Omaha daily bee., 1919-02-07
U. S. TAX BUDGET
IS GREATEST IN
WORLDS HISTORY
Revised Six Billion Revenue
Bill Presented to House;
Party Leaders Predict
Enactment Quickly.

Washington, Feb. 6.-The $6,000,-
100000 war revenue bill, the great
est tax measure in the history Of
the world, was formally presented
today in the house and will be called
up Saturday. 1t has been six months
in the making, had been passed once
by the house and had been revised
twice to meet the transitions from
war to peace, from wet to a dry
nation.
Representative Kitchin, demo-
cratic leader, expects the house to
approve the measure-agreed to by
senate and house conferees-before
adjournment Saturday night, and
Senator Simmons. chairman of the
senate finance committee, will pre-
sent it in the senate as soon as
the house has acted. Approval of
the bill by both houses in the form
in which it was reported by the
conferees is confidently expected by
leaders of both parties.
Bureau Working on New Schedules.
The completed measure will not
be sent to France Unless the presi-
dents departure for home is de-
layed we'll beyond the date now set
for his sailing. The president is
expected to sign the bill soon after
his arrival here. In the meantime
the internal revenue bureau is pro-
ceeding with preparations for col
Letting 1919 taxes on the basis of
the schedules as contained in the
measure reported by the conferees.
Considerable dissatisfaction with
several conference provisions was
evident at the capitol today after
copies of the final draft had been
distributed, but leaders generally
predicted the ultimate enactment Of
the conferees' report. Some debate
in the senate was forecast, but this
was not expected to long delay
final approval.
About one-third of this years esti-
mated federal expenses are provid-
ed in the bill, which, uniformly fol-
lowing the original house plan and
the peace time notifications of the
senate, provides that the bulk of
revenues shall be secured from IN
comes, corporate and individual, and
war excess profits. Large revenues
also are expected from Intoxicating
beverages until July l., when prohi-
bition becomes effective.
Estimates of Revenue Vary.
Estimates of the exact revenue re-
turns in prospect vary. Unofficial
estimates published today placed the
yield at about $6,036,000,000 this
year and $4,15O00O,000 in 1920. Esti-
mates prepared by committee and
treasury experts indicating prospec-
tive returns this year of about So
100000 600, compared with about
81, 370000000 from existing tax
laws will be made public tomorrow
by Representative Kitchin. The
S6,070,0O0,000 for this year, is based
on prospective taxes for the fiscal
year ending July /, next, including
six months revenues from intoxi- |
cants. Returns for the present cal
endar year are estimated by the ex-
perts at about $5.788,000000.
Emphasis was laid tonight by con-
ferees on the retention, for the ben
eft of business interests, of virtual |
ly all of the so-called relief pro-
visions or Cushions" in the income
and war excess profits schedules. |
among the most impor-
tant of these is new conference |
allowing rebates in tax
es to business interests suffering |
in value of their merchan-
disc as shown by inventories, to-
gether with allowances for losses in
construction Of war buildings.