The Lubbock avalanche. (Lubbock, Tex.) 1909-1922, 1921-08-18

Washington, Aug. u The admin
istration tax revision Bill was laid be
fore the House of Representatives
today after the Republican member
shin Of that rody in conference had
changed II 80 as 10 make repeal Of
the excess profits tax and the income
surtax rates in excess Of 80 per cent
effective next January ], instead Of
last January |.
This change on the basis Of prev
ious treasury estimates would result
in the corporations and individuals
with large incomes paying TO the
government IN the next calendar
year something like 100000, 900
more than they would have paid had
the administration plan Of making
the repeals retroactive prevailed.
Total tax reductions for this fiscal
year under the bill as revised were
estimated by some majority members
Of the ways and means committee at
$3.50, 900, 900 as against approxima-
tely $3.50, 000,0 900 planned by com
mittee Republicans and the total tax
yield is about $4,000, 900, 900.
As result Of the changes made
by the Republican conference major
ity committee members further
amended the bill before its present
alton IN the House 80 as 70 make the
corporation income tar twelve and
one-half per cent after January /, in
stead Of IS per cent as originally
planned.
The manufacturers' tax on cereal
beverages will be six cents a gallon
instead 81 twelve cents. Under plans
adopted by the party conference, the
bill will be taken up IN the House at
II a. m. Wednesday under a special
rule calinlg for a final vote NJ p. m.
Saturday. Two days will be given
over 20 general debate and two days
20 consideration Of amendments, I'M
der the five-minute rule. with amend
ments Of committee members given
preference
Aside from the revisions Of the
levy sections already referred TO, the
bill proposes repeal Of all the trans
portation taxes effective January ! =,
increased exemption 10 head Of fam
lilies and married men having in
comes less than $1,000, decreases in
the levies on candy. sporting goods,
furs and art and art works; substi-
tuition Of manufacturers taxes for the
so-calied nuisshce and luxury levies
and other changes. details Of which
have been given IN previous Associa-
ted Press dispatches.
VIII Exempt President.
Additional revisiOns include ex-
empii0n from taxation 81 the salar-
les n the president Of the United
States and the Judges Of the supreme
and inferior courts and also amounts
received BY individuals for compen-
sation. family allotments and allow
anccs under provisions Of the war
risk Insurance and vocational re-
Mobilization acts
A change also - made in life in
Suarnce company taxation, the bill
requiring them 20 pay the normal
corporation tax in lieu Of the levies
on policies when written and al other
present tavcs except the col j,0T atiun
stock tar and certain stamp taxes.
Exemption from taxation would b.
granted 90 farmers cooperative pur-
chasing organizations as well as 20
selling organizations where the ma
terials purchased are turned over
10 members Of the organization AT
actual COS, and plus necessary expen-
ses."
Other reyisions provided that no
amusement tax shall be levied on adj
missions, oil the proceeds Of which
insure exclusively 90 the benefits Of
positions in military and naval SER
vice or 10 persons who have served
in such forces and are in need; that
the jewellers tar Of five per cent on
eyeglasses and spectacles and the
manufacturers tax Of five per cent
on portable electric fans shall be re-