The Dawson news. (Dawson, Ga.) 1889-current, 1924-05-27
LEADERS HOPE THAT THE
BILL AS NOW FRAMED WILL
SATISFY THE PRESIDENT.
THE PUBLICITY CLAUSE OUT
Conferees Made Many Changes in
Measures Passed by Both House
And Senate. All Rates Are Cut, and
Small Taxpayer Gets His in Half.

Small Taxpayer Gets His IN Han.
WASHINGTON, D. CA tax re-
duction bill endorsed by leaders OF
both parties and virtually every fac
ton in congress has been moulded in
to final shape.
The bill in its final form represents
a compromise between the So-called
Longworth (republican) plan and the
Simmons (democratic) rates, and as
it stands the democrats can claim at
least so per cent authorship OF the
measure.
Hope was expressed by senate re-
publican organization leaders that the
bill as now framed would meet the
approval of President Coolidge, who
has declared opposition to both the
publicity and Corporation proposals,
which were eliminated.
Will Cut OF Millions.
Chairman Smoot. of the senate fl
nance committee, compared with the
present law, said the bill as framed
by the house would have cut revenue
by $445,720,000 in the next calendar
year The measure as framed by the
senate, he explained, cut returns by
S557, 10000 AS finally framed by the
conference it would reduce govern
ment revenue by $472, 100000.
Chairman Smoot estimated the bill
went Sl00000,000 below the treasury
surplus available for tax reduction.
This did not take into account the
cost of the bonus bill, which it has
been estimated will require an appro-
priation of $150,000,000 for the next
fiscal year, or other pending measures
calling for special appropriations.
The democrats were successful in
writing into the final draft their rates
on incomes, ranging from 2, 4 and 6
per cent on smaller incomes up to 40
per cent on huge incomes. The con-
ferees agreed to these in preference to
the Longworth rates, which fixed a
maximum surtax at 371A per cent.
Publicity Stricken.
The provision providing for pub
licity of tax returns-held obnoxious
by President Coolidge and Secretary
of the Treasury Melon-was stricken
out of the bill entirely. Instead OF this
kind OF publicity the bill will authorize
the secretary of the treasury to permit
publication of the names of taxpayers
in their local districts, together with
the amount of tax paid, but there will
be no divulging of the secrets of the
returns themselves.
The estate and gift tax was fixed
on a sliding scale up to 40 per cent.
The tax on undistributed earnings for
corporations was left at l2R per cent
the figure approved by Secretary of
the Treasury Mellon.
They also agreed upon a limitation
of l21z per cent in the amount of cap
ita1 losses to be deducted by corpora
tons from income taxes The 12H
per cent tax on stock dividends, how
ever, was stricken out OF the bill en-
tirely.
A tax Of ~ per cent on automo-
bile parts and accessories taken out OF
the bill in the senate was restored, as
was a 5-per~ cent tax on art. These
two provisions. il was said will bring
in S5.750000 in revenue
MAN, ongg Tax.
A tax OF 10 per cent on Nah Jongg
sets was written into the bill. 1t will
bring in an estimated revenue OF ST.,
100000.
The conferees, however, exempted
all jewelry costing less than $50 from
taxation as we'll as all spectacles and
eve glasses. Similar exemptions were
granted on surgical and musical in
struments and on silver plated table
wear.
Jewelry costing more than $50 will