Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-08-16
ANNUAL TAX
B Ill | I
!S7'9O, $4,000 J ! ! | n D

m Y a.f $ & 5Sssss3 s Al II
Chairman + rdley Makes
Such Statement in Mi i.
nority Report.
Washington, Aug. 16.A reductionI
Of 3790, 80 900 4 In the annual tax
bill Of the nation will result from
changes il the 1918 revenue act em-
bodied in the new ministratioh tar
bill Chairman Fotdney of the ways
majority repont filed today with the.
Il. ;s Democrats Meet. n Ss,sas
The attitudes1sof the democratic
minority OF the house toward the ad : {
mtntstration tax revision bill which I
was introduced late yesterday was to /
be determined late today at q party
Gratis on the ways and means COM
n1ittee file a minority report on the
measure was forecast by some lead
ers. ~ .t22a M !. l3si s, S .3F$ 81
Meantime. the committee with the
democrat 70 members present was to.
pass formally on the bill as amended.
as result Of tbs action yesterday OF
u LAS ESpuUllC6H COuA0ESICS WINCH ,VOLSN
96 to 81 to postpone repeal of the ex-
cess profits tax and higher income
surtax rates until JAM and to put
off until the same date the proposed
increase in the corporation income
tax. After the conferences action, and
before Chai, man Fordney 3 presented
the bill in the house. majdfity mem
bers OF the ways and means commit
tee decided to reduce the amount fof
the corporation income tax increases
from per cent tos2 1-2 per cent: The
figure originally agreed upon at the
White house tax conference a. week
ago and to cut In half the proposed
manufacturers tax Of q cents q gall
Ion on cereal beverages. ES$f Il
The changes made in the original
draft were estimated by come repub-
$500, 10000 yield which It had been
figured would be returned under the
bill as drafter by the mai jority COM
nittenlen. 3frsSs 81 ~ I'd 5dg8 Il +fss
The program asreel upon By the;
y republican conf yesterday fer
. house consideration. Of the bill ,s called
for.the adspllon. ,la sof'a spseiai rnls N
I g. "a. Wednesday and ID fixi9g r. g; 9;
t1ssa The, s;fnai
inasmuehf as the repeal Of tAs ssx-
cess profits tax andS rel edncttcp Of t1ur-
taxsratess6n individual incomes DO not
become effective until the calendar
{ year a22, the report said, $ 406,-
ESQ, 900 Of the contemplated loss Of
. revenue will not be reflected In sreve-
d: nue. collections prior to 1923."sS
" e Actual reductions in taxes for this
( fiscal year, the report continued, are
o0Q, 900, total &C objections under the
!. new bill veins figured at $3,376,000,-
& 900, as against estimated collections
Of $3,57o,0O0, 900 under the present
law ss; {. $.ts g
Estimated Reductions.
Estimated deductions in taxes be-
ginning with the calendar year 1928
are given in the%report as follows:
Repeal of excess profits, j January !,
1929, $450,0O0.000. 54 Il 33-i st,
Reduction OF surtax rates ION indi-
vidual incomes to 32S per cent, -Janu-
ary ], 1922, $90, 200, 900. J
Increased exemp ption Of heads Of
excess ofs$5 ,Oo0, I is X, ,000 900. 5= .55i
Additional exemptions for depend
ents increased to $500 from 5000,
Repeal OF all transportation taxes,
January 1, 1922 $262.O00 ,000. .ys:as#s iiis:
BepsaHl sep aHot of s. tax on life insurance rance
Repeal Of tax on beverages. $780,
SS O0O. 900. 5z
Reduction Of taxes on candy. So
III 900, 900. Il, III Ss5s 's3s is 4
gportiaags 81 y goods Is 'aooo,ooo. s. 9e''''
so-called luxury taxes. s15 700, 900
i; Estimated Gains.
Estimated gains in taxes beginning
with the calendar year III 1923, are
given as follows: ,s n. s;s 81, 4 ~ 's55s 5
Increase. Of corporation income. ia,
from 1a.at9aa7Eo 5o t9 = Is ar Pers cent 'anuar'
License to- sellers Of soft drinks
Tax Sc si1 cents on cereal bever.
ages $12, 2,000, 900: 4 ;ss s, II 88t
e. q. : qt aaa hys geo cents on casbonic actt
81 fountain syrups, $12 200. 55;i, 4
Substitution Of ma manufacturers taxel
on toilet preparatio ons and proprietar,
medicines for 1exis sting stamp taxes !, e
II, The total loss IN revenue |, is thu
placed s. ;sss aaSnt tha t95a
loss Of 4 S7so:sso 0. 900. 1T Is estimated
"a The he, revised rey bill MAS 4 approve.
formally today by the ways and mean
scoinrnitteS with the n Dem nocrati
Insmbers voting solids against 4
report ia which they say they Wi
present figures sto shaw that with
feM exceptions the eject o. the pro
Y ppsed tax reviaions syall Be TO lowe
| the sums paid by hcse best able. Y
# pay: Will be fraItlsd sat assca!,cu
Representative Freas Of Nvlsconsin
|, u, q Republfca member apf the way
ss and means scommit tees said he woul,
file 9 supp plemer,tal m jority repor