Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1921-11-01
NIGHT SESSION
HUSTLES WORK
upon REVENUE
Vote to Retain Corpora
tlons Assessments
Totalling $75, 900, 1000.
Repeal Clause Levying
on Pianos and Take
Tax Off Sport Goods.

Washington, Oct. 3l-After spend
ing the day discussing the soldiers
bonus. the senate Monday night proceed
ed with the tax revision bill with un-
usual celebrity. voting to retain SO.
100000 of taxes on corporations which
had been proposed for repeal. and lop-
ping off number of the excise levies
now in force.
The first important action was the
adoption of an amendment proposing
II graduated corporation capital stock
tax at rates of 81 ON each 81 600 of
stock between $1,000 and $3,OOO,OOO.
and s. per $1,000 on all over $780,
600. Holding companies in paying this
tnx would be credited with the amount
of the same tax paid by their sub
sidiaries..
| Keconsidering its former action APP
proving the present 5 per cent tax on
pianos and other musical instruments,
the senate without roll call adopted
huysen, Republican,, New Jersey, re-
pealing this tax.
Kill Sport Goods Tax
| The section proposing per cent
levy on sporting goods was eliminated.
a compromise amendment striking out
this section being adopted, 81 to 30.
the chewing gum section. but it fially
voted, 35 to "a, to repeal this tax, the
i! existing rate of which is Z per cent and
that proposed in the bill per cent.
The senate rejected an amendment
by Senator Wadsworth. Republican,
New York. to repeal the 10 per cent
tax on cameras weighing less than 100
pounds and on lenses for such cameras.
It then rejected a motion by the same
senator to reduce the tax from 10 to .
per cent.
The sena:e adopted the finance COM
mittee amendment which would exempt
and citizens in the Philippines and
Porto Rico, unless their income was
sent to stockholders in the United
States. 1t was explained that this
would place Americans in those islands
on the same footing as traders OF other
countries.
Withdraw China Clause
Before the senate voted on the
amendment, the finance committee
withdrew it's proposal to exempt from
taxation incomes derived from China
by American corporations and citizens,
30 per cent of whose business was done
in that republic Senator Smoot OF
Utah said it had been decided to let
this situation be taken care of by the
pending Dyer bill.
After sharp fight, the senate
adopted, 80 to 80, an amendment to
the capital stock section which would
permit holding companies to deduct
from their capital stock tax the amount
of such taxes paid by their subsidiaries.
Nine Republicans joined the Democrats
in opposing the amendment.
There was four-hour discussion
Monday Of the Reed amendment pro-
posing to continue the excess profits !
tax and to use the proceeds to defray |
the costs of the fiveway adjusted COM |
pensation plan for war veterans.
This was followed by the introduc-
ton of an amendment by Senators
Simmons Of North Carolina, and Walsh
Of Massachusetts, Democratic men,
bers on the finance committee, propos
ing payment of the bonus out Of the in
terest on the nations foreign debt.
Action is Deferred
The latter amendment will not be
formally moved for adoption in the sen
ate, it was announced. until action had
been taken on the Reed amendment.
Meantime Senator Reed is delaying
formal presentation Of his amendment
lntl there has been full discussion OF
he whole question.
Senator Penrose of Pennsylvania, in
.harge Of the tax bill, said today it was
he plan Of the majority to move to
ay the Reed proposal on the table on
he ground that the soldiers bonus
las no place in tax measure. Major
ty leaders had not decided tonight, Z
however, what would be done with re-
;pect to the Simmons Walsh amend
nent, which the authors declared would
make the issue clearly one of bonus or
10 bonus without raising the question
# the condition of the public treasury,
which has been the chief argument ;
.r"scrted by opponents of the bonus
LAM ~
senator New, Republican, Indiana. ,
pened the bonus discussion with the =
declaration that, in his judgment, the /
teed amendment would be in con. !
Iict with the constitution in that it !. /
roposed to tax one class of citizens for q
he benefit Of the other. .
Denied by Roed 9
This contention was denied by Sem i
tor Reed, who spoke at length in sup r.
ort OF his amendment. He was FOL =
1eontinued on Page TwoJ c
n