Every evening, Wilmington daily commercial., 1921-11-08
IA BILL REDUCES
U. S. YEARLY INCOME
BY $3.50. 900. 900
Continued from page /

Other outstanding provisions OF the
iii are:
A reduction in tho maximum
surtnx rate from 65 per cent on all
over 81 100000 to 80 per cent on
all over 100000 as against the
House reduction 10 80 per cent on
an over $4,000.
Retention of the House provi-
sion granting increased normal
exemptions OF $500 TO heads of
families having net incomes of
$4,000 or less and 5000 on account
OF dependents.
Repeal OF shc $4,000 normal ex-
emption to corporations. except
In the case OF those having net
incomes of $4,000 or less.
An increase in the estate tax
minimum rate from 25 per cent
ON all over sio.ooo,ooo 10 80 per
cent ON all over 500, 100000.
Increased taxes on medicinal
beer. wine and whisky.
A provision taxing gifts OF prop
erty by any person Mt rates rang
ing from one per cent on the
amount between $4,000 and $780,
600 TO 25 per cent on all over s1o.-
100000.
Besides these changes the bill woulJ
repeal taxes on;
Parcel post packages.
Proprietary medicines, toilet
soaps and toilet soap powders.
tooth pastes. tooth and mouth
washes. toilet powders and Pc
troleum jellies (stamp taxes).
Pianos and other musical in
struments.
Umbrellas, parasols, sunshades.
picture frames and various arti-
olcs OF wearing apparel costing In
excess of certain amounts ESQ
called luxury taxes).
Insurance premiums.
Articles made Of fur.
Moving picture films.
Ice cream.
Chewing gum.
sporting goods including biz
lizard balls and tables. pool tables
and dice.
Admissions where the cost does
not exceed 10 cents.
Pleasure boats and canoes cost
Ing less shan 500,
Thermos and thermoStatic bot
ties and jugs.
Portable electric fans.
Bonds Of indemnity and surety
tstamp taNos).
Taxes proposed 20 he reduced in
clude those on:
Candy from Ave per cent TO
three per cent.
Works OF art from 10 per cent
20 five per cent.
Capital stock issues having n
par value OF less than 500 share
tstamp taxcs).
Cereal beverages from 15 per
cent of the sale price TO two cents
a gallon.
Carhonated beverages from 10
per cent OF the sale price TO two
cents a gallon, plus five cents a
gallon on the syrup used In their
manufacture.
Taxes proposed 10 be increased ais
include those on:
Corporation income from 10
per cent 90 IS per cent.
Alcohol when diverted unlaw-
fully for beverage purposes. from
Ss20 a gallon 10 $3.50 gallon.
Tire big fight between the Senat
and House is expected 10 develop owe
The income surtax rate with the gen
srai belief al both ends Of the capitC
that the conferees viii reach a com
promise az a figure around 40 pc
cent.
House Republican leaders believ
they can scotch the movement anon
some Republicans from Wester
States TO have the House instruct II
managers 10 accept the Senate max
mum rate.
In the final drive in the Senai
last night 10 pass the bill. man
amendments were offered, but few /,
them were accepted. The most in
portanf Of those approved was tn:
/ taxing gifts OF property, which
designated 10 prevent evasion Of y
suriax by wealthy individuals by
distribution Of their property amor
their relatives.
i Under another amendment. gail
realized by taxpayers from the sale
corporation stock would be taxed {
the fun amount Instead OF on only
lser cent, az IL was claimed would
the case had the capital asset defin
ton In the bin remained unchange