The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1921-05-02
Treasury Head Asks
Congress For Early
Action On the Plan
EXCISE TAX AND Ex011Ho
s2.ooo INCOME OF CokHo1A.
TIoNS.
REApJusrMENT OF INCOME TAI
BATE so THAT NO INCOME fAxS
OVER FORTY PER CENT
THIS YEAR
REPEAL OF THE So-cALL10 1UA'
URY TAXES AND SUCK LxV1GS
As ARE IMPOSED ON ToUN-
TAIN DRINKS.
SEEKS IMPOSITION OF NEW AID
ADDITIONAL TAXES As TO no.
VIDE FOUR BILLION IN
1s2c-23.
EXCISE TAX AND Exu11AG
$4,000 INCOME OF cokRo1A-
TIoNS.

Washington. May -Four sDeohc
ururnsals for revision Of the fedefal
taxes ar" made tn congress by Secre'
1arv Melton. with recommendation
Iur early action :" That the new taXl-
Ton can he applied for this calendar
year. They arc:
Ie;~al uC the cNrcsS profits taxes ard
tn. existing $1,000 income Exemption
OF corporations. the loss OF revenue 20
H.. made good 10y L Modified tax On coz
nnr,to profits or n late additional H.
n,rnc tax on corporations. to yield on
a..!rr.:,i. Of between siO000o,o0O AM
$JnG. "p0. non.
g.":!ijuS;mcnt Of income tax rates sc
thai u" income will pay more than ~
y. cent This year. and CS per cent there
after. with q View 10 producing agRrc-
gate r,.v-nucS substantially cquiralcrt
20 the -i!mtcd rrCcip. from he income
az ,.nd"r h.. existing law.
Rrp-al rf IN" Sn-rallel luxury taxes
together With the nuisance" taxes
surh ~ thu.r IN soda fountain drinks,
hu: r"t"u:irn # the transportation and
miscellaneous sp,c:f" sales taxes.
lmrosi,icn OF sufficient new and adj
d;iionul taxes Of wide application
such as increased stamp taxes or IL
c..nst taNrs on the use Of automobiles.
,r brin:. tie total revenues from inter.
M! taxes after making the changes
above suggested 10 about 34.OO0,o00,O00
in thr tlsca! years 1922 and 1923.
Sent 10 Committee KsadS.
ri. trra srry secrctary's suggestions
f.. contained in a letter to Chairman
Fordncv Of the house ways and means
committee which WAS made public To-
dav =, The treasury department. =
rnn- Of il also was transmitted 10
, chairman Prnrosc of the senate nnanc9
committee.
AR. Mellow suggests adoption or the
adrbii,:strat! tive amendments to the rev
rnuc 1&,rI simplifying collections 9i'd
Tina! settlements and permitting under
~. Guards. rho carry;pg over OF net
!. y>.s Nv Taxpayers fdp one year as
d.d,,c,tUn from incomes OF succeeding
ycrrS.
"'rh~ trrLS,ry e not prepared ~.
urr;nr .aIs, TO recommend at th!s
m, arv general sales tax and particu-
tart, = ,h> general sales tax Is to su-
per-. cda tive highly productive specthc
..,l.s tax HOW in effect on many reia-
lively nou-csS1ntial articles
~. Mellon says also that he wishes
II VIC :. possible 10 recommend the re-
yea, Of ;!Ic Transportation IA uut duu1
thu. !. produces annually around $3.50.
un1. moo and :; repeal cannot be chectsd
". u safely "un!csS CONGRESS has an &C.
, pta Die substitute TO Offer"
Hit Exemptions
Th" secretary Of the treasury also
suggests To congress that 1t may DO
';,uv:saric" 10 take action by statuate
Of nv constitutional amendment to re-
str,r, further issues OF td?~>S-0cpt Sc
curiiirs. SAYING it IS estimated
there are now outstanding perhaps $lo'~
900 100000 Of tan exempt securitles' the
existence OF Which CONSTITUTES an econ
u.n,,r evil OF tho first ms gnttude.
10 points gu. that It Is now the
policy OF the federal government not TO
issue its own oblgati on* free from pro-
ITS and surtaXcs but that states and
mua!c: p;.iiiies are issuing full tax ex-
cmpt securities in Sreat volume.
Cut Expenditures.
Emphasizing that expenditures Tor
this iisca! year have been at the rate OF
$4,000. ono. 900. Mr.. Mellon warns con-
gross that tho nation cannot continue
20 spcnd at this shocking rate" Sub.
lantial cuts IN current expenditures, he
says offer the only hope OF Effective re-
lief from the tax burdens.
Tho last congress-" he goes on 10
(Ce7ttnusd on &aSo Ss1S