San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1925-11-11
100000
. IS SAVED US.
TAXPAYERS
Virtually Unanimous APP
prevail Of New Sched-
ule Is Expected.

WASHINGTON, Nov. 1.-tP)--
Revised tax schedules that would
mean a saving of at least $30S, 000,-
900 annually to federal taxpayers, will
be incorporated in the tax reduction
bill to be presented to the House by
its ways and means committee on the
opening day of congress.
The committee yesterday concluded
Its work of slashing the various tax
rates after n week of discussion pre-
ceded by two weeks of public hear
ings. 1t worked out the new rates 1t
will propose on a non-partisan basis,
ain almost unprecedented peace-time
action, and virtually unanimous CON-
mittee approval of the measure is ex-
pccted. This would assure almost
united support in the House, party
leaders declare.
REPEAL GIFT TAX.
Most of the excise and Occupationai
levies would be wiped from the books
by the committees action in voting a
. cut of about $14,000,OO0 an these
taxes
Reductions in the income rates
through cuts in the normal and surtax
schedules. increased personal exemp-
tons, and increased allowance for the
learned income" credit account FOR
$103.574, 546 of the total slash in fed
eral levies to be proposed. -,
Another S1,0O0,0O0 will be saved
taxpayers by repeal Of the gift tax.
Chairman Green believes the proposed
reductions in the estate or inheritance
taxes. however, is expected to result
eventually in loss of 20,0OO,OOO an
nually on this tax.
SET REDUCTIONS.
Approving the new surtax schedule
with a maximum of 20 per cent in
stead of 40 per cent, to apply on in
comes in excess of 100000, the com
mittee decided to make reductions in
these rates effective only on brackets
between $4,000 and 100000.
A proposal to allow the S4OO de-
duction for children between IS and
81 years Of age, who are in school,
was rescinded by the committee upon
complaint of the treasury that it
would be impossible to administer.
,rhc age limit now is Is years in all
cases.
The committee gave further study
today to administrative provisions of
the law, with a tentative agreement
reached for retaining the membership
of the board Of tax appeals Mt 16
members. 1t would give the members
life terms, subject To good behavior.
and increase their salaries from $500
to 5000 annually.
NEW SURTAX RATES.
These are the new surtax rates as
approved by the committee: $2S6O
upon net incomes of $4,000, and 10
per cent upon the amount of income
between $4,000 and $4,000; S346O
upon net incomes of $4,000, and 10
per cent on excess up to- S6O,OOO (;
5000 upon net incomes of 100000,
and IL per cent on excess up to $IO,-
900; S676O upon net incomes Of S7O.-
900, and Is per cent on excess up TO
$4,000; $500 upon net incomes of
1000. and 10 per cent on excess up
to 100000; S12.3GO upon net incomes
Of 100000, and 20 per cent on ex-
cess over that amount.
S3Os, 365, 200 LOSS.
The amount Of revenue loss estimat
ed to result annually from each change
approved by the committee in the fed
eral taxes was shown in another table.
as follows:
Surfaces, S0S,691,720.
Normal income taxes, $45, 04o. 1SG.
Increased credit for earned income,
81, 900, 900.
Increased personal exemptions, $42,'
330,640.
Repeal of gift tax. s1,000,OO0.
Cigars, $12,OO0,OOO.
Alcohol, S4,000,O0O.
Excise taxes, SS4,367, 1853.
Occupational taxes. 81. 431, 900.
Stamp taxes, S2,00O,000.
Total, $685., 100.