Evening star., 1924-05-24
COOLIDGE APPROVAL
FOR TAX BILL SEEN
G.. O. P. Leaders Freely Predict
Signature-Vote in Senate
Is Due Today.
ACTION BY HOUSE MONDAY
President Compares Measure With
Existing Law.

The conference report on the tax
reduction bill was before the Senate
today with prompt approval in pros
pect. The House will act on the re-
port Monday, under present plans and
if approved there the bill will be
ready for President Coolidge's con-
sideration. Republican leaders freely
predicted signature of the measure by
the President
In adjusting the differences between
the Senate and House, the conferees,
including three Republicans and two
Democrats from each body, accepted
the Senate Democratic income rate
schedule but turned down other major
through the Republican
insurgent coalition.
Tax Publicity Curtailed.
Rejection of the amendment pro-
posed by Senator Norris Republican,
Nebraska, opening all tax returns to
public inspection. was offset some
what, however, by the conferees' ac-
tion in approving an amendment re-
quiring publication of the amount
paid by each taxpayer. Opposition to
both plans has been expressed by
Secretary Mellon. The conferees also
agreed upon a provision permitting
inspection of returns by certain Con-
gressional committee.
The Senate amendment proposed by
Senators Jones, Democrat, New
Mexico, substituting for the present
fiat corporation tax Of 1914 per cent
anl 80 rrysk
graduated scale of surtaxes levied on
undistributed profits above 10 per
cent was rejected.
House amendments proposing an
increase in the present estate tax
rates and the imposition of a new
had proposed substitution of an in
heritance for the estate tax and diff
ferent rates to correspond on the gift
tax. The maximum estate tax rate
under the bill as reported by the
conference would be 40 per cent on
s10,000,000 instead of 25 per cent at
present. The new gift tax carries
rates similar to the new estate tax
schedule.
Several Angles Studied.
President Coolidge has let it be
known that the general question of
whether the bill is an improvement
on existing law will form the basis
of his action. Specific considerations
to be weighed by the President in
determining his action are whether
the new measure will provide suffi-
cient revenue, whether it will provide
an efficient system of administration
and whether what he views as its
undesirable features are outweighed
by its good points
Chairman Smoot Of the Senate
Go
conversation yesterday with Secre-
tary Mellon that there was no posi-
bility of a change in the conference
report which would modify the pub
licity provisions or the estate tax
rates increase.
President Coolidge was asked to
veto the pending measure in a pub
lie statement last night by Charles
de B. Claiborne, president of the
American Bankers League, on the
ground that it had failed to reduce
sufficiently the surtax rates.
Confers on Measure.
Anticipatory of the action he soon
tax bill, President Coolidge today be-
gan series of conferences designed
to provide him with complete infor-
nation as to the merits and demerits
of the measure.
Two of the leading supporters of
the Mellon plan in the House, Rep
resentatives Tilson of Connecticut and
Mills of New York, Republican mem
bers of the ways and means commit
tee, discussed the measure with the
but were unable to ven
ture a prediction as to his probable
action.
Calls Features Uns0und.
The two House members agreed
with Secretary Mellon that certain
features of the compromise bill are
unsound.
IF such features become law they
will so change our tax structure that
they will remain with US forever"
said Representative Mills. "Financiai-
ly and economically bad, they, new
ertheless, have a popular appeal and
it would be difficult to find a Con-
gress with the courage to repeal
them"