Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1939-03-02

to exceed its receipts, so far as the
general fund is concerned.
Figures in the appropriations bill
are so numerous and there were so
many, many changes, that there
seems little point in re-hashing them
item by item; but revied of the fl
aimee committees Wrestle with the
revenue bill might be timely at this
point.
AS already narrated, the grand to-
tai estimated revenues came to just
about what the Budget Commission
had handed the committee, but there
are highly significant variations in
varying catagories.
Taking the bill by schedules, it
varies from the budget recommen-
dations like this Figures on an an
nual basis, not biennial);
Inheritance tax: The reported bill
contains no changes from budget re-
concentrations, but Commissioner A.
J. Maxwell put on his thinking cap
and came up with the very salts
factory estimate" taht this tax will
yield $675,OOO annually instead of
the 100000 the budget commission
said it would. One committee Wag
asked jocularly who is slated to die
and provide the added revenue.
Privilege taxes: Here the commit
tee made up for its losses in other
schedules. A new slot machine Sec
ton was enacted, taxing operators
900 and levying varying amounts
on machines. The Revenue Depart
ment estimates this new tax will
yield $15O,OOO annually.
Various slight changes in laundry,
outdoor advertising and other sche-
dulles are estimated to up budget
schedules by $500.
An increase in the spout taxes
on soft drink manufacturers will
produce an. additional $4,000, ac-
cording to the department and the
committee Also a new tax on ma
chimes automatically vending soft
drinks is estimated to produce an
extra $45 1000.
Installment paper is to be squeez-
ed for an added $4,000, installment
paper being notes purchased by fl
nance companies from automobile
dealers; electric appliance dealers,
ETC., who sell on the installment plan.
Banks have likewise. been made sub
ject to the levy, which was hiked
from one-quarter to one-half cent
on the $100.
Punch boards are to kick in with
$4,000 hitherto uncollected and not
in the budget recommendations.
Change in the pump tax on oil
distributors from flat to a scale
graduated from "a to $40 is estimated
to add $4,000. s
Chain stores are to be mulcted for
$4,000 extra by reason OF an in
crease of SIS on low and $25 on high
brackets for number of stores.
Although the privilege (schedule
b taxes are to produce $4,000 adj
ditional money, the committee estl-
majors estimate. y IL j
On franchise taxes the COMMITTEES
took decided slice out Of revenues
the Budget Commission had eStlmat-
ed and recommended.
It listened to the plea Of North
Carolina railroads that they are on
the ragged edge Of ruin and gave
them a reduction in rate from 80
cents on the 500 Of valuation to IS
cents, a loss in estimated revenue Of
$249,OO0.
An estimated increase of $25, 1000
was recaptured in this category by
revision of regulations permitting
certain deductions before payment OF
franchise taxes.
Result here a net of $224,OO0.
Income Taxes: This schedule is es-
timated to produce 100000 more than
the Budget Commission said it would
Here's how: The committee thinks
there will be interchangeable and re-
ciprocal taxation Of State and Fed
eral salaries by Fedeal and State
governments. It has provided the
machinery for getting this tax from
Federal salaries in the event Con-
gress fixes it so that State salaries
are taxed by the United States. That
will yield 100000 annually. Against
this there is set off a loss of $4,000
due to exemptions allowed fire in
surance companies.
Sales Tax: Here the committee
bill shows 100000 less annual rev.
enue than did the budget recommen-
dations. The committee Just reared
back and positively refused to be
driven into extending the sales tax
to basic building materials, this de-
spite the really desperate efforts OF
leaders such as Senate Finance Chair
man H. P. Taylor.
Revenue Tax: A loss Of SIPS, OOC
T from budget recommendations oc-
Cured here when the committee cut
in half the proposed increase in