San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1924-04-13
TAX GUT BILL
| WILL CAUSE 4
| BITTER FIGHT
Discussion Of Measure Sure
\ to Result in Broken
| Party Lines.
SAY MEASURE UNSOUND
Some Believe Coolidge Will
4 Veto 1t If 1t Will Cause
| :. Deficit.
SAY MEASURE UNSOUND

\ Washington, d. c., April a..
gWith I; bitter fight in prospect in
(which party lines will be broken
down the Senate tonight was forming
Unto groups for debates on the tax
Fbill next week.
4 This measure, after a stormy pass
||age through the House faces an even
fstormier time in the Senate and there
Dis no certainty as yet that tax re-
kduction, held by President Coolidge
thc most important task of Congress,
Twill become fact before the politi-
Zeal conventions meet in June.
\ While millions of taxpayers and
Business men throughout the country
Hawaii the final decision of Congress,
|the opposition TO the bill reported BY
1.-THE Senate finance committee, is CEN
kering on these points:
THAT the bill is still @too much
n rich mans bill", and gives tax
Ipaycrs of wealth an advantage over
.]those of small incomes.
THAT it threatens to put on
|the taxpayers the burden of bic
ktreasury deficit and thus defeats the
kpromised tax reduction.
a Say Bill Unsound.
4 On the second point the opposition
Moonlight seized Senator Shoots report
on the bill as terrifying their posi-
Elton. SH,oot revealed that the bill
las reported cuts off $4,000, DOC
Enore revenue than Secretary of the
GTreasury Mellon deems wise and
|2s50, COO, 900 more than the budget bu-
Ereau believes necessary to run the
Government for year.
II IF these figures are correct, the
{Jbilrs opponents will claim in debate
Hhat the measure is economically un'
sound and that later on deficiency
kbills or new tax lcvies will be neces-
|tary to make IN the difference.
4 Smoot announced he would attempt
to get the bill IN in the Senate We'd
Hnesday but Republican leaders ere
|hlanning tn shoot the bonus in ahead
fSuch action would prevent any floor
|1work on the tax bill for at least a
fsweek.
N The bill has the Mellon income tax
|frstes in il. but such other changes
Fwere made that the estimated revenue
|ndS netU lNNuNtus
E If the bill as finally passed still
holds such a deficit, and it seems
|aikely at present that the deficit will
sbe increased instead of reduced by
the Senate, then some senator's be-
4ieve Mr.. Coolidge may veto. the
f;measure and make tax reduction
tbig issue in the coming campaign.
h Smoot Publishes Figures.
81 In explaining the deficit, Smoot
Nm his report to the Senate stated,
H.It is the opinion of the committee
kthat this apparent deficit will be
'twiped out by the increase in the
Revenue yield of the income taxes be-
f.ause of improvement of business con-
Editions which will result from .plac-
R4ng the taxes on an economically
bound basis"
d Here is what Smoot figures the bill
B9ill yield:
n Normal and surfaces 95.OOO.O0O.
n Corporation taxes 1927 100000.
n Miscellaneous taxes S756.914.00O.
z Ordinary receipts S472,177,OO0.
N These with the ordinary customs
Receipts would give the government
total revenue of s3.247 .O91 900 and
he budget bureau thinks the govern
!nent needs S3.29S .O90.444.