The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1921-11-10
Final Vote Reached Early
Today After Long
Arguments.
GOES TO CONFERENCE
House and Senate Conferees
Begin Work with Hope that
Early Report Will Be Made.
(By Associated Press Leased Wire.)

(By Associated Press Leased Wire.)
Washington, D. C.-The tax revi-
sion bill now faces it's third re-
writing, this time by the House and
Senate conferees.
The measure finally was passed early
today by the Senate SO to "a at the
end of a continuous session lasting
nearly sixteen hours.
1t will be returned to the House
when that body reconvenes tomorrow
and Republican leaders there plan to
send it to conference Thursday. 1t
may reach the president for his ap-
proval late in the month, at rough
estimate treasury experts say the bill
in it's present form would net approx
mattel $3,250,000 900 or $200,O00,000 less
than the present law and about the
amount of revenue which treasury of
fcers have said the government must
have. Eventually the bill, the experts
asserted, would reduce the nations tax
roll by about $750,000,000 a year.
While they undoubtedly will make
many changes in the measure, the con-
ferees are not expected to materially
alter the total of revenue. AS the bill
now stands there art, just three major
provisions on which the House and
Senate agree. They are repeal of the
excess profits tax and the transporta-
ton taxes on next January 1, and the
retention of the present tax on cor
poration capital stock.
What Bill Provides.
Other outstanding provisions Of the
bill are: A reduction in the maximum
sur-tax from sixty-fve per cent on all
over $1,000,00O to fifty per cent on
all over 100000 as against the House
reduction to thirty-two per cent on
all over $4,000.
Retention of the House provision
granting increased normal exemption
of $500 to heads of families having
net incomes of $4,000 or less and 5000
on account of dependents.
Repeal of the $4,000 normal ex-
emption to corporation except in the
case of those having net incomes of
$4,000 or less.
An increase in the estate tax maxi
mum rate from twenty-five per cent
on all over $1,OO,OOO,OOO to fifty per
cent on all over $100,00O,000. Increas-
ed taxes on medicinal beer, wine and
whiskey
A provision taxing gifts of property
by any person at rates ranging from
one per cent on the amount between
$4,000 and $4,000 to twenty-five per
cent on all over $100,000,000.
Repeats Many Taxes.
Repeal of the excise taxes on chew
ing gum, sporting goods, musical in
struments, electric fans and many
other articles as well as the stamp.
taxes on proprietary medicines and
toilet preparations. The levies on
fountain drinks and ice cream also
are out.
The big fight between the Senate
and House is expected to develop over
the income sur-tax rate with the gen
eral belief at both ends of the capitol
that the conferees will reach a com
promise at figure around forty per
cent. House Republican leaders be-
lieve they can scotch the movement
among some Republicans from western
states to have the House instruct its
managers to accept the Senate maxi
mum rate.
In the final drive in the Senate last
night to pass the bill many amend
ments were offered, but few of them
were accepted. The most important of
those approved was that, taxing gifts
of property which is designed to pre-
ment evasion of the sur-tax by wealthy
individuals by distribution of their
property among their relatives.
Under another amendment, gains re-
allied by the tax payees from the sale
of corporation stock would be taxed on
the full amount instead of on only
forty per cent as it was claimed would
be the case had the capital asset def
milton in the bill remained unchanged.