Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-16
EXCESS PROFITS
REPEAL IN EFFECT
| JANUARY |, 1922
important Change in New
lax Measure Made by Re:
publican Conference.
BEGIN CONSIDERATION
OF BILL TOMORROW
.omes Up on Special Rule,
Limiting General Debate
to Two Days.
"rE on SATURDAY AFTERNOON
'"m"rrnts VIII Hold Cnucus To-day
10 Decide ms TO Milking
Minority Report.
oTE on SATURDAY AFTERNOON
'rmorrnts VIII Hold Cnucus To,lny
To Decide ns to Milking
Minority Report.
tBy Associated press.I


WASiilNGToN, Aug I5.-The ad
|ninistration tax revision bin was
iid before the House OF Reurcsen-
atves today after the Republican
lenbcrship OF that body In confer.
nee had changed II so az to make
"peal Of the excess profits tax and
nc income surthN rates In cNccss Of
per cent, elective next January /.
rstead Of last January l.
rms change. on the basis Of pre-
'ons Treasury estimates. would re-
u'' In the corporations and indivi-
"ais with large incomes paying to
he government in the next calendar r
ear something like 5000, 900, 900 more
han they would have paid had the
administration plan Of making the
cPeaIs retroactive prevailed.
Cuts Tn.r. S:5O,OO0.OB0.
Total tax reductions for this fiscal
ear under the bin ar revised were
stlinated by some majority members
the Ways ana Means Committee at
"3p'ooo.o0O as against approximate
oo"'eoo.00O planned by committee
republicans. and the total tax yield
about $4,000. 1000. 900.
AS result OF the changes made
l'S the Republican conference. ma :
Ioriy committee members further
amended the bill before it's prescn-
tion in the House 80 as to max c
hH- corporation income tax l2l-a per
cut after next January !. instead OF
per cont, as originally planned
nd the manufacturers tax on cereal
beverages cents gallon insteud
( -
To He Taken Gp Wednesday.
Under plans adopted by the party
difference, the bill will be taken up
u the House at IL a. NJ. "Wednesday
inhcr special rule calling for q
nal vote at i. NJ. Saturday. Two
ays VIII be given over 10 general
"hatc and TWO days To consideration
amendments under the fivc-minute
uic, with amendments Of committee
hc'nbcrs given preference.
Democratic members of the House
Ian To hold "a caucus tomorrow af-
crnoOn 10 decide upon course OF
ction while the measure is under
consideration. They also are cx
cctcd 10 determine whether Demo
rats on the Ways and Means Com.
.ntticc shall file "a minority report
lcanwhilc, the fun committee will
meet 10 pass finally upon iha bill.
'ut this is expected to be a mere
.ormality.
The Republican conference :asted
ererai hours. with Western members
chding the fight TO reject ,hu plan
or retroactive repeal OF tn, excess
'rofts and higher income surtaS
ates which was agreed upon at the
White House tax conference las,
'ucsday.
Delays Corporation Tax Increase.
These changes carried with them
iclay until next January in the
proposed increase of per cent IN
corporation income taxes. No change
this figure was made by. the con
ercncc. but the committee members
iccidcd To cut 1t in half, as il was
ontcndcd that per cent increas SO
would be unnecessary If the excess
'rofits and higher surfaces were i'm
,oscd for this taxable year.
The tax measure as presented I'm
the House is entitled "a bill to re-
luce and cqualizc taxation. to amend
md simplify the revenue act of 1915
md for other purposes" Much OF
is 5000 odd words of text is devoted
20 amendments to the administrative
and deiinit'Ec sections of the present
aw which were drafted by Treasury
experts with view TO clarifying spe-
faific parts of the 1918 act and meeting
SITUATIONS arising from decisions of
he Supreme Court.
Rcpcnls All TRANSPORTATION Taxes.
Aside from the revisions of tho
1cvy sections already referred to, the
. dill proposes repeal of all the trans
portation taxes. effective next jan
Iary !. increased exemptions to heads
|Of families and married men having
incomes OF less than $1,000. decrease
| in the lcvies OH candy, sporting
1.-The substitution Of manufacturers
Staxes for the .so-called nuisance and
luxury levies and other changes, de-
tails of which have been given in
previous Associated Press dispatches.
Additional rcvisions include cXemp-
ions from taxation of salaries OF the
president Of the United States and
he judges of the Supreme and in
Ifcrior Federal courts and also
amounts received by individuals ms
compensation. family allotments and
allowances under provisions of the
war risk insurance and vocational
Rehabilitation Acts.
a change also is made in life in
surance company taxation, the bill
requiring them to pay the normal
tax In lieu OF the lcvies
(Continued on Page Q. Col. 2.)
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