Bisbee daily review., 1918-01-20
SHOOT REVENUE BILL OUTLINED
 IN BRIEF FORM

Senator Shoots proposed revenue bill allows the exemption of the last revenue law. $1OOO for single men and S2000 for married men His bill then imposes a normal tax of per cent on the income exceeding the exemptions
 In addition to his ? per cent normal tax the following supertsxes are i'm posed. Per cent:
 on portions of income exceeding s5.OOO,
 ? on portions of income exceeding S7.OOO.
 3 on portions of income exceeding SIc.0O0.
 on portions of income exceeding S12.5OO.
 3 on portions of income exceeding S15.OOO-
 s on portions of income exceeding s2O,OOO.
 F on portions of income exceeding S4O.OOO.
 r on portions of income exceeding S60.OO0.
 2 on portions of income exceeding SSO.OOO.
 g on portions of income exceeding SlO0.OOO.
 s1 on portions of income exceeding SI5O.OeO
 S7 on portions on income exceeding S2OO.OOO-
 42 on portions of income exceeding S25O.000.
 46 on portions Of income exceeding SSOO.OOO.
 50 on portions of income exceeding S5OO.OOO.
 5 on portions of income exceeding S75O,OOe.
 s1 on portions of income exceeding S1. .OOO 900.
 e on portions of income exceeding SI.5OO, 900.
 63 on portions of income exceeding S2.O0O.OO0.
 Senator Shoot pointed out that his amendment repealed the income tax section of the September s. 1916. act and the intuition manufacturers tax of the same act; the excess profits tax of the act of March 3, 1917, and the war income tax. the war excess prof its tax and the increased postal rates of the act of October 3, 1917.
 Every individual. whether in bust ness as such or as a member of a partnership. is treated alike Senator Shoot said Every corporation is taxed upon the same basis. and the questions of capital invested. watered stock. bonded indebtedness. do not en- ter into the question of the amount of tax to be imposed. SuhnormSl businesses during the pre-war period are treated on the same basis as nor anal businesses of like and similar character
 The amendment makes no change in the normal rate of per cent upon all net income of the individual. but it cOnsOlidates the SGrtaX rate i'm, posed by acts of September s. 1916. and October 2. 1917. IL does away with the two indifferent amounts of exemption on individual net incOme. as provided under existing laws. and allows the sum of S1OCO exemption. plus SI000 additional for the head of the family or a married man with a wife living with him. or a msrrIsd woman with a husband living with her. and also provides if the person making the return Is the head Of a family that there shall Oe an addi- tiOnal exemption of Se0e for each child dependent upon such person un- der IS years of age. or if inca pable of self-SUppOrt because mentally or physically defective This provision Shsn operate Cnly in the case O. one parent in the same family.
 The amendment doss not provide a higher rate of taxation upon un- earned incomes than upon earned in- comes. as I do not think it wise 70 in ject this question into the legislation at this time.
 Instead of the different normal taxes imposed under exisJaig revenue acts amounting to 6 per cent upon the total net income of all corpora ticas. the amendment levies a straight tax of per cent upon the net in come Of all corporations except those whose net income is less than Sc000. This $ Der cent k not imposed upon indi- viduais or partnerships This per cent rate upon corporations will raise SiS00o0. 900 over and above the amount that the s per cent rate Un-er existing laws will yield or. in other words. the amendment will provide revenue to the government Of ss15.- 900 .000 on corporation income. in place Of $5S50OC.O 900 cnder existing laws.
 The greater charges provided for in the amendment to the existing laws will he found in title 2. designated in the act or October 8. 1917. as war ex- cess profits tax and in my amend mont as war profits tax Under this tiJle the amendment only taxes war. profits and at graduated rates Under this title the pre-war period mears the three years or the calendar years 1909. 1910. 1911. 1912. and 1915 re- naming after the exclusion Of tho two calendar years in which the nc in come of the trade or business wys re- spectively the greatest and the least These five years. taken as a prC-war period. will result in a much fsiror normal income Of all classes Of busi- ness than the three years 1911. 1912 and 1913. provide in existing laws.
 Section 202 of the amendment pro- vides an additional tax to the taxation under existing law and under this act to be paid for each taxable year unon