The Butler weekly times and the Bates County record. (Butler, Mo.) 1918-1950, 1921-10-27

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ssaaes ystos Dosn n
D q y Is s.
~ oct. Fiaal ss I1 \
IsofS te ofits tax NEXT y
INT III NJ 4 WHIT esst tonight viii IN
sdefeaf bys lses senate Of IA
'sn,lief AZ revision bill prol ~ VI
I'M nj Unite refention az thin
~ Tie present rates, The vote IT,
~ ~ e With four Republicans 49,
Ing the solid Democratic majority r
supporting the anendment.
q Senator Reed, Democrat, Missoari
.author 81 the defeated anendmeat,
Immediately proposed smother ND
continuation Of the profits tax ag I
about half the present rates. T11
was under debate when the senate r.
ceased At s o'clock until II o'clock ~
morrow under unanimous conssn
agreement to have final vote % ~
repeal Of the profits tax at i O'Clock
tomorrow.
In the afternoon, without ! record
vote. the senate adopted an amend
nnent BY Senator Trammell, Deno-
crat, Florida. providing that ia CO.
q taxpayer borrows money to mr.
chase or carry federal securities, IA
may deduct, in computing his net r.
come only. the difference betweea
the amount Of the interest paid h
the indebtedness and the amount ~
ceived in interest from the securi-
ties.
Opening the attack on the propos-
al to repeal the excess profits tax,
Senator Reed, Democrat Missosri,
declared this proposition was the
most monstrous ever put before tile
American senate" d
Declaring that on the basis Of the
treasury estimate Of $4so,ooo,ooo il
profits, taxes business concerns
would make 1850 million dollars ex-
cess profits this year, Senator Reed
said
1--WE propose to say to the farmer
who has lost money to the small in
come Garner, who is straining every
nerve to make both ends meet, you
must pay taxes wrung from you by
process of hardship, but we propose
TO take the taxes off those who have
made money by making prices 80
high they have deprived you people
of a large part of your earnings"
Senator Reed declared that the
proposals in the tax bill to reduce the
taxes paid by ''the profiteers and the
very rich to the amount of $4,000
600 year." were written in to redeem
pledges, which, he charged, were
made by the Republicans to sub
scribers to campaign funds.
This BILL" he said twas brought
here with the surfaces on great in
comes reduced to 80 per cent, which
deprived the government Of 10000
900 in revenue and left it in the
pockets of the extremely rich, and L
was brought here with the excess
profits tax cut out and that repre-
sents the staggering sum of $50 mil
lion dollars"
Added to this, he said, the capital
stock tax was eliminated, losing %
the government rs million dollars.
Giving notice that if proposal to
retain the profits tax at the present
rates was voted down, he would Of
fer an amendment proposing modi-
fled taxes, Senator Reed said these
propositions would be offered "until
we determine whether the makers %
excess profits are the masters Of this
senate
The senate swung tonight INFO the
first Of the long threatened night ses-
sions on the tax revision bill. n II N Il
Immediately after the senate con-
vened and before half the senator's
had settled in their seats, the com
mittee amendment fixing the nornal
income tax At the present 4 and 3 -
cent rates was adopted. Later lks
committee amendment increasinK
from $1,000 to $a,soo the normal a. {
emption allowed heads Of families
having net incomes OF $1,000 o. 1eseS