Norwich bulletin., 1921-11-08

-The much-revsed tax revision bill f. | nally was passe~ by the senate at 1.35 | a. m. today after a session lasting more | than 15 hours. It still must run the gauntlet Of the senate and house con- ferees before 1t reaches the president. The vote was SS to 24. three republi- cans-Lafollette, Moses and Norris vot- ing against the bil, and one democrat, Erousssrd. supporting it. As now drawn the bill is estimated by treasury experts to yield approximately ss,250. 900 900 for the fiscal year ending next June 90 Or S200.00o,0 0O9 less than the existing law. If all of the changes proposed become effective, however, the measure ultimately will reduce the na- tons tax bi1 by approximately $780, oooooO year.
 Proceedings of Session.
 Washington, Nov 7.-The senate drove forward tonight in an effort to pass the tax revision bill before adjournment During the day it rejected the two maining soldier bonus amendments and then proceeded to dispose of the other amendments in rapid succession.
 The edebate on the Simmons and Me kellar amendments proposing to utilize pert of the interest on the foreign debt to finance adjusted compensation for the former service men consumed the first i've hours of the session. Both proposals wore rejected by decisive votes, the Sim mons amendment 42 to 29 and the Me helsr amendment A to 25.
 The roll call on the Simmons amend ment resulted as follows:
 For the amendment
 Republicans Johnson, Ken yon. Ladd BaFolIette and Norris-6. Dcniocrats-As,urst. Broussard, Gull berson. Fletcher Gerry. Harris. Harri- son Helin. Jones. New Mexico; Ken dricks. McKellar, Overman. Pittman. Pomerene. Reed. Sheppard. Shields, Simmons, Stanley. Swanson, Walsh. Massachusetts: Walsh. Montana. and Watson. Georgia-23. Total 29.
 Against the amendment:
 Republicans-Bam Borah. Brandegee, Fursum. Cameron. Cummins Curtis, Edge Ernst. Fernald, Frel.nghuysen, Goodng. Hale. Jones, Washington; Keyes. Lenroot. Lodge. McCumber. Me JSin,ey. AicNary.-, Moses Nelson. New, Ne'yberry, Nicholson. Norbeck, Oddie, Page Perrose, Phipps, Poindexter Shortridse. Shoot Spencer Sutherland, Townsend, Warren. Watson, Indiana; Weller and Willis-41.
 Democrats-Myers-1 Total AZ
 Only two repu5licans-LaFollette and Norr.s-surqorted the McKellar amend ment, while two democrats-King and Niliiams-voted against it.
 Without a roll cali the senate adopted au amendment by Senator Lenroot un- der which the net gain made by a tax payer on the sales of stocks of corpora tions would be taxed at the full income normal and sur-tax rates It was agreed that under the committee bin only 40 per cent of such gain would have been tax able because such sales would have come under the provisions dealing with the t7yation of gain from disposition of cap- it1l assets
 Senator Lenroot declared that under the original provision stock gamblers fir Wall street" would have been able tc escape taxation on 50 per cent. of theil Y-Cdts. He also confended that stock holders receiving stock dividends could convert their earnings into cash and es- c1pe taxation on 50 per cent. of the galr thus made.
 Under an amendment by Senator Ere lnshuysen. which was accepted an, trade or business owned Lv a partner shin or individual which was organized within four months after the passage O the tax bill as a corporation might at tn, o9tion of the partnership or individua pay the corporation tax on the net in come received from Jan. 1, 1921 to tn date of such organization. It was pro Vided, however. that this option woult hot be extended in the case of any busi ness which realized in the taxable yea 1921 20 per cent or more profits on tn capital invested.
 The senate adopted 55 to 31, al amendment by Senator Walsh of Massa chusetts providing for 8 graduated ta on transfers of property by gift by ever person. The rates range from 1 pc cert. Of the amount by which the gift HDceed s20.000 and do not exceed s5O,O0 No % per cent. the amounts in exces of Slo000,eO0.
 Thirteen republicans joined the demo cratic minority in supporting the amend ment which. 1t was explained is designe to prevent wealthy individuals from es csping the payment of sur-tax t41roug the division of their property anon their relatives. Republicans voting fo st were Capper. Cummins. Johnson. Jone Of Washington. Kenyon. Lsdd, LaFo 1ette, Lenroot. MeNary, Norbeck, Norri Townsend and Willis.
 By vote of s7 to p the senate r, 3ected an amendment by Senator Jont Df New Mexico proposing to allow par perships and individuals to elect whetht They should pay taxes on the net incon From their business at the corporation , andividual income rctes
 On a tie vote 32 to 32, the senate r. 1ected an amendment by Senator Kenyc proposing a tax equivalent to Is D. rent of the value of tax exempt secur
 
 Nided suci securities were issued g months after the passage of the ac Previously by a vote of B to 25. u Eenate had rejected an amendment Senator LaFollette which would have ir posed the same tax and also a 10 D gent. tax on the transfer of tax exme Securities issued before the passage of Il ect.
 Senator Smooth brought up the sal lax again tonight. proposing his origin per cent manufacturers levy with a per cent corporation tax, 32 per ce1 maximum income sur-tax rate. and capital stock tax It was rejected wit put a record vote.
 Reconsidering it's former action t Benate voted to allow original purchase pf Liberty and Victory bonds an exem ton equal to the interest on money be rowed to purchase or carry those bont The senate previously had agreed to low an exemption only on the differen between the interest on the money be Fowed and the amount of Interest kelved from the bonds