The Birmingham age-herald., 1924-05-22
ACREElMEN ISREACHED ON TAX BILL. Measure Satisfactory To All Factions In Con-
 gress Put In Shape EARLY APPROVAL OF DRAFT EXPECTED Conference Report To Be Taken Up By Senate
 Thursday Or Friday PUBLICITY CLAUSE
 IS TURNED DOWN Democratic Income Sched- ule Adopted And Lead
 CTS Claim Credit
EARLY APPROVAL OF DRAFT EXPECTED
PUBLICITY CLAUSE
 IS TURNED DOWN


 WASHINGTON, May 21.--A tax deduction bill indorsed by leaders of both parties and virtually every faction in Congress was moulded Into final shape today.
 Early approval of the Unanimous agreement of the conferees on the difference between the Senate and House, reached today, by both branches of Congress, was pre- dicted, and the hope was expressed by republican leaders that the bill would be signed by President Cool idge.
 The conference report will be taken up by the Senate tomorrow or Friday and, if approved, it is ex- pected the House will be able to act Saturday.
 Elements of both the Senate and House provisions were approved and leaders of both parties tonight were claiming credit for the bill.
 The conference accepted without change the democratic income tax sched- qle proposed in the Senate by Senator Simmons of North Carolina, but turned ] eained hy Senate democrats and re- finhlianr susurEants, providing for fslll publicitx on tax returns and q suh9tf- tute co tion tax earrying surtax an undistributed profits.
 The Simmons income schedule, sin,i- lar to the Lbngworth e0mpr0niike sup- ported by House republicans in its adoption by this body, provides for q revision of the surtax rates with a maximum of 40 per cent applicable on incomes of $500, 900 and over.
 It would cut the present normal rates Of 4 per cent on incomes up to $4,0O0 and 8 per cent above that amount to 2 per cent on incomes of $4,0O0 and under, 4 per cent on incomes between $4.OO0 and $S.000 and 6 per cent on those above.
 Varies From BKeIIom Plan
 While the surtax rates are lower than first proposed by House democrats in the plan of Representative Garner of Texas, the entire schedule varies greatly from the Mellon plan.
 In view of the similarity between the schedule and that approved by House republicans, however, and the elimina- ton of the proposals for full publicity of returns and q tax on undistributed profits, White House visitors today ex- pressed the opinion President Coolidge is favorably disposed toward the meas are. Senator Shoot, chairman of the con ferees who conferred with President Coolidge early in the week, described the measure as 1t emerged from con ferees today as q "fairD ybill and ex- pressed the hope that it would De ac- eepted by. the President.
 Senator Simmons, ranking democrat on the finance committee and one of the eonfeFees, indorsed' the measure as finally drawn and while taking credit for the income rate schedule, declared Fthe bill contains seYefal important and very beneficial administrative changes recommended by Secretary Mellon.o
 LengWOrth Approves
 Similar approval was given by Rep, tesentative Longworth, republican floor leader; Representative Gapner, in charge of the democratic fight in the House, and Representative Frear, Wis aonsin, leader Of the House republican insurgents in the tax contest. In it's present form, Senator Shoot said. the measure would provide for collection of $84 800 900 more than as if passed the Senate, but still be $1OO,- 0O0g000 below the estimated treasury surplus available for tax reduction. Cost of the bonus, estimated at Sl5O,-
 (COntinued on rago TwOl