The county record. [volume] (Kingstree, S.C.) 1885-1975, 1921-11-10
TAX BILL PASSED
BY The SENATE
BILL AS PASSED REPEALS SOME
AND REDUCES OTHER TAXES
NOW EFFECTIVE.

Associated Press dispatch from
Washington Monday says: The much
revised tax revision bill finally was
passed by the senate at 1:35 a. m.
today after session lasting more
than Is hours. 1t still must run the
gauntlet of senate and house conferees
before it reaches the president.
AS now drawn the bill is estimated
by treasury experts to yield approx
mately $3,250,00O,O0O for the fiscal
year ending next June 80 or $780,
100000 less than the existing law.
If all of the changes proposed become
effective, however, the measure ulti-
mately will reduce the nations tax
bill by approximately s750,O00,00O a
year.
Outstanding features of the tax
revision bill as passed by the senate
provide for repeal of the excess pro-
fits tax and all of the transportation
taxes on next January 1, and a re-
duction of the surtax rates all along
the line, with the maximum rate re-
duced from 65 percent. to so per cent.
Besides these changes, the bill
would repeal taxes on:
Parcel post packages.
Proprietary medicines, toilet soaps
and toilet soap powders, tooth pastes,
tooth and mouth washes, toilet pow
ders and petroleum jellies (stamp
taxes).
Pianos andother musical instru-
ments.
Umbrellas, parasols, sun shades,
picture frames, various articles Of
wearing apparel costing in excess Of
certain amounts and socalled luxury
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.
Admission where the cost does not
exceed ten cents.
Pleasure boats and canoes costing
less than $10O.
Thermos and thermostatic 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 5000
to heads of families and 5000 for each
Candy from 5 per cent. to 8 per
cent.
Works of art from 10 per cent. to
5 per cent.
CAPITAL stock issues having par
value of less than S100 a share (stamp
taxes).
Cereal beverages from Is per cent.
of the sale price to 2 cents gallon.
Carbonated beverages from 10 per
cent. of the sales price to 2 cents a
gallon plus 5 cents a gallon on the
syrup used in their manufacture.
Taxes proposed to be increased in
clude those on:
Corporation income from 10 per
cent. to per cent.
Corporations through the repeal OF
the $4,000 normal exemptions on those
having a capital stock in excess OF
$4,000.
Estate taxes where total sum e3-
ceeds $4,000.
Medical beer, wine Except cham
pagne) and whiskey.
Alcohol when diverted unlawfully
for beverage purposes from $Z.ZO
gallon to $6.40 a gallon.
Taxes proposed to be changed in
form include:
Stamp levies on perfumes, essences,
toilet waters, extracts, hair oils, etc.,
to manufacturers levies at 4 per cent.
Retail taxes on fountain drinks to
manufacturers levies to 71-2 gallon
on finished fountain syrups for such
drinks.
Retail luxury taxes on carpets, rugs,
trunks, valises, travelling bags, suit
hat boxes, fitted toilet cases, purses,
pocketbooks, shopping and hand bags,
portable lighting fixtures, including
lamps of all kinds and. lamp shades,