The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-17
CONFERENCE ON TAX
REVISION ASSURED
Congress Leaders 90 Gather
Early in December 20
Speed Action.
TWO PRESSING MATTERS
Simplification of Income and
of Excess Profits Sections
Seem Probable.
Special Despatch to THE NEW YoHE HEaAib.
New York Herald Bureau.

Special Despatch TO THE New YoHE HEaAib.
New York Herald Bureau,
Washington, u. G., Nov. ~.
The Senate Finance and the House
Ways and Means Committee VIII con-
for with the steering committee ~ the
two houses probably early In December
to determine whether any attempt shall
be made to modify the present revenue
laws during the coming short session OF
the Sixty-sixth Congress.
The opinion is growing that because
of the current business depression some
revision of the tax laws should be made
before returns for the calendar year 1920
are made on March Is. 1921. Repre-
sentative Fordney (Mich.). chairman of
the House Ways and Means Committee.
has sent word that his first act on his
return to Washington soon WI be to
ask for the conference of the financial
leaders Of Congress.
Two Pressing Problems.
While Il is realized that the next ses-
sion will be so short that appropriation
measures will require nearly all the
time OF Congress. many members be-
lieve some amendments to present tax
laws should be forced to final passage.
Simplitication of the present income ana
excess profits taxes and provisions Tor
deferment of quarterly tax payments
under usual conditions such as now exist
are two of the most pressing problems.
Unless some action is taken during the
coming session nothing TO relieve the
present situation can be accomplished
until late in the summer, according to
several members.
During the last session Senate leaders
opposed any pop gun" revision of the
revenue or tariff laws, believing better
results could be accomplished by writing
entirely new bills, and some of this OPP
position still exists.
ANY attempt of Congress to improve
present conditions by amendments to
sections Of the revenue law would not be
blocked by the President, 1t Is believed,
since both he and Secretary of the
Treasury Houston are on record as haV-
ing asked for such action. The Secre-
tary sent letter to Congress last spring
saying simplification of the present
taxes was imperative, although claiming
that any material reductions would not
be possible until the calendar year 1922.
May Defer Tax Payments.
The proposal of Daniel e. Roper, for
mer Commissioner of Internal Revenue
that the income and excess profits tax
payments due December Is be deferred
because of losses suffered by many bust
ness concerns during the last few weeks
Is finding favor among the Representa-
tives returning to Washington.
Senator Hoke Smith (Georgia), mem
Der of the Senate Finance Committee
said he would favor resolution provid'
ing for such postponement. Prices arc
coming down." he said, land | think II
IS the part Of wisdom to steady rather
than to hasten this reimbursement"
He added that Federal Reserve banks
should lower their rates OF interest and
help generally in a reduction Of Interest
charges as q means of steadying the re-
adjustment.
81 suggest also" Senator Smith con
tinued, that the Treasury Department
determine what part of the taxes col
lected are to be used for the redemption
Of Government bonds and that each per
son be allowed to pay that portion of his
tax destined for bond redemption in Gov
eminent bonds at par"