The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-08-16
TAX REVISION BILL BEFORE
HOUSE; CUT OVER S350,000,000
Excess Profits and Income
Surtax Rates Repeal Not
Effective Until Next Janu-
ary, Giving $500, 100000
Additional Revenue

Washington. Aug. 1.-the SdnAu40.
tration tax revision bill was htdbs6oes
the house OF representatives toby. sftsr
the Republican membership Of thsE
body. in conference, had changed Il -
as to make repeal Of the e1ceeS pro0ts
tax and the income surtaI rates In a.
cess OF - percent effective next Jans-
airy 1. instead Of last January 1.
This change. on the basis Of Previous
treasury estimates would result In The
corporations and individuals With larSS
incomes paying to the government In
the next calendar year something like
5000 900, 600 moro than they would have
paid had the administration plan OF
making the repeals retroactive prevalI
ed.
Taxes 1Sduosd S3soyoooooo
Total tax reductions for this nSoal
year. under tho bill as revised. were
estimated by some majority msmbers
OF the ways and means committee at
;S500000UG az against approximately
$3.50 100000 planned by committee h1-
publicans. and the total tax yield ~
about $4,000. .0o0.0 900.
As result Of the changes made hT
the Republican conference majority
committee members further amended
the bill before it's presentation In the
house so as 10 make tho corporation In
come tax twelve and ono half par cent
after next January /. instead Of IL psS
cent as originally planned. and the man
ufacturers' tax on cereal beverages 8tx
cents gallon instead OF twelve cent6
Under plans adopted by the party cor
ference. the bill will be taken up In the
house at II A NJ. Wednesday. undO
a special rule calling for \ nnal vote ct
) p NJ. Saturday. Two days Win b
given over TO general debate and I've
days 10 consideration OF an1endnnsnto
under the FIVE minute rulc. with amend
ments OF committee members E1veo
preference. -
Democratic members of the houoO
plan TO hold caucus tomorrow after,
noon 10 decide upon course OF action
while the measure is under con6iderA-
ton. They also arc expected to deter.
mine whether Democrats on the ways
and means committee shat! file minority
report Meantime the full COMMITTEES
will meet to pass finally upon the bill,
but this Is expected to he q mere Tor.
mality. go
The Republican conference lasted
several hours. with western members
lea ding the fight to rejec; the plan fof
retroactive application Of tho sxcess
profits and higher income surtax rates,
which was agreed upon at the whlts
house tax conference last Tuesday.
Representative Frear, OF Wisconsin, .
member of the ways and means com-
mit,ec. was understood to have insisted
that the house pass on the effective
date OF the repeals, but tho confersoes
finally adopted, IS to 81. molten "
Represen tstive Mann. Of Illinois al
the repcar date be naxt January -
The changes carried with tAem AoAy
until next January 1. the proposed NJ
crease OF s per cent tn corpora3o0
taxes. No change in this nSurs vas
made by the conference, but tho ooD-
mi,tee members decided TO cut 4 -
half, as il was eontended that . nve
per cent increase would oA Unnecessary
IL the excess profts and hiEh~ sE-
taxes vcre imposed for this eA1AoO
year.
n.xt Ysars Out oeoooooDoo i;
Republican leaders estimate thAe -
bill will reduce the nations tax bROm
by $500, 900 In tho next ek3s0e
wear through repeal OF The Gno
profits tax. tho higher brachstS-of -
come sur-ta1es, all Of the trD
tion taxes, including express Hne 90
pipe line. increased exemptions 70 hca4
Of families and married mN h1Snt
small incomes. and decreases IN tnA
leyies on candy. sporting goods fHS
and art and art WorkA
Details OF those and other ehAAeoA
including the increase OF fUe pr os6
income tax on corporations arsAdy no
been punished Other reviston1 me1nD.
however. tho exemption from tH11oo1
OF tho compensation received By tno
nr..Ident Of tho United States ana u |
Judges of tho supreme and infasW
courts of the United States and Anao1no
rcc.iyed as compensation. family ea9otr
ments and allowances under pvoVt0o0S
OF the war risk insurance and vocs1
reha BILL tatIon acts.
Tho bill contains upwards OF fGsW
words and Is entitled "A bill - Te0oee
and coualiza taxation. to amend ana
simplify tho revenue act OF 1S1A. ane
for other purposes Much OF the tsn
"a devoted to Amendments Of the admin J
istratiye and defniuve sections st ths
nresent law which were prdp9Sd o '
! treasury experts with q view TO cia[i. 1
fying specific portions Of the 1913 sdt /
and meeting situations arising irom