Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-01-09
RETAIL MEN FILE
|. TAX REVISION PLAN
WITH COMMITTEE
Proposes So Poll Tax and
Business Assessment
Changes.
WANTS INCOME EXEMPTIONS
RAISED BY $50 PER CENT
Program Designed to Yield
Four Billion Annually,
Asked by Houston.
tThe Associated rrcssl

WASNlNGTOE. Jan. S.--A compre-
hensivc program For revision OF the
Federal tax laws estimated TO yield
annually the $4,000. 100000. which
Secretary Houston has said the
Treasury required. was fled today
with he House Ways and Means
Committee by the tax committee OF
the National Dry Goods Association.
Tho plan worked out 5y the trade
organization contains several pro-
posais not heretofore advanced in
Guiding the assessment; OF Federal
u years old. who receives an indie
pendent income. Income tax cX-
cmptions. IL is proposed. would be
raised from $1,000 10 s2.5oo Tor un-
married persons and from s2.o0n TO
5000 for heads OF families All BUS
mess would be allowed an exemption
u $4,000
other features carried in the pro-
gram. which WAS approved through
referendum OF the oreani2ation'S
1000 members provided that Income
from salaries. wages. bonuses and
commissions should NOT br taxed ut
SO nigh a rate as Income from bus
mess and Investments"
Income derived from business
whether Individual. partnership or
corporate, should be taxed on the
business itself and be- subject Ia no
additional tax when distributed TO
partners or stockholders.
Tax Other Incomes Higher.
Al! other incomes. Including profit
from the sales OF capital assets would
he taxed AT higher rate than in
come from business and in a still high
degree than income from manual or
mental efforts. There shoui.! be II
tax on gross sales OF all goods sur
ficicn; when added to all other taxes
proposed in the program and includ-
Ing customs receipts to aggregate the
required $4,000, 100000.
The program would eliminate from
the present revenue act. the excess
profits tax. surtaScs or individuals.
taxes on transportation, Insurance.
admissions. dues and on nonalcoholic
beverages and speciai and capital
stock taxes, stamp taxes and certain
excise taxes.
The normal income tax rate would
be hxcd ut { per cent on the first
$4,000 above the exemption, while the
remainder would be subjected TO II
tax of S per cent and no surtaXcs
would be levied
Income from business institutions
would be taxed at 10 per cent on
amounts above the exemption. In
this connection. u statement by the
association officials explained that 4
distinction has been made in their
program between manual or mental
efforts s9f the results OF business in
vc"tmcn,s. the latter being required
20 rear the heavier burden
Surfaces on Mig Incomes.
All other il. ONES including "un-
earned" or H. ,simcnt income and
Income profits would bear surfaces
ranging from per cen; on incomea
from $4,000 TO $4,000 TO per cent
on incomes In excess OF 100000.
Estimates compiled by the associa-
ton committee placed the revenue
from the So poll tax at $4,000. 900 an
nually. From income taxes OF all
kinds proposed in the plan it was
estimated the revenue production
would he approximately sl.S23. 00O,-
600. Customs receipts were placed
a; 1860, 100000 and the sales tax. when
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