The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-11-29
REVENUE MEASURE
NEARING COMPLETION
Republicans Oppose All rtcauctio1s
Proposed by Democratic
Committeeman
McaDoo's NAME DRory'ED
Commodities Is Dcfcatei-Levy on
Tobacco in Warehouses Beaten.

Washington D. c., Nov. cs--
With the adoption of amend
ments designed to cut IT,. the
taxes for 1920 down to yield not
moro than $4,000. 100000 the senate
finance committee today practically
concluded work on the 1000. 900 re-
Venue bin Senator Simmons. chair
man of The committee, announced
that he hoped TO have the final SEES
sion of the committee on Icriday and
TO report The bill to tho senate early
ne~' week
The amendments were adopted nv
a strict nartY vote of ten to seven Az
OF the Democratic mem hers OF the
committee voted for them including
the absentees. who authorized Sena.
tor Simmons TO record them as being
in favor OF the plan The Repuhi-
cans adhered to their policy Of onpo--
ing the plan on the ground that /.
was an attempt to legislate in advance
of the next congress, in which the
Republicans will have majority
The vote was as follows.
For reducing the amount OF tina
hill--Scnators Simmons, Smith Of
Georgia. Williams. Thomas Gore.
Lewis. Robinson. Nugent. Gerry and
Jones. of New Mexico.
Against reducing the bill---Penros~.
Lodge. Smoot. Dillingham;. Townsend,
McCumber and IaFoilette.
In accordance with a suggestion
from the treasury department. the
method adopted by the committee OF
cutting down the taxes make a cor
responding reduction In the amount
Of revenue hereafter Is be known a.
the simmons plan rather than the
McAdoo plan. Word was conveyed to
Senator Simmons from Secretary Nc
Adoo that the latter did not care to
stand sponsor for the amendments
which Senator simmons introduced
and for this reason made the request
that his name should not be associa-
ted with II.
Secretary McAdoo. for example. ~
no, In favor OF reducing the income
taxes and excess profits rates He
believes the rates on individual in
come should be maintained at their
present level for a. year at least and
that the excess profits taxes should
he the same II not higher than for
the ensuing taxable year.
The Simmons plan reduces the in
dividua! INCOME tax rate 10 an eight
per cent normal arate with the pro
vision that on the first 81 600 Of In
come the rate shall be four per cent,
In the pending bill the rates are
twelve per cent and SIX per cent. re
spectiVelv. The excess profits rates
are cut from thirty per cent and sixty
per cent and forty per cent and the
eighty per cent war profits tax In ell
minated These, rates are to apply on
income canned during the yaar 1919
Tor the collections made up to July
l. ta1a
Tho committee rete cted. by the vo.s
OF thirteen to three. an amendment
proposed by Senator smoot of Utah.
to impose a tax OF ore per cent on all
retail sales. Those who supported the
amendment were Smoot. MrCum Der
aud Thomas IT was estimated that
the tax would have yielded about ST.
600 ooo,ooe.
Another amendment BY Senator
Srnott to relieve from payment Of
the excess profits tax on all corpora
tions capitalized for less than 1000
600 900 was voted down thirteen 10
four Those who voted for II were
Smoot. Dillingham;. McCumker and
Townsend
A proposal to levy floor tax on
ltehacco was considered by IRE COM
rrlals@e and re te6stea >asrer rsfsidera t,ie
debate