The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-05-22
TAX REDUCTI0 ION
BILL GOES TO
FARLEY
By WILLIAM X. HUTCHINSON
international News service

e. HtH5a w Al4AlAF11AA AAs 80 = AAAAANAS0
international News Service
The new tax reduction bill, which
the senate held within the Treasury
limit Of 1904 900. 900, after the
House authorized q 32S9.O0O 900
slash. was sent to conference today
while Administration leaders re-
Yiyed hopes OF adjourning Con-
gress Saturday night.
The Boulder. Dam bill. likely to
pass the House in day or two,
but facing some opposition in the
Senate, and a. final settlement Of
the tar differences between the
two branches, alone stood between
Congress and adjournment at the
end Of the week. Failing to get
Congress homeward bound by May
rs, Administration leaders will set
May 20 as the date for ending the
present session.
The new tax bill, as Ii passed
both House and Senate. carried no
reduction in the normal income
taxes but granted heavy relief to
corporations. The general public
was benefited by increased exemp-
tons on amusement taxes, tighten.
ing Of the club dues tax and repeal
of the automobile tax. An effort to
repeal and another to reduce the
Federal inheritance tax was de.
feated.
'Riders" Defeated
A number OF efforts to attach
farm relief and tariff legislation to
the bill as riders" were rejected
by the Senate. Proposals to in.
crease the tariff on farm products,
to establish a $500. 900, 900 farm de.
benture fund for allowing farmers
to import articles free of duty, and
to refund transportation costs On
exported farm products all we're
defeated.
At the last minute, the Senate
struck out the reduced graduated
tax applying on small corporations
but 1t took the vote Of Vice Presi-
dent Dawes to do it. This scale
was once adopted by the Senate
but last night, after a parliamen.
tary tangle was solved, the Senate
voted 80 to 80 to eliminate it and
Dawes cast the deciding vote
against the proposal, which the
House had adopted.
The principal provisions of the
bill as it passed the House and
Senate follows:
Automobile taxes-Repealed by
House; repealed by Senate. Settled.
I Corporation tax-Reduced to liz
per cent by House: reduced to 1914
per eent by Senate. In conference.
Corporation exemptions-Increa
from $4,000 to $4,000 by House:
same by Senate. Settled.
Small COvpnoratiov, ro~
Small corporations - Graduated
scale of reduced taxes, starting at S
per cent and going to per cent.
adopted for corporation having in.
comes under $4,000 by House: re.
jected by Senate. In conference.
Income taxes--Existing rates re.
tanned by House: same approved by
Senate. Settled.
Surtaxes-Existing rates retained
by House: a $25,000,O00 reduction on
brackets above $4,000. adopted by
Senate. In conference.
Admission Taxes-Ten per cent
tax retained but exemptions in.
creased from Is cents, to 81 by
House: tax retained but exemptions
increased to So by Senate: in con-
ference.
Club Dues Taxes-Ten per cent
tax reduced to per cent by House;
ten per cent tax retained by Senate
but exemptions increased from $40
to $25 by Senate; in conference.
Capital Stock Tax-Two cent tax
per 800 value reduced to one cent by
House: two cent tax retained bv
Senate: in conference
Pro'r"e r'x"',"n.a Toy or~ .Ant