Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1921-08-19
|IC SAVING IN
new TAX BILL
n rOrdney Promises 1884,
100000 Drop in Leyies
This Year.
ICREAsEs IN SIX ITEMS
action Of s7eo,sso,oOo in Tax Bill
!, Nation VIII Result From
Changes in 1918 Revenue Act
Embodied in Measure.

Embodied in Measure.
,r.shinoton. Aug. 1S.-A reduction
eco $780, 600 in the annual tax bill
no nation win result from the
.ares in the 1918 revenue act en-
Nod in the new administration tax
chairman Fordney of the ways
noans committee declared in a
i oioritv report filed on Tuesday with
e house.
Gina smuch as the repeal of the ex-
. nrofts tax and reduction of surtax
tos on individual incomes do not be-
8 MO effective until the calendar year
E97. the report said, "$4O6, 100000
tbe contemplated loss of revenue
m not be reflected in revenue col
lotions prior to 1928"
Actual reductions in taxes for this
heal year, the report continued, are
Etimated at approximately $2OO,OOO,-
D total collections under the new
IN belng figured at $780, 100000 as
Vainst estimated collections of 3d.
EaOO0OO0 under the present law.
n Estimated reductions in taxes be-
inning with the calendar year 1928
q given in the report as follows:
Il Repeal of excess profits, January /,
BIZ, S450,0O0,000.
q Reduction of surtax rates on inGi-
&dual incomes to 80 per cent JGnu-
ty /, 1922, S9O.0OO,0O0.
\ Increased exemptions of heads of
kmilies to $500 for incomes not in
|kcess of $1,000, $40,OO0,0O0.
Additional exemptions for depend
BIS, increased to $500 from $500, $780,
E0O0O
Repeal of all transportation taxes,
bnuary l, 1922, $262. 100000.
Repeal of tax on life insurance, $685.
A0OOO.
Repeal of taxes on beverages, $780,
[OOOO.
Reduction of taxes on candy, 49,
10000
Sporting goods, 100000.
Furs S4,510,000.
So-called luxury taxes, $15,000,000.
Estimated gains in taxes beginning
ith the calendar year 1923 are given
follows:
Increase of corporation income tax
EOm 10 to 121a pei cent, January /,
~, $133, 10000.
License to sellers of soft drinks,
$QOOOOOO.
Tax Of 8 cents on cereal beverages,
k2OOOOOO
Tax Of 8 cents on carbonic acid gas,
100000.
Taxes on fruit juices, still drinks
p fountain sirups, $12,000,OOO.
substitution of manufacturers taxes
toilet preparations and proprietary
<edlclres for existing stamp taxes,
100000.
Inc total loss in revenue is thus
Faced at $96S,OSOOo0, and the total
pms at Sl77,7500OO, leaving the net
rs of $790,330,OOO.
overnight changes made In the bill
EOvlde for corporation tax of 1914
cent instead of 10 per cent on
Il insurance companies, effective
S year, this levy to be in lieu of ali
uef taxes, including those on poll
. except the corporation stock and
Eamp leyies.
- the case of individual taxpayers
iNing profits from the sale of CAPT
assets, a 10 per cent tax on the
y IRON the disposition of such as
= would be imposed where the net
.,me and capital assets gain ex-
Vuea $4,000, instead of $50 900, as
M III the original committee draft.
ane revised bin was approved for
a"S oy the ways and means commit
n WIN the Democratic members
'us solidly against it. The Dem
40 ~ pan to file a minority report
,r, snich they say they will present
NY, ss 70 show that with few ex-
Ir, sgus the effect of the proposed tax
SONS Will be to lower the sums
I'M " nose best able to pay. 1t
Isn y framed at caucus of house
poi p,eSeL 1atiye Frear of Wisconsin.
Man, p1olcan member of the ways and
sr NC ,Coihlnittee, said he would file
iss ornamental majority report dis
b. 'ile sales tax, which he OPP
, a. and suggesting taxation of IN
Pfohts Of corporations.