South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-11-08
MANY OUTSTANDING
FEATURES OF TAX
BILL ARE OUTLINED
Provide for Repeal of Excess
Profits Levy and Other
Assessments.

WASHINGTON, Nov. L Out
standing features of the tax revision
bill as passed by the senate provide
for repeal Of the excess profits tax
and all Of the transportation taxes
on next Jan. l. and a reduction Of
the surtax rates all along the line,
with the maximum rate reduced
from 50 per cent TO SO per cent. Be
sides these changes, the bill would
repeal taxes on:
Parcel post packages.
Proprietary medicines, toilet
soap, powders. tooth pastes. tooth
and mouth washes, toilet powders
and petroleum jellies. (Stamp
taXes.)
Pianos and other musical instru-
ments.
Umbrellas, parasols, sun shades,
picture frames and various articles
of wearing apparel costing in excess
of certain amounts; (so-called lux
ury 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 where the cost does
not exceed ten cents.
Pleasure boats and canoes costing
less than 500.
Thermos and therm estate bottles
and jugs.
Portable electric fans.
Bonds Of indemnity and surety
STAMP taXes)
Taxes proposed to be reduced in
clude those on:
Individual incomes OF $4,000 or
/ less through increased exemptions
OF $500 to heads Of families and $500
for each dependent.
Candy from five per cent TO three
per cent.
Works of art from 10 per cent to
five percent.
Capital stock issues having a par
value of less than 500 a share
| (stamp taxes.)
Cereal beverages from Is per cent
of the sale price to two cents per
gallon.
Carbonated beverages from 10 per
cent Of the sale price TO two cents
gallon plus five cents a gallon on
I the syrups used in their manufact-
ure.
Taxes proposed to be increased
include those on:
Corporation income from 10 per
cent to Is per cent.
! Corporation capital stock where
/ the amount exceeds 100000.
Corporations through the repeal
Of the $4,000 normal exemption on
cess Of $25 600.
Estate taxes where the total sum
exceeds 100000.
Medicinal beer. wine Except
/ champagne) and whiskey.
Alcohol when diverted unlawfully
/ for beverage purposes. from $500 a
gallon TO $40 a gallon.
/ Taxes proposed to be changed in
\ form include:
/ Stamp levies on perfumes, es-
! sences toilet waters. extracts. hair
I OllS. tAt.B ~ Observation-Disclosures ltN4tc
at four per cent.
| Retail taxes on fountain drinks to
manufacturers levies of 1-2 cents
n gallon on finished fountain syrups
for such drinks.
Retail luxury taxes on carpets.
rugs trunks. valises. travelling bags
/ suitcases hat boxes fitted toilet
1 cases, purses. pocketboOks shop
ping and hand bags portable light
ing fixtures. including lamps Of all
kinds and lamp shades and fans
| costing in excess of certain amounts.
\ to manufacturers taxes Of five per
cent.
Levies on gifts of property by any
/ person at rates ranging from one
per cent on the amount between
/ $40 600 and $50 900 10 % per cent
on SO 100000 or more.
Manufacturers tax Of three per
! cent on carbonic acid gas to make
up part of the revenue lost in re-
/ pealing the soda water taxes.