Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-30
PRESSURE EASES BEHIND
TAX REVISION MEASURE:
Small Prospect Of Vote on
Bill Before Middle of
This Week.
LAUNCH FIGHT FOR NJ
senator Reed, OF Missouri, Proposes
Tint Soldiers re Paid Out nf Fund,
Obtained bS Continuing Excess
Profits Tax.
icy Associated press.l

behind the tax revision uill cascd on
perceptibly today In the Senate after
IL had become apparent that there
was email PROSPECT OF n final vote
before the middle Of next week LII
tie progress was made today on the
measure ana there was no enor, 10
force Il night session.
Negotiations between the majority
and the min lrity looking TO an nErce
mcnt for day for "A final vote fol,
through. Later Democratic leaders
estimated that the bin m!rh, b..
passed by next "Wednesday or Thurs.
day. Some Senator'S on the majority
SIDE thought the vote would come by
Tuesday while there were other .g.
umaies that II might b. delayed attn
next Saturday.
Hrcnk Dnck OF Movement,
we have now broken the back Of
tho movcmon; 10 force this bill
through without proper concern. :"
said Simons, OF North Carolina, rank
ing Democrat on the Finance COM
mi;toe Members on both sides np.
narenuy have come TO the conclusion
as result OF criticisms. tina, the bUl
should BE- given most careful scru.
uny and consideration"
only t%o amendment, 10 the bin
we're disposed OF during the six hours
y nc senate was In session today. I'm
ger one change adopted on motion
or Senator Eccd. Democrat. Missouri.
income tax returns OF boti, corpora
t.ona ana individual would be open
20 inspection hy direction OF either
House OF Congress. Cnder the exist
Ing law these returns are opened for
Inspection only upon orders Of the
PrcAiicnt
4 ExpiaInlns the proposal. Senator
Reed said this information should
DO at the disposal Of Congress as
much q! 1T would be necessary in
writinT tax and tariff laws. lie
poinicd out that representatives OF
Interests appearing recently before
the Finance Committee asking for
hiEh tariffs had refused to give in
formation M TO their profits or salar-
les.
Launches Fight for Iionus.
Eo!orc the Senate recessed until
Monday. Senator Reed also launched
his Night for the soldiers bonus. which
no han proposed shall he paid out OF
funds obtained by continuing the ex-
cess profita tax. In vigorous speech
no declared that his amendment was
designed TO pay the bonus from the
profit, OF tho war proitecrs"
I am only taking the funds" he
said. turning to tho Republicans. that
you propose to throw away and leave
n h. hrn nd. .
can put this money In the hands OF
the soldiers and not adversely anect
the FISCAL policy OF the government
SHAT answers all argument raised
aeninst the bonus by the Presidents
letter.
Reading the message o. Presiden,
Harding and the letter Of Secretary
Mellon opposing the bonus at the
present time. Senator Reed charged
thnt II was the Republican plan to
kill the bonus bill.
CLEARLY Secretary Mellon had n
hand In this" said Senator Reed. cit
Ing that Mr.. Mellon'a nrat abatement
against the bonus preceded the Pres
dents by six days.
y The Republicans. Senator Reed con-
tinued, proposed TO leave millions
In the pockets OF the ultra rich." and
refuse to compensate the former SER
vice men.
Consume Nearly Three Honrs.
Nearly three hours OF the Senate
session was consumed In light
against an amendment offered by
Senator Snoot. Republican. Utah,
proposing exemption from taxation
the income derived from business
done in China by American corpora
sii3ns. so per cent of whose gross
hi.
80 per cent OF whose business is done
there.
Democrats and Republicans alike
opposed the provision. asserting that
there was no good reason TO make
such an exemption and that this
would re an entering wedge for SINH
lar exemptions to all American cor
porntions engaged in business abroad.
Senators Smoot and Brandcgec. Re
publican. Connecticut urged the pro-
s.psal. on the ground that an eNcmp-
: ton was necessary II american firms
were to compete for trade In China
with Britain, Germany and other for
eiEn companies.
The amendment finally was passed
over, as was that proposing rcten-
tion OF the capital stock tax. which
the Finance Committee proposed To
repeal on next January l. Senator
Lodge. OF Massachusetts. the Repub-
fo'tan leader. has offered m amend
mont to this section. and because OF
his Slight inlisposition, Republicans
asked that the matter 30 over untn
Monday.
Several Amendments offered.
A number of amendments TO the
tax bill were offered today. Scna-
tor Edge, Republican. New Jersey.
formally presented his anne ndment to
continue the present 10 per cent in
come tax rate on corporations. and
Senator La Toilette Republican. Wis
consin. offered an entirely new sched-
ulc o! scale tax rates. beginning at
! per cent on all that part OF an
estate over $4,000, and graduating
,ih to so per cent on all over $4,000
900.
a tax Of 1000 per cent on political
campaign contributions over 500,
whether in cash or promises to n ca
didatc or campaign committee. WA
proposed in an amendment by Scna-
tor Harris, Democrat. Georgia. The
rate would amply to presidential ana
congressional candidates, In primn-
rios, as we'll as general elections.
Another amendment by Senator
"a.