Polk County news. [volume] (Benton, Tenn.) 191?-1983, 1921-10-13
LEADERS OF G. 0. P.
CONFER ON TAXES
MAIN POINTS IN PROGRAM ARE
INCREASE IN MAXIMUM
SURTAN RATE
MANY SUGGESTIONS OFFERED
Senate Chiefs Agree on Tentative
Program Of Changes Devised
To Unity Party

Washington. - Republican senate
leaders in series of conferences re.
Gently agreed upon a tentative tax
revision program which they believe
will close the principal gap within
their party. ranks in the senate and
at the same time prove acceptable to
the republicans in the house Of repre-.
sentatives.
Main points in the program are an
increase in the maximum surtax rate
from 81 per cent to so per cent and
repeal OF the tax on freight, passenger
and Pullman transportation In addi-
ton it is proposed to repeal the $4,000
exemption allowed corporations. which
would mean an additional 100000 OF
revenue from corporate sources, retain
the corporation capital stock tax. esti,
mated to yield $75,O0O,O 900 next year.
and repeal the various so-called nuts. |
ance taxes, such as those on soda |
water cosmetics, proprietary med
icines and the like.
There also was said to have been a
tentative agreement to increase the
estate taxes so as to have maximum
OF 40 or so per cent ON estates in ex-
cess OF $100,000,000. The present max.
mum Is 20 per cent on estates of So.
100000.
Most leaders were understood to
nave favored the committee PROPOSAL
or a flat tax of Is per cent on cor
)oration incomes. but there was some
discussion of a graduated tax with
he rate Of per cent on corporations
'aving an income Of $4,000 or less
early. The question of increased
irst class postage rates also was
rought up again, but these and other
matters are to be thrashed out at a
Meeting of Republican members of
ne finance committee, to be called
'ith1n short time.
In advance Of this meeting. Senator's
'enroot, of Wisconsin, and McCor. I
lick, OF Illinois, leaders of the pro- q
Fesslve group, are to draw up amend e
ents embodying the proposed n
langes for presentation to the COM y
ittee republicans. 1t is the plan
nave the amendments presented
the floor as committee proposals
18th view of expediting action on p
e tax bill.
In framing their program, the lead.
considered and rejected the Smoot f
anufacturers' sales tax plan and
80 approved the committee proposal n
repeal the excess profits tax as tn -
xt January l. Active fights for the
les tax and against repeal of the pro.
tax are promised, however. on the
1ate foot. Senator Smoot gave -
tice recently that he would speak at 81, I
9Th on his plan next week.
senator's Lenroot and Mccormick no
nj over the proposed changes in re
Dill with treasury experts recent -,
and it was said later that while t M
changes would involve q shifting
tot0 of about $260,0OO, 900 in acl
es, the total TO be raised under the
amended as planned would be an bic
xInateiy the same as under the ON,
sinal measure-$3,324, 900 600. with IL
lat 10 per cent tax on corporate bea
'me, the corporations would nav the
estimated total of $S45, 0OO. 900 n con
under the revised bill as against n
',oOO,0O0 under the pending meas. Swi
the difference being accounted olat
through the proposed repeal of hin hin
$4,000 exemption and retention of Die
capital stock tax. purt