Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-01-28
Heavier Taxes Are to Be Lev
led On Excess Profits Gas,
Oil and Mines Receive Ger
tain Concessions in Senate,
NEWSPAPERS NOT 20
BE PUNISHED FURTHER
Measure Carrying Provision
for 1920 Taxes Is About
Ready to Be Sent to Presi-
dent Wilson for Signature,

isr NoSat'-s ,uHssI SPECIAL LE.ssn V.Sel
Washington, Jan. 27.--A basis for
complete agreement on the war reve-
nue. bill was reached late today by the
senate and house ccnferees. Senator
Simmons. chairman of the senate
managers. announced that virtually
all important questions remaining in
dispute, including the war excess
profits rates had beer 4greed upon
and that all possibility of a deadlock
and failure of the bill had been
passed,
Announcement of the conference
agreement on the war profits and
other basic disputes was deferred, but
II was said that it would be made
Wednesdayor Thursday, when a re-
print of the bill as finally agreed to
viii be completed. The conference re-
port is expected to be presented to the
senate and house late this week and
the conferees hope i. will be adopted
by both bodies next week and the bill
sent to President Wilson at Paris for
his approval.
The basis OF agreement on the
measure was upon three bitterly con-
tested questions-war excess profits
taxes this year, the senate allowances
to oil and gas interests and the senate
amendment to repeal the existing zone
system of second class mail rates. II
was learned that in l:armoniZing diff
ferences on these basic disputes, the
conferees agreed to an increase of the
senate war excess profits rates, adopt
ed the oil provision substantially as
provided By the senate, and eliminated
tlge su'' c's S1.ib gasndln r.
Ktchin Wins Again.
The agreement on war excess profit
rates for 1919, ii was stated, provided
fbr retention of the senate rate OF 30
per cent on corporations net income
in excess of credits and not in excess
of 20 per cent OF invested capital; for
increase from so to 65 per cent on
income in excess of 90 per cent and
for retention of the so per cent tax
on war profits. The higher rates were
strongly urged by Representative
Kitchin and others Of the house man.
ayers.
The senate conferees were reported
to have won their fight for retention
of the senate provision for tax ex-
emption of 20 per cent on bona fide
safes of oil and gas wells and mines,
This provision, designed to protect and
stimulate prospectors, was opposed
by the house managers as too liberal,
but they finally yielded after the SEN
atc conferees had accepted the higher
rates on war excess profits.
Repeals Postal Hold-Cp.
Elimination of the second class
postage amendment had teen gener-
ally expected. The proposal has beer
bitterly opposed by Representative
Kitchin and other of the house con
| ferees. II provided for repeal of the
! present zone rates on second class mai
based on the proportion of news and
advertising for substitution of a new
! zone plan Of one cent pound on pc
! rioiicals within the first and second
! class parcel post zones and one anc
! one-half cents a pound beyond thai
! radius. The present rates have beer
! vigorously attacked by publishers a!
! unjust and in some cases confisca
| tory.
=, With the basis reached for settling
these three vital disputes, agreemen
| on other provisions of the bill still lef
| open was regarded as certain, Among
| these are the amendment to proven
| importation of intoxicating liquor int
the District of Columbia for beverage
| purposes, the amendment OF Senate
| Thomas of Colorado levying a tax o
100 per cent on political campaign
| contributions in excess OF $500 ant
| that of Senator Trammell of Florida
to allow a bonus of one months pa.
and uniforms to men DISCHARGED from
the military service. Conferecs salt
the .bone dry amendment would b.
retained, hut the fate of the other
was in doubt.