Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-08-19
HOUSE TO THRESH
lContinued from Pace Onel

fore the House they would he re-
ouired to pay Is per cent. on the ex-
! cess over $4,000.
| 1t also was decided tentatively to
exempt from taxation the government
allowances received by veterans of the
/ Civil and Spansh-American wars or
| their beneficiares as we'll as those re
ceived by individuals under the war
risk and vocational rehabilitation acts.
Other amendmnts known to be un-
der consideration would exempt man
| ufacturers of tooth paste and powder
from the tax on toilet preparations and
would define as foreign trade corpora
lions business organizations which de-
rive so per cent. of their income from
sources without the United States.
The figure in the bill is so per cent.
| This class of income would not be
| taxable
There is a movement before the
| committee to propose creation of a
! special commission to devise some
form of plan by which incomes de-
rived from tax exempt securities can
| be taxed.
|
ed tonight Principal speakers for
the Democrats were Representatives
| Oldfield of Arkansas and Cochran of
New York. and for the Republicans
Representatives Green of Iowa and
Longworth of Ohio, members of the
ways and means committee.
| Mr.. Cochran attacked not only the
| bill itself. but the rule under which
the Democrats claim they will be cut
off from offering amendments.
! Using trea sury estimates to sup
| port his argument that the tax bill
would result in a huge government
deficit at the end of the fiscal year.
! Mr.. Cochran declared that if the
! treasury went into the market for one
j billion dollars of money to help pay
ordinary expenses of the government
there would be a panic.
Reading official statements by for
mer President Wilson and former
Democratic secretary Of the treasury
urging repeal of the excess taxes,
Representative Longworth told the
Democrats that in opposing this repeal
they were "repudiating the Democratic
! platform"
you are getting your orders by
! telegraph from Scotland Neck" Mr..
! Longworth said. referring to Minority
! Leader Kitchin's dispatch to the Dem
ocratic caucus urging solid Democratic
opposition to the bill. Il think the
ma jority of my party made a mistake
| in deferring to January l next the re-
peal of the higher sur taxes and eX-
cess profits tax, but 1 acquiesce. These
! two taxes are the greatest shackles we
have on business and industry and
! the greatest burdens on both producer
and consumer
! Representative Woodruff. Republi-
can. Michigan, announced that he
would oppose the bill. while another
Republican, Rep. John NJ. Nelson of
Wisconsin. spoke against il.
/ Tonight's session was enlivened by
an exchange between Rep. Byrnes
/ Dem. North Carolina. and Chairman
Fordney of the ways and means
committee, when the former, charg-
ed that the republicans in framing
the bill had shifted the tax burden
! to the poor to benefit rich contribu-
tors to the Republican campaign
| fund last year.
| There is not word of truth in
the statement and you know it" Mr..
Fordney shouted.
THAT statement of yours is just a
| lie." Mr.. Byrnes retorted.
The House was thrown into an
uproar and both members reiterat-