The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-05-05
FINISHES JOB ONLY
TOLEARN MEASURE
IS short Of GOAL
Committee Returns to Work IN
Effort to Find Additional
$100,000,Oo0
HIGHER INCOME TAX LOOMS
ReversaIs Of Actions on Many
Rates Recorded at We'd
nesday Session
HIGHER INCOME TAX LOOMS
BULLETIN

BULLETIN
Washington, May 5.-(R-The
senate finance committee refused
today to raise income taxes to the
wartime level as a part of its ef-
fort to find 100000 of addi-
tional annual revenue which
Chairman Smoot said It needed to
produce to balance the budget.
Washington, May 5.--(P)-The re-
vised revenue bill Thursday was de-
clared $100,00O.00O short of the goal
of balancing the budget and Chair
man Smoot called the senate finance
committee back to look for new taxes
Smoot made his estimate after the
committee had applied the brakes to
further reversals In rates and had
settled back to learn from the trea-
sury just what the bill did.
He pointed to even higher increases
In the income taxes as one way OF
finding the additional 100000, 900
which appeared to be necessary after
the first survey Of the rewritten legis-
lation.
Under-Secretary Ballantine of the
treasury emerged from the executive
session Of the committe cautious about
making All estimate but he intimated
more revenue would have to be found
He agreed the senate committee bill
raisd about billion dollars, practical
]y the amount provided by the house,
but said even more money was re-
quired.
Apparently the collapse of the ON
nibus economy bill in the house sent
the leaders looking for greater funds.
Taxes on tires or import duties on
rubber were among the propositions
under consideration as the committee
reassembled for an afternoon session.
Tax Fight Tickets
The Is per cent admissions tax for
prize fights was cut down to 10 per
cent but the As cent exemption on
these tickets was removed.
Senator Walsh CDem.. MaSs)
summed up the situation in state
ment in which he said Wednesdays
faction forced the tariff coalition to
assume responsibility for the mea-
sure.
There is some heavy politics go
ing on now" he said. mo one wants
to be blamed for the tax-increasing
legislation. Every one wants to see 1t
enacted.
There are three groups of thought
in the committee and in the senate.
First, those who think that the
revenue necessary to balance the bud
get, in addition to income taxes. cor
porate taxes and gift and estate taxes,
should come from a widespread DIS
tribution of So-called nuisance, al
mission and luxury taxes.
Second, those who favor, instead
OF nuisance and luxury taxes, a man
ufacturers sales tax: and third. those
who support combination OF tariff
duties and luxury taxes
On nearly a dozen primary items
the committee Wednesday executed
q right about face, putting back into
the measure four tariff levies and
reversing its decision on sizeable
list of other items. BY the time it
was done, all computations Of the
bills probable yield appeared mere
guesses, so the whole thing was
handed over to treasury experts for
refiguring.
Bingham Motion Pending
Senator Bingham, Rep.. Conn., !.
had pending q motion which, II
successful. would produce an en-.
tirely different bill. He sought
to substitute the entire program
submitted by Secretary Mills
tee. He offered this to head OIL
an amendment by Senator Walsh
to restore the house rates on
income, corporation and inheritance
taxes, with the treasury list OF ex-
else levies. Besides that, Senator
Reed (Rep., Pa.) still was seeking to
have the general sales tax put back
in. Smoot favors this tax but con-
siders presenting it hopeless ges-
ture after what the house did to 1t
last time. 80,
The tariffs written into the bill
covered lumber, copper, coal and OIL.
They had been rejected several days
ago in a committee row, but the de-
termined tariff seekers bided their
time and with well-laid plans voted
them in, one after the other.
Copper imports will be taxed four
cents pound: lumber So thousand
feet; oil one-half cent a gallon with
proportionate levies on refined prod
ucts; while the coal tax was set at
So.
The other changes included elm
ination of the jewelry tax; restora-
tion Of an extra IL per cent on
consolidated corporation returns; re-
auctions in the rates on grape con-
centrates, grape juice, fountain
syrups, and oil pipe line taxes, and
extension of a two-cent stamp tax
to all bank checks.
TORNADO KILLS 20
Calcutta, India, May 5.-tR-Twen-
ty persons were reported to have been
killed and more than 100 injured