Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-11-22
TAX BILL EXPECTED .
To PASS At ONCE

WASHINGTON. Nov. 21.-The tax
revision bill came through its third
rewriting Saturday and will be re-
turned to the house on Monday. Re.
publican leaders are hopeful that the
final step in it's enactment can be
taken in time to permit congress to
end it's special session Wednesday,
AS planned.N\
Only five of the ten conferees on
| the bill have signed the conference
| report. The Democrats refused to
sign and one of the six Republican
managers, Senator Smoot, Of Utah,
proponent of the sales tax, withheld
his signature. He said it was his in
tention to study the bill to see
whether it was any improvement
over existing law before reaching a
| decision as to giving itIhis approval.
| Opposition to some features of the
bill is expected to develop in both
the house and. senate. House leaders
plan, however, to put the bill
through the house Monday after
| four or five hours Of debate, so that
| the senate will have two days to col
slider it before the time now tenta-
| lively fixed for adjournment of con-
gress. &
Leaders of the Republicans in the
house who bo1ted on the surtax
amendment said today that while
some Republicans were opposed to
| the action of the conferees in strik-
| ing out senate amendments proyid-
ing for increased inheritance taxes
| and for making income tax returns
| available to congress, there would
be no organized opposition to the bill
Final Changes i'm Bill
Sentiment in the senate apparently
had not crystalized tonight, but lead
ers anticipated considerable discus
sion from both sides of the cham
Der. Should Senator Smoot decide
finally not to sign the conference
report, it is his stated plan to pre-
sent his reasons in an address to
the senate.
In winding up their work on the
measure today, the house and SEM
ate managers fixed the corporation
income tax rate at ~ ~ per cent,
the figure in the original house bill.
This increases the present rate by
2 IL per cent, but, is 2 IL per cent
below the figure agreed upon by the
senate.
In lieu of the Wadsworth amend
ments taxing industrial alcohol and
beer, wine and whisky used for
medicinal purposes, the conferees
agreed to the original house provi-
sion relating to liquor taxes. This
retains the present tax of $3.50
gallon on distilled spirits with a pro-
vision for an additional tax Of $4.20
gallon on such spirits diverted for
beverage purposes. This tax would
be paid by the person. responsible
for such diversion"
The conferSes retained the senate
amendment repeating the normal ex-
emption of $4,000 allowed corpora
tons, but the repeal would not APP
ply in case of corporations having
net incomes of $4,000 or less.
The Walsh amendment proposing
a tax ranging from one per cent to
rs per cent on gifts of property by
persons was eliminated. This was
designed, according to it's author, to
prevent evasion of the surtax by
wealthy individuals, dividing their
PROPERTY among their relatives.
A new provision for taxing gain
from the sale of capital assets was
written into the bill. 1t is limited
to individuals and provides that if
the tax payer elects to make a sep
arate return for the taxation of his
income from the sale of capital as
sets, he shall pay a tax on the gain
at the corporation income rate of
IL IL per cent on the total Of the
gain. The Lenroot amendment ex-
Guiding stock Of corporations from
capital assets to be so treated was
eliminated.