The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-11-08
REDUCTION in
NATIONS TAX
New Measure Will Yield $780,
100000 Less in Revenue
Than the Existing Law.
PROVIDES FOR REPEAL
OF EXCESS PROFITS TAX
Also All of the Transportation
Taxes on January / as Well
as Surtax Reduction.


revised tax revision bill finally was
passed by the senate at 1880 a. m. to-
day after. session lasting more than
3 hours. II stil must run the gauntlet
of senate and house conferees before it
reaches the president.
The vote was 3S to "a. three republic
cans-LaFollette, Moses and Norris
voting against the BILL and one demo
2rat, Broussard supporting It.
AS now drawn, the bill is estimated
by treasury experts to yield approx
mately S3.250. 600 600 for the fiscal year
ending next June 80 or 100000, 600 less
than the existing law. II all Of the
changes proposed become effective,
however. the measure ultimately will
reduce the nations tax bill by approx
mately S750,000.00O year.
Outstanding features OF the tax re-
vision bin as passed by the senate pro-
vide for repeal OF the excess profit tax
and an Of the transportation taxes on
next January l. and a reduction Of the
surtaX rates all along the line, with the
maximum rate reduced from 65 per
cut to so per cent
Besides these changes. the bill would
repeal taxes on
Parcel post packages
Proprietary medicines. toilet soaps
and toilet soap powders, tooth pastes.
tooth and mouth washes, toilet pow
ders and petroleum jellies (stamp
taxes)
Pianos and other musical instru
nlents.
Umbrellas. parasoIs sun shades.
picture frames and various articles OF.
wearing apparel costing in excess OF
certain amounts. (so-called luxury
taxes).
Insurance premiums.
Articles made OF fur
Moving picture films
Ice cream
Chewing gum.
Sporting goods, including billiard
balls and tables. pool tables and dice.
Admissions when the cost does not
exceed ten cents
Pleasure boats and canoes costing
less than 500.
Thermos and thermostatic bottles,
and jugs.
Portable electric fans.
Bonds Of indemnity and security,
(stamp taxes.
Taxes proposed to be reduced in
clude
individuals, incomes or $4,000 Or less
through Increased exemptions Of $500
to heads OF families and 5000 for each
dependent.
Candy from five Per cent to three
per cent.
Works OF art from ten per cent 70
five per cent
Capital stock issues having par
value Of less than S10O a share, (stamp |
taxes).
Cereal beverages from 15 per cent |
OF the sale price to two cents a gallon. !
Carbonated beverages from 10 per
cent Of the sale price to two cents |
gallon plus five cents a gallon on the |
syrup used IN their manufacture
Tax proposed to be increased in
ciude those on;
Corporation incomes from ten per
cent 20 15 per cent.
Corporations through the repeal OF the
$4,000 normal exemption on those having
capital stock in excess of $4,000.
Estates taxes where the total sum ex-
ceeds $40. 600 GOO
Medicinal beer, wine except cham
pagne) and whiskey.
Alcohol when diverted unlawfully for
beverages purposes from S2.20 gallon to
SG40 a gallon.
Taxes proposed 70 be changed in form
include.
Stamp levies on perfumes. essences.
toilet waters. extracts. hair oils, etc. to .
manufacturers levies at four percent.
Retail taxes on fountain drinks to
manufacturers levles Of 1-2 cents a
galon ON finished fountain syrups for
such drinks.
Retail luxury taxes on carpets. rugs,
trunks, valises. travelling bags. suitcases.
hat boxes. fitted tonet cases. purses,
poekethools.s = shopping and hand bags,
portable lighting fixtures. including
lamps Of all kinds and lamp shades, and
fans costing in excess Of certain amounts
TO manufacturers taxes on i've percent.
Senate conferees on the bill were
named as follows Senators Penrose. I
Mccumber and Smoot. republicans; SIM
mons and Williams. democrats. The bill /
IS 70 be reported to the House wednes-
day and republican leaders plan ont
Thursday 70 send it to conference.