Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-08-05
TO LEVY HEAVY TAX
ON WAR PROF|TEE:RS
President Wilson Has Made It
known That He Fa-
vors Move.
SEVERAL PLANS DISCUSSED
Many Approve 80 Per Cent AS
sessment on 100000
Corporations.
SEVERAL PLANS DISCUSSED
iBy Associated Press,


WASHINGTON. Angus, 80 s,rt,.
- "af P'ohta tax. separate fr"n ali
other taxes. VIII bc pressed v-,h re-.
nc"cd riEor this week in ,ro lIo,-4
Ways and Means Committee. eng. .y,c
in framing the 5000 coo 900 r-rorue
biil The position Of the Dem nocra,s
and Republicans who have bc., try
inE :" far in tho executive sessions
of the committee TO win over IN. on.
pon"nts OF separate v.r uron,s ,al;.n
mas been strengthened b. Presiden,
Wilson'S declaration in favor OF a
heavy tax TO reach all wrr proi;c.-s
and by the fact tha, tho cvccss rr, Gt,
anC income tax sections OF tin. i.i:j 80
far tentatively accepted fan short hv
considerably more than i. GOO. r0. oGn
Of the $4,000 100000 allotted 70 the two
sections.
The committee has been discussing
"t,hout conclusion two main Har
profits plans. ore Is SuprrinlroseJ
war proris tax. with :; .?!axiriun, f
20 per cent on corporations hav:n,
more than S2oo,oCh capital. designed 10
reach huge corporations profits is
author - Rcrr sentative Green. OF
Iowa. The other plan Is al alternative
for til" excess profits TO b. substitut %.
for excess profits Whenever the Treas
iry deems i, likely TO bring in m IRE
revenue than the cxress profits tax in
each individual case. is author is
Representative Crisp. of Georgia.
Even members Of the committee nos:
Yet committed TO either the Green or
Crisp proposals conccdc that some mar
rrotits plan Is li:ely u re add"1 u
the present draft or the bill Tt:e
Crisp alternative plan is along lin s
followed in England. II is moro
detailed proposition. :s ii is TO sup
plant. II necessary. whether TIE Treas
ury should use either the excess rroits
Or alternative plan.
SIXTY PER CENT TAX on
S:O0.oOO CAPT. ALIZATION
The Green supSimposed w:.r prorts
plan rs revised TO date provides fo'
:, tax Of GO aer cert on thu ret in
come on corporations having IN In
vested capital ot 500. 600 and not cx-
ceediru $3.50. 900 after the following de-
ductiouS from tnc net income tho
average rot income for the years lcll.
1912 and 1913. and taxes upon CORPORA
items provided in other Sect!ons .. the
bill. After making the same irdic-
tions. corporations with invested c,3-
ital between S3ioonO aud Sjoc.ooo
WOULD hc taxed :" per cent on the I :
manning net income. and corporations
with capital in excess Of 100000 would
be taxed 50 pc! cent
Congress Will adopt some gitn %
reach his corrorations like the pace
erS. copper companies and o;he, con-
Germs very highly capitalized before
we started in with the present sys-
ten. Of income and excess pron;s taxes"
said Representative Green Ida.
Talk IN New York that the cNcssi
PROFITS taxes tcniati"oly agree! 20 hN
the committee arc not as high As j"
been eHrActcd is Ike corgrntnlatinE
candidates on their electio' before al
returns are in"
The Hull subcommittee "u luN''ieS
met again today ana considered N
luAurits Recommendation The man
features OF which 1lread> ray" 'een
published IT viii leport tor orc"
10 he full coMmii:ce vAi"A AS
about TO review ,he whole bill.