Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1921-08-24
NEW TAX BILL To
SAVE MILLIONS
FOrdney Sees Cut of s79o, $780,
600 in Year.
REVISED BILL is APPROVED
Rep. Frear az Wisconsin Says He VIII
Ask Taxation of Undivided Prof.
its Of cOrpOrations--ls oP-
posed TO Sales Tax.

Washington. Aug. IA reduction
o. S7g0.S $4,000 In the annual tax niii
u the nation win result from the
changes In the 1918 revenue act EN-
bodied in the new administration tax
bIu. Chairman FOrlney " the ways
and means committee declared III
majority report filed On Tuesday with
tie house.
-Inasmuch as the repeal u the eX-
cess profits tax and reduction II surtaX
rates on individual incomes do not be-
come effective until the calendar year
IgZ2" the report said, $40, 10000
IL the contemplated loss Of revenue
viii not be reflected In revenue col
IectI0ns prior to 1873"
Years Cut s2Oo.ooo.OOo.
Actual reductions In taxes FOR this
fiscal year. the report continued. are
estimated az approximately S2COcJO'-
co total collections under the new
ban. being figured az S3,356.OOO.oOO as
against estimated collections Of 81
570Oo0.O0O under the present law.
Estimated reductions ln taxes be-
ginning with the calendar year 1873
are given In the report as follows:
Repeal Of excess profits. January 1,
1g22. S4JOO00.OC0.
Reduction q surtax rates on tndi-
vidual Incomes g. 81 per cent, Janu-
AIRY /. 1922. S90OoO.OOO.
Increased exemptions Of heads Of
families &C. s.. for incomes not In
excess n $500 100000.
Drop Railroad LeVies
Additional exemptions FOR depend
ents. increased 70 500 from 500, $780,
O00o0O.
Repeal ~ an transportation taxes,
January I. 1g22. S262.OcO0.O00.
Repeal IL tax on life Insurance. S6S.-
10000.
Repeal Of taxes on beverages. S0o.-
CCOOO0.
Reduction OF taxes on candy, S.
UCnOoU.
Sporting goods. 100000.
Furs. S451OOp0.
So-calieI luxury taxes. Sl5.Oo0,Oo0.
Gains in Six Items.
Estimated gains iu taXeA beginning
vIth the calendar year 1873 are given
eE follows:
decrease 81 corporation income tax
from l0 % 1914 per cent, January l.
49,. SIa3. 10000.
License 90 sellers ~ soft drinks,
100000.
Tax % g cents on cereal beverages,
SI2OlOO0O.
Tax 70 8 cents on carbonic acid gas,
S2eDUon.
Taxes on fruit juices. stIu drinks
and fountain sirups 100000.
Substitution ~ manufacturers taxes
on toilet preparations and proprietary
.medicInes Tor existing stamp taxes,
SSC00O0J.
The total loss fn revenue Is thus
placed az SOS $4,000. and the total
CaIrs at SI77.TIa.0O0. leaving the net
Ioss 81 $3.50 $4,000 estimated by the
report
Make Hssty Changes.
Overnight changes made Go the bin
provide for a corporation tax Of 12ik
Per cent Instead Of Is per cent on
life Insurance companies. effective
this year. this levy % be In lieu Of all
other taxes. including those on poll
Giles. except the corporation stock and
stamp levies.
rn the case ~ individual taxpayers
deriving profits from the sale OF capt
taf assets. a - per cent tax on the
ra.n from the disposition o. such as
vets would bee imposed where the net
Income and capital assets gain eX-
cesded $4,000. instead 81 $1,000. rs
rVed iu the original committee draft.
( Representative Frear ~ Wisconsin.
q Republican member % the ways and
usuus committee. said De would fle
n supplemental majority report dis
cussiu- the sales tax. which he op-
posed. and suggesting taxation Of un-
divided profits ~ corporations.