Jasper County Democrat, Volume 19, Number 47, Rensselaer, Jasper County, 9 September 1916 — CONGRESS PASSES REVENUE BILL [ARTICLE]

CONGRESS PASSES REVENUE BILL

Record Tax Measure for Preparedness Wins. j TARIFF BOARD IS ; I f - $205,0CX),000 a Year in Addition to tho Normal Amount Provided by Lawmakers Will Pay More. ' Washington, Sept. 8. —The new revenue bill, built on the demands for preparedness against war and designed to raise $205,000,000 a year In addition to the normal amount, was passed last night by congress. Total appropriations were $1,037,583,082. Congress will adjourn today. The Cssentlul features of the revenue bill are: Increasing from 1 to 2 per cent the tax on the lowest taxable incomes. Beginning at incomes of SOO,OOO, the tax of 8 per cent is levied and graduated up to 13 per cent on incomes (exceeding $2,000,000 per annum. The additional tux is to include undistributed profits of corporations, Joint /Btock companies or associations. Proceeds of life Insurance policies, farm loan securities und interests upon the 'obligations of the United States or a state are exempt from this tax. Higher Corporation Tax. Increase from 1 to 2 per cent on the total net income of corporations, Joint stock companies or associations or insurance companies organized in the United States. The exemption from this tax includes lubor, agricultural and horlcultural organizations, mutual savings banks not having u capital stock represented by shares, fraternal beneficial societies, domestic building and loan associations und corporation banks organized and operated for mutual purposes and without profit, business, civil and religious leagues, clubs for pleasure, farmers’ clubs for pleasure, farmers’ and other mutual fire insurance companies, joints stock laud banks. An Inheritance tax, now under the federal government, is laid ns follows: Net estute not in excess of $50,000, 1 per cent; up to $150,000, 2 per cent; to $250,000, 3 per cent; to $450,000, 4 per cent; to $1,000,000, 5 per cent; to $2,000,000, 6 per cent; to $3,000,000 7 per cent; to $4,000,000, 8 per cent; to $5,00,000, 9 per ceqt; exceeding $5,000,000, 10 per cent. Munition Tax Increased. The senators from the copper producing states forced the house to abandon its proposed tax on smelter plants, but the house got an increase of from 10 to 12% per cent in the general tax on the net revenues of munition manufacturers. This tax will cease when the European war ends. On wines the senate placed a flat tax of 8 cents per wine gallons instead of the house graduated tax. The stamp taxes carried by the house in its bill wore eliminated by the senate. The special brokers’, theater and amusement-house taxes are continued In the senate bill; also the increased tax levied by the house on tobacco products. On color dyes the duty is fixed at 30 per cent ad valorem. On other oils and distillates entering into this group of chemicals and acids the special duties run from 2% cents to 5 cents per pound. $423,170,024 to Guard U. S. The senate appropriations committee issued a statement giving the total of regular appropriations at this session of congress at $1,349,809,269, an Increase of $377,121,411 over 1910. To this the committee adds deficiencies, miscellaneous und permanent annual and indefinite appropriations, getting a grand total of nppoprlations for 1917 'of $1,620,439,209, an increase over 1910 ;of $517,537,197. ' From this ledger sheet it deducts extraordinary appropriations for defense of the country, placed at $423,170,024, an increase over 1916 of $418,383,266, and extraordinary appropriations of $85,240,940, and finds that current appropriations total $1,118,028,245, or but $7,877,991 in excess of i 1916.