The daily times. [volume] (Wilson, N.C.) 1902-1936, 1918-08-31
REVENUE BILL :!,+
REPORTED monday
1t Carries Increased Income
Taxes of Six Per Cent ON
Incomes Below
FOUR THOUSAND A YEAH

WdSHlHBIOu, Au6. oA.-SOluPASS
ing it's task of framing the eight
billion dollar war revenue bill, the
House ways and means committee
yesterday agreed to report the meas-~'
ure to the House Monday. 1t car
ried greatly increased income taxe9@-
beginning with a normal tax Of So
per cent on all below $4,000 yesssT-
and above the exemption limits. ,&
To read war profits fiat war pr6s-
| fit tax of 80 per cent is levied w7lss'
an alternative plan Of excess prGftJ
taxes ranging from 35 to TO asas
cent. The minimum surtax Of ST.
comes is raised to s. per cent aDfS1
the normal tax on all incomes oyeFs;
$4,000 is made II per cent.
The bill which will affect eitlley<
directly or indirectly every persoLS
and business concern in the UniteH
States, probably will be takeeH GyS''
in the House for consideration nexS<
Thursday, with prospects that it caG'
be disposed of within a week or teg
days.
Treasury reports have estimates
Chairman Kitchin stated, that It's
bill as finally agreed upon will pro-
duce an annual revenue betwesnr
$500, 100000 and $4,000, 0,O00,0OG
thus making the measure by far tIlfs to
greatest revenue producing proposal
which Congress has ever been calleG
upon to enact.
The outstanding features Of thES
completed bill are:
1t does not impose consumptioxR-
taxes or a higher tariff.
Every person and every business
concern in the United States and eys-'
cry American portion of income O9c
foreign corporations operating in tIExs
United States is reached by the urC.-
visions of the bill.
iSoeSo VI OhiotiH6 tdA laws III thx~
main are doubled. A distinctly wBE
profits tax as an alternative to- tIiEs
excess profits tax, embodied i'm rhR'
present law, is levied. The war prcs-
fits tax is fiat 80 per cent Of H6ss
net income above specific exemyp-
tion of $4,000 and deduction of lds
per cent of invested capital adde's
or withdrawn since the close of tire
pre-war period. The war profits tzsx
is not to exceed 35 per cent i'm TIRE :
case OF corporations, the investasy
capital of which for the taxible yea--
is not over $4,000 and forty 1pes
cent maximum for concerns of $50,
600 invested capital.
For the first time luxury ty
ranging from ten per cent on strigb
luxuries to twenty per cent H
amounts paid for a variety of arrS-.
cles in excess of specified prices EB'
levied.
All income statutes, including -,
normal tax of IL per cent and SIZE
taxes running up to 65 per cent aTsr
codified.
Under the normal corporation no
come tax of eighteen per cent i'm saaes
pending bill with a rebate of six. yu.rr
cent for distributing its profits. nd
corporation would pay six per csxas
more normal taxon. this &c 2-.<. esg
profits retained in the busiuesss
The bill rtains the present. incoruR.
provisions as for payment sf the tax
at the source exempts the first ST, ,MDn
OF anual net income of single uer-
sons or of married persons not liv-
ing with their husband or wife and
the first $4,000 of the annuar III
come married persons and embodies7
most OF the provisions of the pres
ent income tax law