The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-06-07
REVENUE MEASURE
BECOMES LAW AS
HOOVER. SIGNS IT
No Ceremony Marks Final Ac.
/ ton on Bill Designed to
Balance Budget
TREASURY READY TO ACT
All Preparations Made to Begin
= Collecting Additional
! $1,118,5oo,ooo
TREASURY READY TO ACT

washington, June 7.-(R-The new
revenue bill is law Tuesday, bolsterine
the credit of the government with the
greatest range of taxes ever imposed
by this country except during war.
With Spartan absence of ceremony,
President Hoover transformed this
giant legislation into statute by af-
fixing his signature Monday 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-ex-
cises, tariffs. and stamp taxes-will go
into effect in is days, or on June 81.
The treasury will Immediately prepare
for their collection. The new, high
income rates are applicable to the
earnings of the current calendar year
and will be payable on next years
returns.
The tax law is to pour $l,l1S, SOC, 900
into the treasury during the fiscal
year which begins July 1, and thus
restore the national finances to a cash
basis-pay as you go and no more
borrowing-aiding to restore the coun-
try's economic life to it's normal vigor.
It's companion measure, the nation
al economy program, by which ex-
penditureS of the government are to
be cut to point equalling the reve-
nue., was being driven forward to COM
pletion Tuesday by the senate. It's
passage by evening was sought by the
leaders.
The senate had laid this economy
bill aside Monday to give final ap-
prevail to the tax bill. amended In the
conference compromise which led to
acceptance of its rates by the house
last Saturday. There was a stern
fight before this last legislative step
was completed, conferred almost en-
tirely on one tax, that on electric
power.
Change Electric Tax
More than 80 senators sought to
have the whole bill sent out to the
conferees again because these had
laid the electric tax on the consumers
monthly bill and extended 1t to in
clude municipal power systems. But
an unyielding majority would not be
baked of the major objective, to get
the bill done Immediately and put to
an end the long drawn-out battling
and altering of rates. and the result
ing fears and hesitation of the bust
ness and industry affected by the new
tax burden.
The bill went through As to IS. The
opponents were II Republicans, most
ly 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 and from
automobiles to candy are to bring IN
$3.50, 500 900.
Miscellaneous taxes, which include
charges on telephone and telegraph
messages, admission tickets. oil pipe
lines, safe deposit boxes, bank checks
and boats, are counted on for $152,
100000.
From income taxes, personal and
corporation with many administrative
changes reducing possible deductions
q total Of $299 ,000, 900 is to be drawn.
Postal rate increases, including
three-cent letter postage, are estimat-
ed at $4,000. 900. Stamp taxes on
bond and stock issues and on trans
fers, futures and conveyances are list
ed at $45,500. 900.
Gift taxes and the four tariffs on
coal, oil, lumber and copper, account
for the balance.