The Cordova daily times., 1918-08-21
NEW TAX LEVY
S24,000,000,Q00
ENSUING yE AR


passages in the nails of congress for
several weeks, possibly until snow
flies, and it will be well for any Amer,
lean newspaper reader who wishes to
grasp the significance of its move
ments as it progresses to fix in mind
the five stages through which the bill
passes before it goes to the White
House for the signature of the Prcsi-
dent These stages are:
The bill is framed by the house
ways and means committee (This
is now going on
1t is considered in the house with
more or less limited debate, and
possibly after some amendments from
the committee form. is passed and sent
to the senate
The bill is considered by the senate
finance mommttee. to which it has
been referred. In this committee the
bill may be practically made over"
or to the structure of the work of the
house may be added the ideas of the
senate committeeman
1t is debated and passed in the sen
ate. often after nights of prolonged
argument and parliamentary maneu-
yer.
AS altered by the senate the bill
goes to the conference committee of
senators and representatives, which
finally reports back compromise
draft on which both houses can agree
Inasmuch as this particular bill will
lengthen the long arm Of the govern
ment tax collector so 1t can reach
into almost every mans pocket. one
who attempts to be informed OF what
make that the world may become
decent place to live in. will do we'll to
survey the needs which have brought
before the country this measure for
not only finance their own share of
taxing the high and low
The American people of course will
the war. but they will furnish in large
measure. the monetary backbone to
enable the Allies to continue This
new law is expected to make an equit-
. able distribution of the burden to all
;. the people in just proportion to their
!: shars~sc the nations wealth Results
: of the present Ii vs. have not been en-
: tirely satisfactory.
!: Experience has pointed out weak
:: spots.
:: Estimates submitted to Congress
!: place the expenditures of the coming
:: year at about $3OOoO,o0O, 600. 1t does
!: not necessarily follow. however. that
!: the actual expenditure will reach that
:: figure. The House committee on ap.
!: preparations is of the opinion that
:: S24,0o0.0O0,00 will suffice. According
!: to the original budget the expenditure
:: for war purposes alone will be $24.-
!: 476.2 69l.77
!: The fourth issue of Liberty bonds
!: would be authorized at $4,000, 900
900. which leaves s8,0O0,0O0.O 900 to be
!: secured through other means 1t is
!: with the raising of this $4,000. O00, 600
:: that the new revenue law will be con
: cerned, The problem confronting
: those drafting the bill is just how
: to levy equitably upon the various
: taxable sources; what proportion of
: the amount is to be taken through
: excess profits taxes and income taxes.
: other taxes. At the present time opin
ion is divided upon this subject, and
while at first it was believed that an
exec rgofts and income tax would
furnsa at least $4,000 GOT. 900 or he
"eeded, it has now been ur"c.
'... termmcd thar in view Of
the reduction of PROFITS brought about
tMngh the increased cost of Labor
and materials, and also be aoy,r.
mont uH.. hNing i win he laru--.
lie TO E.. lo.. Ja.o aoowoo
rhr1eb This n..n-
prove TO be- corr.. 49,. chem ,'...
a.. question as to no. .n. u.h..
+ slaaooooooo is to be secured Il
'a tive that thcra IN %. .ao.@u