The daily banner. (Cambridge, Md.) 1897-2008, 1919-02-07
WAR REVENUE
BILL COMPLETED
Long delayed h.aaa:uTa Laid
Etfore CcDgie
FONTS IN HE INV Let
Bulk of Taxes Levied on Corporate
and Private Incomes and war Ex-
cess Profits.

cess Profits.
WASHINGTON, Feb. T.-'ltn the SUD-
mission to congress Of the confereeS
! agreement on the long-delayed war
| revenue bill, the American people
were presented with their proSp> ctlEe
federal tax budget for 1919 and en-
surfing years. ,,,,,
| This is something over ST 600 u J.
600 this year and s 00j00o 90 I'll g.
after. subject to the revision c! .H,>'!e
r,tas exnected TO be under aiken by
the next congress.
| The conference report, presented 10
| the house by the majority leader Nj
Kitchin, Democrat, North Caroiiha'
WAS regarded assured Of adoption Dy
bo,h house and senate and of APPROX
al by the president. 1t thus promises
:, he the future American tax levy,
which now is about S437O,O00,0oO. Be
sides this years tax levy of about 80
900 100000, further treasury needs 10
he raised by bonds and other means,
arc estimated by the treasury at ABOUT
$12 O0O.O00,0Oo.
The principal rate increases agreed
IN in the conference were to raise the
corporation income rate for l92o from
8 per cent. as proposed by the senate,
TO 10 per cent, and an increase from
GO to 65 per cent on the second
"brac ket," or sliding rate, on corpora
TONS excess profits for this year.
The so per cent war profits tax FOR
this year was adopted, and, uron IN
sistence by the house conferees, eN-
tended to 1920, but made applicable
next wear only upon surn profits from
government war contracts.
In the important incor'e tax Section
the bill retains all se1.a'e rates, nor
nal and surtaxes including that OF
II per cent double existing law, on
corporations' income IT last year in
excess Of credits previously allowed
but fixes the rate for subsequent years
at 10 per cent.
The IL per cent normal rate on In
diyidual incomes earned last year and
the 8 per cent rate PAYABLE In W.,
are retained with individual exemp
tions of $1,000 for single and S20O(
for married persons and an additional
exemption of 5000 for each dependent
minor.
Also adopted are provisions thai
individuals shall pay only 6 per cent
this year and per cent thereafter
on the first $1,000 subject to tax above
exemptions. The senate individual
surtaxes ranging from 1 per cent OF
incomes between $4,000 and $4,000 tt
G. ner cent on more than 81 .00O,O0
also were approved.
OF the important general legisla
ton and orders" the conferees adopt
ed the following:
Levying prohibitory tax on pro
ducts of child labor
j Restoring pre-war postage rates OIL
IETTefs Pc-rvu--------
Providing a pay bonus Of $50 fo
all persons in the military establish
ment. officers and enlisted men alike
Extending the Reed "bone dry" pro
hihition law to the District Of COlum
bia
Increasing from 500 TO $1,000 thu
tax on those dealing in intoNicantS
including STILLS" in prohibition terri
tory
For taxation of salaries of fedora
officials. including the president ant
!. judiciary, but not of state officials.
For submission of all government
contracts by contractors on demani
OF the internal revenue commisS Oner
For exemptions of 20 per cent II
,, oil prospeetors.
E*'a'2' sh,r% an advisory tax hoarC
of s'x mcfn':ers in the treasury.
: Restricting sale and use of mar
cotics by srreng hening the Harrison
dru. act.
Imposes tax of $3.50 gallon. doubl,
existing law. on distilled spirits man
.. ufur-Hrcd. imported or withdrawn foI
beverage purposes. Beer and Other
fernaented beverages Sc a barrel, dOu
BILE prHsent law.
Vines. double existing rate. baset
on al.-oholic content.
Taxes are increased on cigars, Gig
|
on ic" cream and candy and so-calle(
luxurieS. Amusement admission take:
were increased only in few in
stances
Among important senate or house
provisions stricken from the bill
were:
Proposed repeal Of the publishers
second class postage zone rates ant
proposed substitution of decreased
charges.
: The So-called Thomas amendment
which proposed 100 per cent taxes or
political campaign contributions IT
excess of $500
House amendments for fedora
license tax on Use of motor vehicles
The sO-called business license" OF
$40 on business and professional meI
earning $500 or more.
| Senate taxes on inheritanceS fol
which the conferences substituted
house levies on estates.
l. The house fax Of two cents a gallon
on gasoline.
House amendments to tax state an(
| mnn.c.!.Hl bonds nnl "thrr securities
Recalls U. s. Soldiers.
London. Feb. 7.-Sweeping orders
providing for the evacuation within
4