The New York herald., 1922-02-11
Levy OH Stock and Bond
Transfers Revised OH
Lower Level.
SMOOT .ASSAILS IMPOST
Asserts 1t Will Kill Business
Long Fight in Upper Cham.
Der Indicated.

Special Dispatch 10 THE New YORK HsRMp.
as Nev York Herald Bureau.
Washington, ID. G., Feb. 10.
Republican members of the section
Of tie House Ways and Means Com
mittee to whom is assigned the task
Of devising taxes 10 raise $3.50, ,000, 900
annually for the next three years to
pay soldier bonus, presented their
tentative schedule this afternoon to
the Republican members of the Senate
| Finance Committee, and the Senators
registered violent opposition against
some OF the items.
Responsible spokesmen of 10th COM
mittees, however, predicted TIE House
program would be agreed nLon and
| presented to the House early next
week. Strong. opposition to the sched-
| ule is not expected in the lower cham
| ber, but a long battle is threatened in
| the Senate.
Members OF the House Committee, af-
| ter the conference with the Senators, ad-
mitted the meeting had been stormy. and
that one or two OF their proposals would
likely be modified The most serious
opposition centered around the proposed
tax on stock ANA bend transfers. There
was also much objection to the tax on
real estate transfers
l. Schedule ms Submitted.
| At full meatin& of the House Ways
and Mfans Committee this morning the
| schedule of proposed taxes announced
last. night was slightly, revised 50 that
l the program Submitted to the Senate
4 Finance Committee was as follows:
A tax of 10 cents per 1000 on
] cigarettes to yield s25,o0o,90o.
A tax OF / cent per gallon on
gasoline to raise s70,o0o.o0o..
Doubling the present theate- adj
mission tax TO yield s75,ooo.00O
A ta:; Of So per $1,000 valuation on
real estate transfers to yield s20,-
100000.
A tax on chewing and smoking
tobacco OF 2 cents pound TO yield
$4,000. zoo.
! A tax Of 2hs per cent. on undivided
profits Of corporations to yield $780,
100000
A tax of 20 cents a horse power
on automobiles to yield s5o.0oo,0o0.
A TAX on stool: and bond trans
| Gers to raise $50, 100000.
Increase of ;he parcel pest rates to
their former level, or an addition OF
| cent for every % cents. to yield
s20, 100000.
The proposed first class postage in
crease has beer drt pped
| Reed smont's Protest.
Senator Reed Smooth (Utah) chief
advocate in Congress of the sales tax
pronounced the III use program unac-
| ceptabie. and said ut will simply kill
business. His views however. do not
represent those Of the majority OF the
! committee, but 'is irfluencc Is sufficient
to change the program.
Members Of both houses were deluged
to-day with letters and teiegrams pro-
testing against the tax on stock ane
bond transfers. and they had a pcrcetibl,
effect Chairman Fordney OF 'he Ways
and Means Committee conceded that
this tax will have to be decreased.
Separate taxes are now proposed on
| both stocks and bonds. and although
they are coupled In the committee sched-
ule they are really distinct in appl.ca-
ton.
| It Is proposed to double the present
tax ON documentary stamps used on
bonds. The increase will produce s3o,-
| 900. 900.
II is also proposed 10 increase the
present tax of 1-50 OF FER cert on.
stock transfers to lilo OF 1 per CEN.
This increase also would produce $780,
600. 900. So that on the transfer Of 100
shares Of stock. OH which the broker
age fee would be about SIS. the Federal
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