Evening journal., 1921-09-19
SUMMARY OF
TAX Changes
Revenue Bill to Go to Sen
ate When Body Recon-
venes on Wednesday
LIMIT
is 81 PER CENT.

Senate Finance Committee has turn |
ed over to its experts the Tax Revi- |
sion bill to be whipped into final
shape as to details and made ready
for report when the Senate recon
venes Wednesday. The following Of
hcial summing up OF all the changes
o. made by the committee was issued
The official summing OF all the
changes SHOWS:
1. Repeal Of excess profits tax as
OF January 1. 1922. as provided by
the House bill.
?. Increase from 10 per cent. to
IS per cent. on tax on corporations;
House increased 12h per cent.
3. Repeal of capital stock tax as
of July 1, 1922; House did not re-
peal this
4. Continuation at one-half pres
ent rates OF passenger and trans
portation taxes. with repeal at end
OF calendar year 1922; continuation
indefinitely OF taxes on express mat
ter and oil pipe. lines. The House
repealed all transportation taxes OF
January 1, 1922.
Surtax Limited to 80 Per Cent.
5. Elimination Of all surtaxes on
individual incomes above 80 per
cent. as in the House bill. Read
justment Of brackets below 80 per
cent, to give light reductions to all
payers OF surtaxes.
G. Increase Of income tax exemp-
81 ton OF married persons having in
comes not in excess OF 5000 from
$4,000 to $500 as in the House.
IL 7. Increase OF income tax exemp-
tion for each child OF dependent
from 5000 to s4OO. as in House bill.
8. Repeal OF retail sales tax on
proprietary medicines, perfumes
cosmetics and similar articles and
imposition Of manufacturers' tax Of
per cent. on perfumes. cosmetics.
etc. The House did not impose the
manufacturers tax.
Q. Reduction Of tax on sporting
goods from 10 per cent. to per
@X cent. as In House bill, but the tax
81 is to continue on the following arti-
cles exempted by the House: Skates,
snowshoss. skis toboggans. base
En- ball bats, gloves, masks. protectors.
81 shoes. uniforms. football helmets.
harness and goals, basketball goals
# and uniforms. baseballs and foot
I balls
!. 10. Reduction in tax on chewing
gum from per cent. to per cent.
The House did not change that tax.
candy Still Taxed.
u. II. In place Of the per cent.
ate on candy a rate OF per cent.
on candy selling for 40 cents per
4 pound or less. and rate OK 10 per
81 cent. on candy selling fos more than
~ 20 cents per pound. Tne House
5 made a fat rate Of pc. cent.
-. Restoration Il the 5 per cent
rate on portable fans. The House re.
Il reaied this.
13. Restoration Of tho 10 per cent
rate on fur articles. The House re-
81 duced the rae to per cent and
81 exempted certain cheaper articles
Il. Restoration o. the 10 per cent
rate on yachts and motorboats. The
House reduced It to 5.
Is. Agreement with the House foi
repeal OF policy taxes on life In
surance and premium taxes Of o-hei
& insurance companies on January
s next.
16. Imposition OF Is per cent. ta'
on investment incomes Of life insur-
4 ance companies. effective Januar,
I. Continuation OF present In
sme taxes on other insurance con
~ Germs. The House put a tax Of II Y
3* per cent on investment income o
~ all insurance companies, effectiv'
January 1 next.
IS II. Repeal Of luxury taxes an'
substitution Of the following: fiv
per cent. manufacturers sale tax oi
| the part Of price in excess Of tn
1z amount specified for each Of thes
81 articles: Carpets. "a a square yard
: rugs. Sc a square yard; trunks, sS5
;' travelling bags. suit cases, hat boxe
and fitted case. $40; purses, pocket
f books, shopping bags and ham
bags. IS; fans. 81; portable igh
fixtures. including lamps and lam
shades Of all kinds, $40. This pro
vision differs slightly from tn
< House provision.
r is. Restoration Of the 3 per cent
f tax on toilet soaps and toilet soa
powders. repealed by the House.
10. Imposition Of new tax OF
~ per cent on all Office furniture an
fittings Of mahogany. rosewood o
other imported cabinet woods.
AZ 20. Restoration Of tax OF 10 pc