Evening Republican, Volume 20, Number 165, Rensselaer, Jasper County, 12 July 1916 — Will R. Wood, of Lafayette, Punctures Dem. Revenue Bill. [ARTICLE]

Will R. Wood, of Lafayette, Punctures Dem. Revenue Bill.

Representative Will R. Wood, of Lafayette, shot a hole in the democratic revenue bill by offering an amendment just in the nick of time striking out the proposed tax of $1 per thousand dollars on national bank capital, surplus and undivided profits. Bankers all over Indiana have been aroused by this proposed legislation, claiming that it amounted in effect to double taxation on banks, since the bill already levies a tax of 2 per cent on the net incomes of the banks. John P. Frenzel and John H. Holliday, of Indianapolis, wired their strong objections to €fie proposed capital tax. Much to the surprise of those in charge of the revenue bill, Wood’s amendement carried on a standing vote of 167 ayes to 144 noes and when a roll call was forced, carried 'by 202 ayes to 167 noes. All the Indiana democratic members voted against the Wood amendment.