The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1920-05-20
AGREE ON STOCK
TAX FOR BONUS
House Ways and Means Body
Acts on Bill Adopted by
G. 0. p. Caucus.
FIVE PLANS PROVIDED

washington, May 20,--A 10 per u
cent. stock dividend tax retfoactsve
to last March IS was approved to-
DAY by the house ways and means
committee as q part OF the taxation
soheme for financing soldier relief
ieaIsIatlon.
Adoption Of the tax provision BY
margin OF one vote, preelpltated
such fight In the COMMITTEES that
favorable report on the bill was de-
iayed, with opponents Of the stock
tax seeking a roeonslderation.
The committee also refused BY
cent retroactive war profits tax.
men.
BY q strict party vote the Amer.
iean Legion plan for Immediate pay.
nent OF the cash bonus was d.
teated BY the republican members
Of the committee.
Washington, May 2o.--(A. P.)--soidler
relief legislation, providing Ave optional
plans and approved by a caucus of
other obstacle today In approval Nv
the ways and means COMMITTEES. which
was TO meet for final Endorsement ano
prepare a report TO the house. Demo.
cratic committee members. reinforced
sy Sol sOpe e,1cre 1rspuSieans p planned @ make
visions Offering an additional plan to
tax stock dividends. Republican, lead-
ers predicting the bill would Be re-
ported to the house late tosav ..,.
this opposition would be overrlddan
After its approval by the committee
anairman an FQrdney, OF Michigan. ex.
pec.ea 70 ask the rules committee n
hnVe leBlsihtiVe preference to tha hni
rms would assure conslderation 4, XIV. th..
mouse either Saturday or Mondav
a.saoer said, however, that the bIiI 1s
approved by the house stood littie
ssnance OF being passed by the senate
pefore recess. June 5. "''
The bill approved by vote OF ffs
70 ~, IN the caucus provides fof nav
ment OF adjusted compensatIon M IL ~
sach days domestic service and Sl.ss
Tor each days foreign servica VIII !.
maximum individual grant or $500 nv.
uomestic service and $6a5 for foreisn
service, Other provisions include 4 pls 4
aid, vocational education and exfsnsian
OF priority right to settle lands ths
total amount OF Individual ios ~
granted under this section being ~ ffn
PAYMENTS. would be based on service
o,,,s ,som sAprI " lglY,. to July /. 1919, and
would begin July 1, 1921, and continue
Quarterly for three years.
Republican Endorsement last nlrht "a.
lowed a nvo-hour wranglo aimed nrin.
cipaily ~ tho section covering the ~.
called Lane Montell land grant. Affnr
Iallure OF the caucus 10 eliminate me
section the bill was finally approved.
Before deciding In favor OF the Iesis.
iauon, the republicans refused, i0i IA
rs;,ae "; 20 postpone indefinitely all action cf
leaders, including n majority OF mem.
pers or the steering committee. were
hhiu 70 have supported the motion. RIM
there was no record vote.
Secretary Houston's Lettar,
When republican members OF IN,
mouse went into caucus last nigh
Chairman Fordney, Of the ways Az,
inaAns eommlttee,s hid before them
letter from Secretary Houston natl
opposing any bonus proposal In what
ever manner financed.
Secretary Houston's letter. which "a,
suited from an inquiry by Chairman
sordney M 70 the treasury's views OF
the 'inaurgent" republican, democratic K
proposal for n retroactive 80 per cent
war profits tax, declared that congress
instead OF deviHing new means oi
spending money should concentrate III
efforts on raising funds for current gov.
ernment expenses.
II beg TO submit 20 your committed
Tor Its serious consideration" the treas,
ury secretary wrote, the question
whether all things considered II wouis
not now he advisable To seek out ad
dtttonal sources OF revenue TO meet tn,
current requirements OF the govern,
ment In order 20 obviate the neceaHit,
or continuing IN considerable meaaur,
to meet them by borrowing"
Mr.. Houston said X was a matter o
serious concern TO have the government
appear In the market every few month";
for loans, as this course would resul
nHditinn grAdIf ssrlt