Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-11-01
FOR SOLDIER
BONUS IS LAUNCHED
IN SENATE BY REED

ure behind the tax revision bill easet
off perceptibly Saturday in the senate
after it had become apparent tina
there was small prospect of a fna
vote before the middle of next week
Little progress was made today or
the measure and there was no effort
to force a night session.
Negotiations between the majority
and the minority looking to an agree
ment for a day for a final vote fel
! through. Later Democratic leaders
estimated that the bill might be
passed by next Wednesday or Thurs
day. Some senators on the majority
side thought the vote would come
by Tuesday, while there were 9th
er estimates that it might be de
| layed until next Saturday. :.
! I'VE have now broken the BACK
of the movement 10 force this Dill
| through without proper consldera,
lion" said Senator Simmons, OF
! North Carolina, ranking Democrat
! on the finance committee. Mem
bers on both sides apparently have
come to the conclusion, as a result
| of criticisms, that the bill should
be given most careful scrutiny and
consideration" Only TWO amend
ments to the bill were disposed OF
| during the six hours the senate was
| in session today. Under one change
adopted on motion of Senator Reed,
| Democrat, Missouri, income tax re-
Of hnrh onIsnnr9 ti0nS and ln0l.
viduals would be open to inspection
| by direction of either house OF con
| gress. Under the existing law these
returns are opened for inspection
only upon orders of the president.
Fight for Bonus Launched
Explaining the proposal, Senator
Reed said this information should be
at the disposal of congress as much
of it would be necessary in writing
tax and tariff laws. He pointed out
that representatives of interests ap-
pearing recently before the finance
committee asking for high tariffs had
refused to give information as to
their profits or salaries.
Before the senate recessed until
Monday, Senator Reed also launch
ed his fight for the soldiers bonus,
which he has proposed shall be paid
put of funds obtained by continuing
the excess profits tax. In a Vigor-
Gus speech, he declared that his
amendment was designed Ito pay the
bonus from the profits Of the war
profiteers.' .....
II am only taking the funds he
said, turning to the blicans,
that You propose to. throw away
aud leave in the hands Of the profit
GERS. You can put this money in
the hands Of the soldiers and not
adversely affect the fiscal policy of
the government. That answers all
arguments raised against the bonus
by the presidents letter"
Reading the message of President
Harding and the letter of Secretary
Mellon opposing the bonus at the
present time, Senator Reed charged
that it was the Republican plan to
''kill' the bonus bill.
Clearly Secretary Mellon had y
hand in this" said Senator Reed
citing that Mr.. Melons first state.
ment against the bonus preceded the
presidents by six days.
Long Fight on Amendment
The Republicans, Senator Reed
continued, proposed to leave mil
mons in the pockets of the ultra
rlch, and refuse to COMPENSATE for
men service men.
Nearly three hours of the senate
session was consumed iii Il fight
against an amendment offered nv
Senator Smoot, Republican, Utah,
proposing exemption from taxation
the income derived from business
done in China by American corpora.
IONS, 80 per cent of whose gross
income comes from that country
ana 30 per cent of whose business
Is done there.
Democrats and Republicans alike
opposed the provision, asserting that
thefe was no good reas IN to- make
such an exemption and that this
would be an entering wedge for sim
liar exemptions to all American cor
poratlons engaged in business
abroad. Senators Smoot and Bran
degee, Republican, Connecticut,
urged the proposal on the ground
that an exemption was necessary if
American firms were to compete for
! trade in China with British, German
| ana other foreign companies.
The amendment finally was passed
over as was that proposing reten.
! ton of the capital stock tax, which
! the finance committee proposed to
repeal on next January 1. Senator
/ Lodge, Of Massachusetts,, the Re.
publican leader. has offered an
amendment to this section and be.
cause OF his slight indisposition, Re.
publtcans asked that the matter 90
over until Monday.
New Schedule Offered
A number Of amendments to the
tax bill were offered today. Sen.
ator Edge. Republican, New Jersey,
formally presented his amendment
to continue the present 10 per cent
! income tax rate on corporations, and
! Senator LaFollette, Republican
. Wisconsin, offered an entirely new
! schedule Of estate tax rates, be.
ginning at ! per cent on all that
part Of an estate over $4,000 and
graduating up to so per cent on all
over 100000, 900.
A tax Of 1000 per cent on political
campaign contributions over 500,
whether in cash or promised to a
candidate or campaign committee,
was proposed in an amendment by
Senator Harris, Democrat. Georgia
, The rate would apply to presiden
tial and congressional candidates, in
+, primaries as we'll as general cleo
i tons.
i 5000 Puzzle Picture