Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-08-11
TAX BILLFOR
NEXT YEAR TO
BE KNOWN SOON
With Treasury Suggestions
Overthrow House Com
mittee HurrieS.
LOSSES TO BE MADE UP

WASHINGTON, Aug. 11.-Dy the end
Of next week the Nation will know def
nitely what fits tax bill for the next
year is to be.
Elated By its success in overthrowing
Treasury recommendations almost in
their entirety and continuing to make
changes as they see fit. the Republicans
Of the House Ways and Means Commit
tee redoubled their efforts today TO rush
the bill to completion.
The excess profits tax is to be re-
pealed as Of Jan. l. 1921, and losses esti-
mated from this source are to be made up
IN part from an increase Of o per cent
fiat on the 10 per cent tax on corpora
ton incomes.
NEW SURTAX MAXIMUM
80 PER CENT.
All the higher surtaxes are repealed
and new maximum of 30 per cent es-
taSliShed with graduated surtaxes up to
this amount for the calendar year 1921.
10 be reduced to a surtax maximum of
% per cent for the calendar year 1922.
The transportation taxes on freight,
Et+S1-AASEAr STATS anu DEILuS dIG 10 De re-
pealed Jan. l, 1922, but the taxes on ex-
press are not included in the action taken
by the committee.
The taxes on ice cream. soda waters
and soda fountains taxes are repealed.
The bottled beverage taxes are shifted to
the manufacturer with taxes imposed on
dayoring syrups and carbonated acid gas.
On cereal beverages, like near beer, the
tax is increased from 10 per cent al va
loren to cents a gallon; on grape juice
and still drinks, from 10 per cent ad
valOrem to 3 cents a gallon; on car
donated acid gas, cents a pound; and
on finished or fountain syrups, 10 cents
a gallon-au TO be collected from the
manufacturer.
STRAIGHT TAX
on MEDICINES.
A straight per cent tax is levied on
proprietary medicines instead Of the ex-
listing stamp taxes ~ order that the tax
may be collected from the manufacturer
An exemption is allowed on the first
$500 received in income on stocks or in
interest from building and loan associa-
tons for the purpose Of encouraging in
vestments in such associations and home
building through their assistance
The Ways and Means Committee plans
to present the completed bill to the
House next Monday, have it adopted in
a Republican caucus Monday night and
passed by the House before the end Of
the next week.
RECESS HOPE HELD
OUT TO SOLONs.
Republican leaders in Congress oiled
the wheels Of the legislative machinery
and DANCED the hope OF a thirty
day recess before the eyes of
the lawmakers with the promise
that they could have It If certain ex-
pectations of the Administration are full
filed during the coming week
Differences of opinion exist between
Senate and House leaders as to the
probable date for the beginning Of the
proposed summer vacation. Senate chief
tains insist that the measures upon which
action is demanded by President Hard
ing before n recess can be taken may
be disposed of by Aug. 20, while House
leaders declare that it is likely to take
longer
BIG MEASURES
HANG FIRE.
Despite the fact that the present ex-
traOrdinary session of Congress was
called for the express purpose OF revis-
ing the revenue laws and enacting a new
tariff law, neither Of the pending bills
has reached the stage where it can be
acted upon finally, so the Administra-
ton has turned its attention 70 other
measures.
The program which the President has
communicated to Congress includes the
passage Of the taxation bill by the House
and its reference 10 the Senate Finance
Committee, the passage by tho House
Of the Administration bill 10 authorize
the War Finance Corporation to make ad-
vances fO- the expectation Of agricul-
tural products. final action on the bill to
provide favorable regulation of grain ex-
changes, and passage Of the resolution
extending the emergency tariff bill for
two months.
PRINTER TO GET
REVENUE BILL.
The revenue bill is expected to 60 20
the public printer Friday or Saturday
Of this week. II this schedule is ad-
hered to it can be formally introduced
in the House Monday and referred TO a
Republican caucus on the evening Of the
same day. Every effort win be made by
the Ways and Means Committee and the
Republican leaders to jam this bill
through before the end Of next week, but
the Senate Finance Committee may not
be able TO get it until 4 week later, or
on Aug. q.
Passage of the other measures on the
Presidents program may not he effected
as easily as hoped for.
T-o.o VTToe MAJ