Evening star., 1921-09-24
SEES $324,00,ODO
AS TAX BILL YIELD
Senate Finance Committee
Reports Revision Bill
$4,000, 900 Lower.

The tax revision bill as reported by
the Senate finance committee is esti-
mated to yield S3.224. .O0O, 900 this fiscal
year. or sS4,O00.0G0 more than the
measure passed by the House. says
the majority report on the bill ap-
proved and made public today by the
committee.
For the next fiscal year. the report
says. the bill should yield s2.7S5. 700.-
900. an increase of $1,000 900 over the
House total. This program. it is add
ed assumes that for the fiscal year
1928 the total ordinary expenditures
of the government will amount to ap-
proximately S3.500. 100000, as COM
pared with s4,O34.000.0OO this fiscal
year and 100000 in the last
fiscal year.
Receipts Are shown.
A table accompanying the bill, pre-
pared by Treasury exports, shows eS-
timated government receipts for this
year from all sources of S4,0S6, 600 900
and for the next fiscal year at S3,467,-
100000. Collections in the last fiscal
year were S5.623. .506,745.
Tax collections for this year are
divided as follows: Individual income
taxes, s850,000.o00; corporation income
taxes. $3.50. 0.000.0O0: profits tax. $780,
900. 900: back taxes. s230.000,0O0; mis-
cellaneous, st.214, ,000.0 900.
Other income is estimated as fol-
lows: Public land sale, S1,500,00O;
federal reserve bank. s6O.00O.O00 in
terest on foreign obligations. S25 5.000,-
900; repayment of foreign obligations.
$50, 900; sale surplus war supplies.
5000. 100000; Panama canal receipts.
Slf,5OO,G00: other miscellaneous, $780,
100000.
Bill Designs Aid.
/. "TBe revenue bill WHICH your COM
mittee recommends" says the report,
''is designed to produce enough rev.
cnue to meet, without borrowing, all
ordinary expenditures, including $685.
1896 for the cumulative sinking
fund authorized by the victory liberty
loan act. but not enough to create a
current surplus and thus encourage
unnecessary spending.
The new revenue bill, amended as
your committee proposes, will yield
S3.324, 100000. which exceeds the
amount required from this source by
only s52.000,00o-a margin of safety
none too large for the fiscal year
1922. in view Of the existing business
depression and the uncertainty at
taching to the yield of the income and
profits taxes"
Expects Speedy Action.
Discussing the democratic proposal
to reduce the normal tax rate on in
comes of less than $4,000, Senator
Penrose said he did not think there
would be any change in the commit
tee policy with regard to the income
tax He added, however. that some
slight changes might be made in the
bill in the Senate.
The chairman expressed the opinion
that the measure would be put
through the Senate much more speed
lily than was generally expected, and
reiterated his belief that it would be
passed with two weeks consideration.
Two amendments to the tax bill
were offered yesterday from the re-
publican side. One by Senator Spen-
Ger of Missouri would repeal the 10
per cent tax on fur articles, and the
other. by Senator Edge of New Jer-
sey. would strike out the section i'm
posing a tax Of 10 per cent on the
amount charged transients by hotels
for rooms if in excess of So day for
one person and S. a day for two
persons.
Democrats on the finance commit
tee conferred on the minority report
but as yet no time has been fixed for
a caucus of democratic senators to
consider fhe report and bill.
Another amendment by Senator
Frelinghuysen, republican. New Jer-
sey. would strike out the committee
plan for 10 per cent tax on candy
selling for more than 40 cents a
pound, leaving all candy taxable at
3 per cent.