The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1921-08-16
TAX REVISION
BILL PRESENTED
Changed to Make Repeal OF
Excess Profits Effective
In 1922
INCREASE INCOME
100000, 900 A YEAR
Total Tax Reductions Estimated al
$3.50, 000, 03O-Exemptions TO Heads OF
Families Increased-Farmers Cooper
alton Buying Associations Exempted

WASHINGTON, Aug. 1G.-The adj
ministration tax revision bill was laid be-
fore the house of representatives yester-
day after the Republican membership Oh
that body in conference had changed 1t so
as to make repeal of the excess profits tax
and the income surtax rates in excess OF
81 per cent effective next January /, in
stead of last January i.
This change, on the basis of previous
treasury estimates. would result in the
CORPORATIONS and individuals with large
incomes paying to the government in the
next calendar year something like $780,
GEO. 900 more than they would have paid
had the administration plan of making
the repeats retroactive prevailed.
Total tax reductions for this fiscal year
under the bill as revised were estimated
by some majority members of the ways
and means committee at S35OOOO,00O. as
against approximately SJJ00O0,0O0
! planned by committee Republicans, and
the total tax yield at about $4,000 0O,-
1000.
Corporation Income Tax Reduced.
! As a result of the changes made by the
| Republican conference, majority commit
! tee members further amended the bill be
! fore its presentation in the house so a
/ to make the corporation income tax Il =
per cent after next January /. instead OF
| u per cent as originally planned, and the
manufacturers tax on cereal beverages
| six cents gallon instead of Il cents.
! Under plans adopted by the party con
! ference, the bill viii be taken mp in the
house at IL a. IN. Wednesday under &
special rule calling for final vote at :
ip. IN. Saturday. Two days will be given
over to general debate and two days t.
, consideration of amendments under tn,
/. five-minute rule. with amendments of com
i mittee members given preference.
u Democratic members of the house plan
to hold caucus this afternoon to decid,
! upon a course of action while the meas
ure is under consideration. They alsC
are expected to determine whether Demo
Gratis on the ways and means committe,
shall file a minority report.
Aside from the revisions of the levy
sections already referred to. the bill pro
poses repeal of all of the transportation
taxes, effective next January /; increase,
exemptions to heads of families and mar
ried men having incomes of less thar
h $1,000; decreases in the levies on candy
n sporting goods furs and art and ar
works; the substitution of manufactur
ers' taxes for the so-called nuisance anC
luxury levies. and other changes. detail,
of which have been given in previous As
Sociated Press dispatches.
President and Judges Get Exemption.
Additional revisionS include exemption
from taxation of the salaries of the PreSi
dent of the United States and the judges
of the supreme and inferior federal court,
and also amounts received by individuals
as compensation. family alIotments an,
! allowances under provisions of the wal
risk insurance and vocational rehabilita
I ton acts.
/ Exemption from taxation would b,
granted to farmers cooperative purchas
ling organizations and selling organiza
tons where the materials bought ar,
turned over to members of the organiza
tons 'at actual cost plus necessary ex