The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1921-11-08
THIRD WRITING
TAXATION BILL
is NOW IN ORDER
Measure Which Passed
The Senate Last Night
VIII Go To Conference
Tomorrow - Impor-
tant Changes Predicted
= May Be Finished
Late This Month

Washington, Nov S.-The tax re-
vision bill now faces It's third re-
writing, this time by the senate and
house conferees. The senate last
night adopted the bill 3S to "a after
Il session lasting nearly 16 hours. 1t
will be returned to the house when
that body convenes tomorrow and Re
publican members there plan to send
it 10 conference Thursday. They hope
the Eill will reach the president for
his approval late in the month.
After Il rough estimate the treasury
department said the bill would net
approximately $3.250, 100000 in its
present form, or 100000 900 less
than the present bill. which is about
the amount Of revenue the treasury
department has said the government
must have.
The bill, house tax experts said
wculd reduce the nations tax toll
about $3.50, 100000 a year. While they
Will undoubtedly make many changes
in the measure. the conferees are not
expected to materially alter the total
revenue. AS the bill now stands there
are just three major provisions OH
which the senate and house agree.
They are:
Repeal of the excess profits tax and
the transportation tax on next Jan
uary l and the retention of the pres
ent capital stock.
CHIEF Provisions
Other outstanding provisions of the
bill are:
A reduction in the maximum sur
tax rate from 65 per cent on all over
81 900 900 to 80 per cent on all over
S200,000 as against the house reduc-
ton to 32 per cent on. all over $68,000.
- Retention of the house provision
granting increased normal eXemp-
tiCns OF $500 TO heads of families hav
ing net incomes of $4,000 or less and
5000 on account of dependents.
Repeal cf the $4,000 normal exemp-
ton to corporationi except in the
case Of those having net incomes OF
S25 900 or less
An increase in the estate tax max
imum rate from % per cent on all !
over $10.000,000 to 80 per cent on all |
over $100,000,OO0
Increased taxes on medicinal beer, |
wine and whiskey.
a provision taxing gifts of property |
by any person at rates ranging from
per cent on the amount between |
$4,000 and $4,000 to 25 per cent on
al over $10,0O0,000.
Repeal of the excise taxes on chew
ing gum, sporting goods, musical in
struments, electric fans, and many |
other articles as well as the stamp
ON proprietary medicines and toilet
preparations The levies of fountain
drinks and ice cream also are cut.
SurtaX Fight Expected
The big fight between the senate
and house is expected to develop over
the income surtaX rate with the gen
eral be.ief at both ends of the capi
tol that the conferees will reach a |
compromise at figure around 40 per
cent. House Republican leaders be-
lieve they can scotch the movement
among some Republicans from west |
ern states to have the house instruc:
its managers to accept the senate
maximum rate.
In the final drive in the senate last
night to pass the bill many amend
ments were offered but few of them
were accepted. The most important
of those approved was that taxing
gifts of property, which is designed to
prevent evasion of the surtaX by
wealthy individuals by distribution
of their property among their rela
tiVpc