The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-11-08
Tax Revision Bill Now Faces
Its Third Rewriting By the
House and Senate Conferees
Big Fight Expected on In
come Surtax Rate; Com
promise Predicted

WASHINGTON, Nov. THE tax
revision bill now faces its third re-
writing. this time by the house and
senate conferees. The measure
finally was passed by the senate 3S
10 "a, yesterday after continuous
session lasting nearly 16 hours. 1t
Will be returned to the house when
that body reconvenes tomorrow and
republican leaders there plan to send
1t to conference Thursday. 1t NAV
reach the president for his approval
late in the month.
AL a rough estimate, treasury ex-
perts say. the bill, in its present
form would net approximately s2,23O..
100000 or s20O.O0O,OO0 less than the
present law and about the amount of
revenue which treasury officials have
said the government must have. Even
tually the bill, the experts assert
would reduce the nations tax roll
about s75O.OO0.OOO year While they
undoubtedly will make many changes
In the measure. the confcrees are
not expected to alter materially the
total OF revenue. As tho bin now
stands. there are Just three major
provisions on which the house and
senate agree. They are repeal of the
excess profits tax and the transpor.
tation taxes on next January / and
the retention Of the present tax on
corporation capital stock.
Outstanding Provisions.
Other outstanding provisions Of the
bin are:
A reduction in the maxlum sur tax
rate Of sixty-five per cent on all over
81 100000 TO fifty per cent on all
over 100000 as against the house
reduction to 30 per cent on all over
500 900.
Retention of the house provision
granting exceptions OF $500 to heads
Of families having net iicomes OF
5000 or less. and 5000 an account OF
/ dependents
| Repeal of $4,000 normal exemption
to corporations except In the case
OF those having net incomes OF s25,.
600 or less.
An Increase in the estate tax
maximum rate from % per cent on
all over slO.OOO,OOO To fifty per
cent on all over slOO, 900. 900. Increased
taxes on medicinal bcer, wine and
whiskey.
A provision taxing gifts Of prop
erty by any person at rates ranging
from one per cent on the amount be-
tween $4,000 and $4,000 TO five per
cent on all over .lO.OOO,0OO
Repeal Of the excise taxes on
chewing gum, sporting goods. musi
cal instruments, electric fans and
many other articles, as well as the
stamp taxes on proprietary medicines
and toilet preparations The levles
on fountain drinks and ice cream alsc
are cut.
Big Fight Expected.
The big fight between the scnat,
and house Is expected to develor
over the income surtax rate with IN,
general belief at both ends OF the cap
ltol that conferences will reach Q
compriomisc at q figure around forty
i'A NfiAAt 4 ut dNuat ItpNNNtdN lthu
crs believe that they can scotch Ia,
movement among some republicans
from western states to have the hous,
instruct its managers TO accept IN,
senate maximum rate. In the fina
drive In the senate last night {,
pass the bill, many amendments wcr,
offered, but few OF them were ac
cepted. Most important OF those ap
proved was that taxing which is de
signed to prevent evasion % sur tai
by wealthy individuals, by distri
button OF their property among thei
relatives. Under another amendmen
gains realized by the tax payer
from the sale of corporation stool
would be taxed ON the full amour
instead of ON only 40 per cent, az /
was claimed would be the case, hal
the capital asset definition In tn
bill remained unchanged.
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NEW YORK YANkS
mn 4.