The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-03-31
House Is FINISHING
Work on Tax Bill
Separate Votes on Many Pro-
posed Amendments Are De-
clared to Be Certain
FINAL DRAFT NEARLY READY
Prospective Total to Be Raised
BY Measure Will Be About
$o64, 5OO,O 900

Washington, March 3l.-(R-The
house pushed ahead Thursday toward
completion of the billion dollar rev.
enue bill and prepared for separate
votes Friday on levies on automobiles,
war time surtaxes and estate taxes,
coal and oil import levies and on stock
transfers.
AS the ways and means committee
went into executive session to consid-
er final drafts Of new amendments to
be substituted for the defeated sales
tax, acting Chairman Crsip said in
dications were that five separate votes
would be demanded wnen the bill
comes to final passage.
The amendments drafted by the
committee for submission Thursday
were calculated to produce $241 .000,-
600 OF revenue and bring the bills to-
tai to 1884, 100000 Another proposal
considered in addition to these, calls
for revision Of the depreciation al
lowances Of corporations, so as to
bring in $l2,0o0,000 more.
Savings Are Expected
Savings of $273,O00, 900 in appropri-
atoms and postoffice expenses are ex-
pected to round out the program to
meet prospective $l,24l DOC, 900
treasury deficit in 1888.
Over the opposition Of the Tam
many delegation. the house voted a
tax of one-fourth Of one per cent on
the transfer value of stock sales, and
then took up other proposals to put
leyies on bond transfers and the sale
of produce on exchanges. The stock
sales tax was estimated to produce
SIS, 10000
Another vote on 1t will be had Fri
day before final action on the bill.
The amendment does not apply on
original issues.
The original proposal was altered
by the adoption of an amendment by
Representative La Guardia R., N. ",
under which the tax bill will be i'm
posed on all orders placed by persons
in this country for buying and selling
stocks on foreign exchanges. He said
it was designed to meet the threat
that traders would transfer their oper-
ations to Canada.
Amendment Rejected
The house rejected an amendment
to put a one per cent tax on stock
transfers.
The house also wrote into the new
bill taxes on the transfers of grain
and cotton and produce in the CON-
modities exchanges.
It adopted an amendment to put
an assessment of five cents on each
500 sale Of cotton, grain and produce
sold on those exchanges.
A levy of one-eighth Of one per
cent of the value of all bond transac-
tons and so cents per $500 on con-
veyances of real estate. were voted
Like the taxes on real estate and
stock sales. the bond levy expires
July l. 1884.
Representative Clancy (Rep. Mich.)
served notice he would demand a
separate vote on the 3 per cent tax or
automobiles, the 2 per cent levy or
trucks and the per cent assessment
on accessories. which are expected tc
yield $57,000.0oo.
He charged the levy was discrim-
inatory and that 1.-The automobile In.
dustry has done more to bring about
prosperity by its courage than has
any other industry"
Majority leader Rainey said I'VE
certainly will have q separate vote or
the Swing amendment reestablishine
the surtax rates on incomes In excess
Of 100000"
The amendment, sponsored by Rep
resentative Swing (Rep. Califo, i'm.
poses rates graduated up to maxi
mum IS per cent surtax on incomes
in excess of 100000 in addition tt
the normal income tax rate.
When the bill comes up for fina
passage Friday. vote will be sought
by Representative Mccormack, dem
Mass.), on the one cent q gallon ia,
on oil imports. now estimated to yielt
$25 100000.
The treasury originally estimated Il
would return but $1,000. 900 but pro-
ponents claim it will yield anywhere
from $40, O00,O 900 to $50 1000 900. depend
ing on the quantity Of imports.