Bisbee daily review., 1918-08-18
REVENUE BILL NOT ID BE- READY FOR
 ABOUT WEEK
BETWEEN HALF BILLION AND BILLION SHORT OF DESIRED AMOUNT TO BE RAISED BY TAX ATIoN, MEMBERS WAYS AND MEANS COMMITTEE FIGURING

WASHINGTON. Aug. 17.-With the estimated receipts possible under the revenue bill as thus far tentatively agreed upon by the house ways and means committee from $500, ,0OO 900 to S1 ,O00 100000 less than the SS.00O .OOO.- 900 sought, Representatives Kitchin of ! North Carolina, chairman of the com
 mittee, annOneed Thursday that the
 bill will not be eady for presentation in the house before the latter part of next week.
 should the bill be placed before the house the last of next week, it was considered improbable tonight that it could be considered on the floor before August 26 or 27. Secretary McAdoO before the committee yesterday urged that the bill be expedited SO that it might be enactd into law before the fourth Liberty loan campaign Septem- Der 2S.
 There were indications tonight that the committee will insist on increases in the lower brackets of the present excess profits schedule and will mak1 | little or no increase in the higher brackets. The present excess profits schedule is graduated from 2 to 50 per cent.
 Treasury officials today submitted a plan to divide business into eight classes on which the treasury VII have discretionary powers to fix the per centage of deduction for pre-war earn ings and where between and 12 per cent.
 This plan as submitted follows:
 a ku~ c -sm methods shall be so per cent of the amount of the net income in excess Of the pre-war profits deductions
 For the purposes of this section. the general pre-war percentage for any general class of trade or business is the average percentage of net income to invested capital for the pre-war period of corporations embraced in such general class, determined as nearly as may be by the commissioner .of internal revenue, with the approval Jf the secretary of the treasury. from the returns made for the first taxable year under the revenue act of 1917. for each of the following classes of trade or business:
 Manufacturing, mining. mercantile, financial, transportation by land, tran sportatiOn by water, public utilities other than transportation. miseellane- Ous.
 The general pre-war percentage shall in no case be less than s per cent nor more than 12 per cent and within these limits the determination of The commissioner of internal revenue shall be final.
 The general pre-war percentage for any corporation shall be the per cent age determine for the general class of trade or business to which such cor poratiOn belongs. If the corporation is engaged in more than one general class of trade or business. the percent ages shall be applied to it's principal trade or business. The war profits de- ductiOn shall consist of a special ex- emption of SS.OO0 plus. at the option of the corporation, either an amount equal to the general pre-war per cent age of its invested capital for the tax able year. or an amount equal to its average net income for the pre-Tar period. increased or diminished. as the case may be. by an allowance Tor changes in invested capital since the Dre-War period