The Green Forest tribune., 1917-10-12

ashingt0n.-Th joint conferees on the war revenue bill completed their draft after two weeks of deliberatiUn. As revised by the cOnferees the measure has been raised from the levy nXed by the senate of $2,416,67O,0O0 to an aggregate of approximately $2, TOO, 0O00OO. Chairman Simmons of the senate finance committee estimated that the increase made by the con ferees would approach S2750OO,00O
 Profits I ax Modified.
 The excess war profits tax, us agreed to by the conferees, is d 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. The senate graduated scale of eXemp- tions ran from to 10 per cent, while the house exemption rate was per cent. The c0nferees adopted the grad uated rate of from Co per cent.
 The definition of capital, which was point upon which the conferees ar gued for days, was modified so as to provide that the actual value of taugi- ble property puid into corporation or partnership or individual business before January 1, 1914, shall be taken las of that date. The pr0viSo as to good will and other intangible prop eFty has been somewhat IiBerulized.
 As to "lnvested Capital"
 In calculating war excess profits the terms invested capital" of corpora tions 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 OF 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, LId0IAloEo II 4bA DOAC-4OC pay ments not to exceed the cash value. It stipulates that such intangible assets exchanged for securities before March 8, 1917, not exceeding 20 per cent of the total. shall be included at a value not exceeding a fair cash value at the time of purchase.
 Postal Increases.
 A fiat increase on reading matter of A cent per pound until July 1, 1919 and 1a cent thereafter Was provided Advertising matter exceeding , per cent of the total space would be taxed from A to PA cents additional until July l, 1919, and from 12 to Az cents more until July 1, 1920; and from 24 to GA cents to 1921 and from 1 cent to cents thereafter.
 An additional tax of B cent per pound until July l, 1919, and A ceni thereafter, on religious agricultural fraternal and similar publications was adopted.
 The l cent tax on letters, excepting drop letters and postal cards, was re stored by the conferees. A l cent ad diti0nal tax on postal and private mailing cards was added. The first class mail increases are estimated tC raise $90,000000, and are effective 8 days afetr the passage of the act. The senate provision exemptiug from post age leetters written by soldiers ant sailors abroad was retained.
 Railroad Tickets Hit
 The conferees levied 8 per cent 1T lieu of the senate rate of 5 and th' house rate Of 10 per cent on passengei transportation estimated to raise iron the compromise levy ab0uot SG0000, 600 instead Of $3T 100000 under thu senate plan The 3 per cent tax or freight transportation was retained and the tax on express transportation was increased so that l cent would b. levied on each 20 cents paid instead of each 25 cents. The house 10 pc cent tax on Pullman accommodations cut to 5 per cent by the senate, wa restored and is estimated to raise S3, 100000.
 In lieu of the house per cen tax on sales of automobiles by manu facturers and the senate fedora license tax on owners, the cOnferee adopted per cent tax on all motO vehicles, including trucks, payable b manufacturers, producers and import CTS.
 Taxes of 3 per cent of manufactur ers' ales of musical instruments an jewelry also were written in. with tax of A cent foot on motion pic ture film.
 New inheritance Tax.
 A new system of graduated inheri tance taxes was written into the bil In lieu of the house plan and despit the senate's rejection of such taxes The new rates on inheritances, wit those of Americans in military servic exempted, range from one-half of per cent on $50000 estates to 10 pc cent on estates of $10,000,00O an more.
 The bulk of the increases of betwee s25O0OO,OO0 and $300,0OO,00O made b
 
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