The Barre daily times. (Barre, Vt.) 1897-1959, 1921-11-08
TO TAX GIFTS
0F.PROPERTY
That Is Provision Of Tax
!, Revision Bill at
Present
MEASURE GOES
INTO CONFERENCE
After Having Been Passed
By Senate This
Morning

Washington, d. G., Nov. g. The tax
revision bill now faces its third re-writ'
ing, this time by the House and SEN
ate conferees.
The measure finally was passed early
to day by the Senate. 3s to "a, at the
end OF continuous session lasting
nearly 10 hours. Ii will be returned TO
the House when that body reconyenes
to morrow and Republican leaders plan
TO send it to conference Thursday. 1t
may reach the president for his ap-
proyal late in the month.
At a rough estimate treasury experts
say the bin in its present form would
net approximately S3,250 100000, or
5000 .O00, 900 less than the present law
and about the amount of revenue which
treasury officers have said the govern
ment must have. Eventually the bill,
the experts assert, would reduce the
nations tax toll by about S7oOoOO,O0O
a year.
While they undoubtedly win have
many changes in the measure, the con-
ferees are not expected TO materially
alter the total Of revenue. As the bill
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 transporta-
tion taxes on next Jan. ], and the re-
tention of the present tax on corpora
tion capital stock.
Other outstanding provisions Of the
bin are: Reduction in the maximum
surtax rate from 65 per cent on all
over 81 100000 TO 80 per cent on all
over $500, 900, as against the House re-
dnction TO 80 per cent on all over $780,
600.
Retention OF the House provision
granting increased normal exemptions
Of $500 to heads OF families having net
incomes Of 5000 or less and 5000 on
account OF dependents.
Repeal of the S2,000000 normal ex-
emption 70 corporations except in the
case Of those having net incomes Of
So, 900 or less.
An increase in the estate tax maxi
mum rate from 25 per cent on all over
$l0,000,000 to 80 per cent on all over
100000. Increased taxes on medicinal
beer, vine and whiskey .
A provision taxing gifts Of property
by any person al rates ranging from
one per cent ON the amount between
10000 and S50,000 10 % per cent on
ali over Sl0.000.0O0
Repeal OF the excise taxes on chew
ing gum, sporting goods, musical in
struments, electric fans and many 9th
er articles as well as the stamp taxes
on proprietary medicines and toilet
The levies on fountain
drinks and ice cream also are out.
The big fight between the Senate and
House is expected TO develop over the
income surtax rate with the general be-
lief at both ends Of the Capitol that
the conferees win reach a compromise
at a figure around 40 per cent. House
Republican leaders believe they can
scotch the movement among some Re-
publicans from western states 10 have
the House instruct its conferees to APP
prove the same maximum rate.
In the final drive in the Senate last
night 20 pass the bin many amend.
ments were offered bat few Of them
we're accepted. The most important OF
those approved was that taxing gifts
OF property, which is designed to pre-
vent evasion Of the surtax by wealthy
individuals by a distribution Of their
property among their relatives.
Under another amendment gains
realized by taxpayers from the sale Of
corporation stock would be taxed on
the full amount instead of on only 40
per cent as il was claimed would be the
ease had the capital asset definition in
the bill remained unchanged