The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1918-09-21
sS,0OO,0O0,OOO
BILL IS PASSED
House Accepts Big Revenue
! Measure Which Goes to
Senate
NOT A SINGLE
| VOTE AGAINST IT

the World Likely to Be in Senate's |
Hands for Several Weeks-What |
Different Items Are Likely to Yield |
WASHINGTON, Sept. 2l.-With $50
members voting for it and not one
against it the revenue bill, the biggest
measure of the kind the world has ever
known, was passed by the house yester-
| day afternoon, day ahead of schedule
The bill now goes to the senate, but prob
ably viii be several weeks in the finance
| committee there.
Only one amendment of any conse-
quence was added and that provides for
| allowing oil and similar business projects
a reasonable amount 10 be deducted
from net income before imposing income
and profits taxes on the theory that the
supply is being deprecated continually.
| In addition to this reasonable
amount which is to be determined by
| the government, an amendment was
| adopted providing that actual oil produc-
ers and prospcetors shall be allowed to
deduct 10 per cent of the value of the
oil taken out in each taxable year before
| taxes shall be imposed
As the bill passed, it is expected to
raise more than $4,000 100000 in
twelvemonth period. Whether this pre-
dietion viii be borne out is doubtful on
account Of the loss of revenue from beer
near beer" and eventually from stop
ping the liquor traffic July | next. Loss
OF taxes from beer and imitation beer is
expected to cut off about 100000 900 a
year Another S50000,0G0 has been lost
through the necessity of exempting from
all taxes income from Liberty bonds UP
TO limits already defined
| Despite all these revenue losses from
what was originally expected, the big
bill still may produce at least the
| SS.000.0 00000 the administration needs
from taxation, If it fails. congress must
turn to consumption taxes, which it has
assiduously avoided That is practically
the Only alternative left besides d tax
on sales If the administration IS forced
: to ask that taxes bear a still larger shaee
of the wars expense.
: For the next l. months if ii proves
true that no more than IS 900. 00o0Oe
i'll taxes need be raised. regardless Of the
loss of retenue from tic brewing indus
, try through the executive order stopping
, It, he revenues viii be larger than need
| cd. Through increasing considerably thg
, appropriation fer the commissioner 81
internal revenue, it has been made pos.
sih TO collect a full s. 600, 100000 which
ott erwise could not be reached and thi,
mo icy will apply to this years revenue
The biggest source of revenue in tn,
bill was not tampered with at all bv th'
house although hard fight against som
, OF its provisions was made in the way
AID means committee. This source i
the combined war and excess profit
+ction of the measure. which is count
e. upon to produce no less thar
: $, 200 100000 each wear.
An effort was made by many mem
beTs of the committee, backed by Score
tarv McAdoo, to have the present exces
: profits tax rates Incorporated in the bil
I WITH the war profits tax as the mai
n relia ice for raising money Chairma
= iitcl,ln N. c. fought for higher e.ces
profits rates and won out.
y Next to this means of getting none
Al and TO the individual income tax tn
Il greatest single item in the bill is the ia
OH beverages, which cannot produce nor
what was hoped for it. 1t was estimate
:, TO produce 81 1877 COCOON but if war tim
. prohibition becomes effective next july
with the brewing of malt liquors stoppet
| practically all of this money will be los
to the government
Incomes. corporate and inditidua
will contribute large share of the ms
TONS war chest. Personal incomes wi
pay a tax of Sl,4S2 10000, while II
taxes on corporate income will yiel
| $Sa4, 100000
The cst,t ties tax viii yield Sll000000
fhp fax frniub+ IL
S75,000,0o0, on express transportatie
S20,000,0o0, and on passenger transport;
ton $6000oo00. The tax on the tran
portation of oil by pipe lines is estima
cd to IA Sc 81 $50 600 and Pullman sea
and bertfis will yield S5000oo0
Taxes on telegraph and telephone me
sages will yield $l6,000,000, the insuran
taxes viii turn in another $l2 100000
and ADM ssions TO theatres and 9th
places of am;:sesnent VIII prcdu
, | 100000 600.
Club dues will trrn into the COVER
ment $1,000 0Go. Under the excise {;
section automobiles viii pay $l23,750,0
and ieWelry and sporting goods, $St
000,000 The 10 per cent luxury tax
> will yield $SS, 100000 and the 20 per ce
luxury taxes $lS4705 900. The excl
! tax on gasoline will produce 100000
! and the tax on yachts and pleasure boa
i ST 600 600
Stamp taxes are counted upon {
$32 100000 The cigar taxes are expect
. to produce SCI 1854 900; cigarettes "
pay $l65.240,000, the tobacco tax
$l04 100000 and snuff $9,l0ooo0 Clio
rette papers and tubes will produ
ST 900
A long list of special taxes is includ