Alma record. (Alma, Mich.) 1878-1928, 1921-12-29

tax is imposed upon so much of tn,
price for which the following article
are sold as is in excess of the price.
specified below:
Carpets on the amount in excess O.
$3.50 per square yard.
Rugs on the amount in excess o.
So per square yard.
Trunks on the amount in excess o.
S35 each.
Valises, travelling bags, suit cases
hat boxes used by travellers, and fit
ted toilet cases, on the amount in eX.
cess of $25 each.
Purses, pocket books, shopping ant
hand bags, on the amount in excess
of So each.
Portable lighting fixtures, includ
ing lamps of all kinds and lamI
shades, on the amount in excess o.
SO each.
Fans en- the amount in excess o.
81 each.
These taxes are imposed in lieu
ne like taxes imposed by section 80
Of existing law upon the retail sellini
price of such articles.
The bill except eyeglasses anC
spoctacles from the per cent retail
selling price of articles made OF
mounted or fitted, or ornamented witt
precious metals or limitations there
on.
The per cent tax imposed upol
the lease or license for exhibition o
positive motion-picture films contain
ing pictures ready for projection l.
repealed as of January !, 1922.
The capital stock tax is retained.
The bill changes the system of in
surance taxes. 1t repeals the prem
MUM taxes and the stamp taxes up
en- indemnity and surety bonds, an,
excmpts insurance companies fron
the capital stock taxes and impose
10 per cent tax in lieu of all othe
taxes in the following manner:
In the case of life insurance com
panies, upon their investment incom
from interest, dividends, and rents.
In the case of insurance companie
other than life and mutual, upon th(
net income of such companies from
investment income and from under
writing income computed on the basi
Of the underwriting and investmen
roxhibt of the annual statement ap
proved by the National Convention o
/ Insurance Commissioners.
In tie case of mutual insuranc,
companies other than life, upon tn
net income of sucA companies com
puted in the same manner as undo
existing law.
The following taxes imposed unde
existing law are retained:
The tax on telegraph and telephon
messages.
The taxes on tobacco, cigars, ciga
rettes, and snuff.
The admission and dues taxes.
The excise taxes on automobile
trucks and wagons, other automobiles
and motorcycles, and parts and aSces
series thereof, cameras, photograph
ic films and plates (other than NOV
ing picture flms), firearms, shell
and cartridges, hunting and bowie
knives, dirk knives, daggers, swor
canes, stillettos, ard brass or metal
lie knucklcs, smoking articles and au-
tomato slot-device vending machine
and weighing machines.
The tax on jewelry and article
made Of precious metal and imita
tens thereof.
The retention of the special take.
imposed upon brokers, pawnbrokers
shipbrokers, customhouse brokers
proprietors O. theaters, museums
coacert halls, proprictors of crcuses
proprictcrs of bowling alleys and bill
lizard rooms, proprietors of shooting
galleries, proprietors of riding acad
emies, persons renting automobile
for hire, manufacturers Of tobacco
cigars, and cigarettes, and on the u.s.
Of boats.
The stamp taxes on bonds of in
debtedness; capital stock issues; CAPT
tai stock, sales or transfers, produce
sales Of, on exchange; drafts o
checks payable otherwise than a
sight or demand); promissory notes
conveyances entry of goods at tn
customs house; entry for the with
drawal Of goods from the custom
house; passage tickets; proxies
powers of attorney; playing cards
and foreign insurance policies.
The tax on the employment Of chill
labor.
The so-called nuisance taxes, i'm
posed under section $50 of the Rev
enue Act of 1913 upon ice cream an
ether articles at soda fountains, an
~ section 907 Of the Revenue Act 0
, 1913 upon the retail selling price c
! perfumery, cosmetics, tooth past
end patent medicines are repealed.
The so-called luxury taxes impos
cd by section 904 of the Revenue Ao
! OF 1913, upon articles selling at reta
!, in excess of fixed prices, is also re
pealed.