The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1932-06-09
REVENUE BILL TO
BALANCE BUDGET
Giant Measure Signed Late
Monday by Hoover After
Stormy Sessions
EFFECTIVE JUNE 2lST
Imposes Heaviest Burden of
Taxes Since War Days
Opponents Silenced

washington, June THE new
revenue bill is law today, bolster
ing the credit of the government
with the greatest range of taxes
ever imposed by this country ex-
cept during the war.
With Spartan absence of cere-
mony, President Hoover trans
formed this giant legislation into
statue by affixing his signature YES
terday evening in the presence only
of a secretary, less than two hours
after the final legislative step had
been taken by the senate.
The majority of the new rates,
excuses, tariffs, and stamp taxes
will go into effect in fifteen DAYS,
or on June 81. The treasury will
Immediately prepare for their col
lection. The new, high income
rates are applicable to the earn
ings of the current calendar year
and will be payable on next years
returns.
The tax law is to pour $1,11S,5OO.-
900 into the treasury during the
fiscal year which begins July 1, and
thus restore the national finances
to cash basis-pay as you go and
no more borrowing-aiding to re-
store the country's economic life to
its normal great vigor.
It's companion measure, the ma
tional economy program, by which
expenditures of the government are
to be cut to a point equalling the
revenue, was being driven forward
to completion today by the senate
It's passage by evening was sought
by the leaders.
The senate had laid this economy
bill aside yesterday to give final ap-
proval to the tax bill, amended in
the conference compromise which
led to acceptance of it's rates by
the house last Saturday. There was
a stern fight before this last leg
islative step was completed, center
ed almost entirely on one tax, that
on electric power.
More than 30 senators sought to
have the whole bill sent out to the
conferees again because these had
laid the electric tax on the consum-
er's monthly bill and extended it to
include municipal power systems.
But an unyielding majority would
not be baked on the major objec-
tive, to get the bill done Immediate
ly and put to an end the long
drawn out battling and altering of
rates, and the resulting fears and
hesitation of the business and in
dustry affected by the new tax bur-
den.
The bill went through 46 to So.
The opponents were II Republi-
cans, mostly from the independent
wing, % Democrats and the one
Farmer-Labor member.
Of the new laws total expected
yield, the excise taxes ranging from
electric power to cosmetics, from
automobile to candy, are to bring
in $3.50, 100000.
Miscellaneous taxes, which in
clude charges on telephone and
telegraph messages, admission tic
kets, oil pipe lines, safe deposit
boxes, bank checks and boats, are
counted on for $152,000,000.
From income taxes, personal and
corporation with many administra-
tive changes reducing possible de-
auctions, a total of $299 100000 is to
be drawn.
Postal rate increases, including
three-cent letter postage, are esti-
mated at $16OOOO.OO0. Stamp taxes
on bond. and stock issues, and on
transfers, futures and conveyances
are listed at $45,5O0,000.
Gift taxes, the four tariffs on
coal, oil, lumber and copper, &C
count for the balance.