Jasper County Democrat, Volume 23, Number 10, Rensselaer, Jasper County, 1 May 1920 — PROFITS PLAN IS REJECTED [ARTICLE]

PROFITS PLAN IS REJECTED

G. O. P. Committeemen Agree on Final Sales Bonus Levy. Washington, April 30.—Rejecting the demand of the Democrats and the “Insurgent” Republicans for a heavy retroactive levy on war profits, the majority of the Republicans on the house ways and means committee agreed upon the taxing features of the proposed soldier bonus program. The taxing program includes levies on final retail sales, real estate transfers, stock exchange transactions and increases in the present surtaxes and tobacco taxes. The taxes are to become effective January 1, 1921, making ft probable that the bonus will not be paid until the spring of next year. The proposed levies will raise approximate ]y $1,564,000,000 in two years, the treasury department has estimated.