The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1921-06-09
IN NATIONS CAPITAL
Four Bills introduced in Senate In
cooperating Plan for Revision
of Federal Tax Laws.
House Committee Prepares Schedule
to Give Ample Protection to
Agricultural Products.


vision of federal tax laws is included
in four bills introduced by Represen-
tative Keller. Accompanying the
bills Mr.. Keller presented a budget
in which it was contended that the
bills, together with the customs and
miscellaneous revenues, would raise
sufficient funds to meet the expenses
of the government in addition to pro-
viding a sinking fund which would
pay the federal debt in 80 years. The
first bill repeats all existing trans
portation and sales taxes except those
on tobacco, distilled spirits, oleomar-
gerine, habit forming drugs and prod
ucts of child labor. 1t also repeats
the excess profits tax and the 10 per
cent tax on the incomes of corpora
tons. The second bill amends the in
come tax law so as to distinguish be-
tween learned" and "unearned" in
come. The third bill amends the in
heritance tax. Beginning with estates
of $4,000 to $4,000 there is tax of
1 per cent; $4,000 to $4,000, 2 per
cent; $4,000 to $150,000, per cent;
$150,000,000 to $250,000, 6 per cent;
the taxes then are graduated on an
increasing scale until the point of
$100,000,0O0 is reached, after which
the tax is 80 per cent. The fourth bill
provides for a tax of 1 per cent on
land values in excess of $4,000, after
exempting buildings and improve
ments, and in the case of farms cost
of clearing, draining and maintenance
Of fertility. This bill aims at tax
monopoly holders of natural resources,
valuable "sites" in cities and holding
Of land out of use. The exemptions
are so applied to farms as to exempt
from taxation, according to Mr.. Kel-
ler's estimate, approximately 90 per
cent of all actual farmers.
Assurance is giv-n t,:ct the agricu:-
tural schedule Of the permanent tariff
bill, as prepared by the house commit
tee on ways and means, will give am
pie protection to agricultural products
without doing injustice to the con-
sumer.
Government officials, referring to
reports that the Preparations commits
sion may ask the United States to
turn in German ships seized at the
outbreak of the war, made it clear
that the United States does not pro-
pose to surrender any of them and in
sists that it has a clear title to their
possession.
After hearing the denunciation of
the shipping board for its mismanage-
ment Of the merchant marine by SENT
tor Kenyon and others the senate ap-
proved $75,O00,OO0 deficiency ap-
preparation for it and a few hours
later passed the deficiency appropria-
ton bill carrying total Of $156,OOO,-
900, inclusive of the shipping item. In
approving the appropriation the SEN
ate added an amendment offered by
Senator Lenroot directing the board
to sell all wooden ships by October 1,
next.
BY straight party vote the house
foreign affairs committee reported the
Porter peace resolution providing for
termination Of the state of war be-
tween the United States and Germany
and Austria Hungary. Democratic
members Of the committee opposed it
and announced the fight would be
shifted to the floor of the house. Rep
resentative Mondell of Wyoming in
formed the house that the resolution
would be called up today. Backed by
the full republican strength of the
committee, leaders declared it would
probably be passed.
In spite of threats that their votes
would return some day to plague
them, senators approved the $500, OOO,-
900 naval appropriation bill after re-
jecting every effort looking to econo
my.
A new disarmament proposal giving
the president wide and unrestricted
powers to effect reduction of fighting
establishments in the manner he
deems wisest was approved by republi-
can leaders of the house.
The federal government in supreme
court on Monday dropped it's anti
trust suit against the American Can
company. The case was one of the
governments big "trust busting"
suits. In lower courts the government
failed to obtain decision against the
company, and on Monday asked the
court to DISMISS it's appeal. The mo-
ton was granted Immediately.
Secretaries Hoover and Wallace
have called a conference of farmers
and grain dealers to pass on a plan for
improving grain warehousing which
would enable the farmer to market
his grain on the most favorable terms
and enlarge his credit.
Once the railroad problem is solved
the whole industrial situation will
clear up, according to Vice President
Coolidge, who made public his views
on business conditions in a carefully
dictated interview. The country can
not prosper, Mr.. Coolidge thinks, until
transportation costs are brought down