Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-19
ELIMINATES LICENSE TAX
ON SOFT-DR|NK VENDORS
Republican Ways and Means
Committeeman Agree on
Changes in Tax Bill.
COCHRAN AssAII.s MEAsrRt:
Ne" York Congressman Declares
1uSc Ncrcnmc Deficit VIII Follow
Ennctmcnt "f Lnrdnry Schedules
by Congress.
LHy Assoclated nres.

WASHINGTON. Aug. is Many
ame endments to the Republican tax
bill will be offered ON behalf of tn.
majority members Of the Ways and
Means Committee before the Hons.
takes a final vote on the measure late
saturday
Severn! changes were agreed upon
To-Day by the Republican committee
men, and upwards OF half a hundred
others VIII be considered early to-
morrow before the bin is taken up
IN the House for amendment.
One change voted today by the com
inittce was elimination OF The pro-
posed annual license tax OF $40 On
vcndors OF soft drinks Under al
other alteration, indiviiunl taxpayers
would pay 2E per cent on profits
from the sale. of capital assets IL
"uch profits and the taxpayers ne.
normal income exceeded S2g. GOO. Tn
der the bill before the House ,b.y
would be required To pay 10 per cen,
on the excess over $4,000.
EAcmpts Money Paid N.t.r,ns
"''' va uc'!utu tentatively 10
exempt from taxation the government
allowances received by veterans or
the Confederate and Spanish -Am.ri-
cans Wars or their bcneaciuri.s as
well as those received by individuals
under the war risk and vocational re-
habilitation acts
o'hcr amendments known To h.
"h"er consideration would cxc,npt
manufacturers of tooth paste and
powder from the tax on toile, prcnar-
atoms, and would define as foreign
'radc corporations business oreaniza-
t!"hs which derive 80 per cent OF their
income from sources out side :he
United states. The figure in the brl
IS 80 per cent. This class Of income
would not be taxable
After Exempted Incomes.
There is movement before the
committee To propose creation OF n
special commission TO devise somr
Plan by which incomes derived from
tax exempt securities can be taxed.
General debate on the tax bill
ended tonight. Principal speakers
for the Democrats were Representa-
tireS O!dncld, Of Arkansas, and Cock
ran. of New York, and for the Rcpub-
Leans. Representatives Green, of
Iowa and Longworth, of Ohio. mem
bers OF the Ways and Means Commit
tee.
Mr.. Cochran attacked not only the
till itself. but the rule under which
the Democrats claim they will be
cut oR frolS Offering any amendments
to the bill.
VIII Result i'm Huge Deficit.
Using Treasury estimates to sup
port his argument that the tax bill
would result In a huge government
deficit at the end of this fiscal year
Mr.. Cochran declared that If the
Treasury went into the market for
$1,000. 100000 OF money to help pay
ordinary expenses OF the government
there would be q panic.
Reading official statements by for
mcP President Wilson and former
Dcmocphtic Secretaries of the. Treas
mry, urging repeal of the excess prof
its tax. Representative Longworth
told 'he Democrats that in opposing
this repeal they were "rcpudiating the
Democratic PLATFORM"
You are getting your orders by
telegram from Scotland Neck" Mr..
Longworth said, referring to Minority
Leader kitchin's dispatch to the
Democratic caucus, urging solid DEM
ocratic opposition to the bill