New Britain herald., 1928-05-25
TAX BILL SOON TO
 BE UP FOR ACTION
Executive Approval Is Regarded
 as Almost Certain

Washington. May 9 tPp-A tax cu' of 3.22,ls5,o0o, with the biggest slice going to corporations, today was awaiting final action by con- gress after compromise reached in conference.
 Patching up their differences after two days Of steady confinement over the senate sc05. 100000 bill and the house sea0,n0o, 900 measure, the conferees late yesterday put the rev enue curtailing legislation in shape Tor a quick vote by the house. Then the senate will act and the bill made ready for President Coolidge
 Speed must be the Watchword if the measure is to become law al this session. for attempts are now being made to adjourn congress next Tues day.
 President to Approve
 Although well beyond the scG0.- 100000 limitation set by President Coolidge and Secretary Mellon. the measure is so far under the reduc- ton voted by the house that execu- tive approval Is regarded as almost certain.
 One provision the conterees could not agree upon was the senate pro- posal opening income tax returns to public inspection. Senator Shoot republican, Utah, manager Of the conference, was requested 10 seek
 r. ,,, the senate. which adopted t o7 to 19.
 Winning their first cut in taxes in the last three revenue bills. corpor- ations, under the present conprom- ise agreement, would benefit to the extent Of s135 45o, GOO by virtue Of he reduction In the corporation levy from 13 l-2 per cent to 1o per cent and an increase from s2.o0o to s3,- 900 in their exemptions.
 The only relief afforded individ- ual taxpayers |. an increase from s:0,o0o to s30,00o in the amount Of income on which the o5 credit for learned income" may be taken. The vision of the surtax rates applying on individual Incomes over S2o, ,000 was lost in, the conference.
 Representative Garner, democrat, Texas. also lost in the house provi- sion for A graduated scale of lower rates on corporations with incomes of SIS, 900 and less. The senate threw this clause out on a tie vote.
 Another provision calls for repeal of the three per cent automobile tax. this alone accounts for s66. GOO of the total reduction. Although vigorously opposed by the admini- stration, this proposal was not in dispute in conference because both houses had voted for repeal.
 Increase 42.25
 An increase from 75 cents to B in the exemption allowed under the 10 per cent admissions tax and a raise from S1O to s25 in the annual dues to be exempted from the 10 per cent club dues tax also are pro- vided, as we'll as repeal of the cereal ! beverage levy and reduction Of the wine tax to the pre-war level <. No change. however. was voted Tn the inheritance tax, repeal Of which has long been sought by Secretary Mellon and which the senate voted two years ago to throw out. and in the present stamp taxes applying on capital stock transfers and future sales Of produce.
 An increase of from 10 10 c5 per cent in the tax on prize fights ad- missions over s is included in the bill, as is the senate amendment rc- storing in modified form the present law allowing affiliated corporations 10 file consolidated returns.
 Although the existing tax on for eign built yachts was repealed, an inserted provision directs that nego- tiations be undertaken between this country and foreign nations for rates on such yachts actually in creasIng existing taxes about 500 per cent.
 The conferees rejected senate proposal allowing professional men 10 deduct expenses incurred in at tending conventions Of their profes- sion. from income subject to taxa tjon.