nual box seats would pay 10 per cent
of the annual rental. Nickel theaters
and shows, rides and other outdoor
park amusements with a maximum i'd
mission of 10 cents and benefit enter
tainments and agricultural fairs were
| exempted.
After November /, 1917, members of
all clubs, except fraternal orders, pay
Ing more than So annual dues would
be subject to 10 per cent tax.
Exemptions Are Allowed.
On excess profits the conferees
agreed upon minimum deduction OF
per cent and a maximum of 10 per
cent, instead Of the 8 to 10 per cent
fixed. by the senate. Other exemp
tons are $1,000 for corporations and
$4,000 for individuals. Corporations
partnerships and individuals having
no capital stock would pay a fiat rate
Of per cent on net profits In excess
of $1,000 for corporations and $4,000
for individuals and partnerships.
Miscellaneous income tax amend
ments inserted by the senate were
generally adopted, including the so
called Jones amendment for tax OF
10 per cent on corporations indis
tributed surplus, without allowance
for income taxes paid. The 10 pei
cent tax would not apply to undis
tributed income actually invested OF
employed In business or invested In
federal securities after September i
1917, and 8 per cent penalty for sur
plus retained but not employed Is pro
vided.
In making provision for administra
ton and collection OF the new ant
existing taxes the conferees provided
that the special tax Of 12h per cent
on war munitions manufactures shall
be reduced to 10 per cent. but re
tanned to January 1, 1918. 1t now
yields about S29OOO.O00 annually ono
the senate had proposed its repeal.