Rensselaer Semi-Weekly Republican, Volume 34, Number 46, Rensselaer, Jasper County, 7 February 1902 — WAR TAXES ARE TO GO. [ARTICLE]

WAR TAXES ARE TO GO.

Bill for Their Repeal Ordered Prepared „ by Committee. The ways and means committee, by unanimous vote, instructed Chairman Payne to prepare a bill repealing all the war taxes except the tax on mixed flour. The action taken was iu the form of a resolution to the effect that the hill should provide for the repeal of the remaining war taxes, to take effect on July 1, 1002, except that the repeal of the duty on tea should go into effect Jan. 1, 1003. The only division in committee was on amendments proposed by Democratic members. Richardson proposed ail amendment to put trust-made articles on the free list. This was defeated by n party vote, as was the amendment of Robertson of Louisiana to continue the tax on, “bucket shops.” Newlands of Nevada offered two amendments, one excepting from the repeal the tax on petroleum and sugar refineries, and another imposing a tax of one-tenth of 1 per cent on the gross receipts of any industrial corporation having receipts of $1,000,000 annually. Both amendments were defeated by party votes.

Chairman Payne made the following statement on the proposed repeal: "The treasury now has an available cash balance of something over $174,000,000. It is not likely that this will be increased materially during the present fiscal year, as the treasury is buying bonds at n rate that will use up the surplus to accumulate between this and the end of the fiscal year, June 30 next. The Secretary of the Treasury’s report estimated a surplus for this year of $100,000,000, aud subsequent results seem to confirm tills estimate 1 . The committee, therefore, thought it wiyj entirely safe to repeal the remainder of the war revenue taxes, a mounting to $08,000,000, and the tax on tea of $9,000,000, In the aggregate $77,000,000. at this time. "This will still leave a surplus estimated upon this year’s receipts and expenses of $22,000,000 or $23,000,000 Tor the year, while we Bill shirt upon tho next fiscal year with $174,000,000 available cash iu the treasury.”