Show T AXING INCOME ALL COMPANIES 18 PER CENT I Proposition Proposition- r Trebles Rate Now Nor Paid and Yield Would Exceed One Billion nr lly Service Washington Wi July 23 A A tax lax o of oC IS ISper pcr per e nt on or the net Income of oC all corporatIon corporations cor cor- Is favored h by the ways ys and nd mentis means committee now writing tho 8 OO OO revenue bill This Is tre treble le the itte rte now paM paid rind and If Ir 1 put Into ef effect effect ef- ef would yield 1 considerably more in revenue It has h b that under the tho r 5 per tax cent tn t-tn now flOW assessed on the net In- In cam of corporations the r returns turns for forth forth th th j fiscal 1917 would be bo between year anti ami i Treb- Treb L rung ru- ru ng tho tho tax would ouM bring a return equal equal- to U three ree times Umes this amount c cx- cx deductions and anti allowances s. s which tho the committee now Is con considering consid consid- ld- ld ering The principal deductions which the I IThe committee has haa in hi mind were discussed jit Rt s ses session lon after an Informal vote o of the flie committee had disclosed the thenet fact net That a majority would support the proposal to raise tho the tax IS 8 per pcr CC cent ceiL It Deduction Is Js In the form o ot of a proviso iso to the effect that of or tho the form Corm Issued to shareholders corporations would be he I I required to pay only 12 per cent cent- This would have hn the tho effect of or Inducing lar large e corporations corpor to distribute their earn earn- to ings-to stockholders instead of or retaining retainIng retain retain- In ing ing- them thorn In bulk bulI The The- committee be belIe believes be- be lIe 1 such a distribution would bo he wholesome In Its dt effect ct upon the fi financial fI- fI I- I condition of or the tho TJ committee also listened to lo a st n that the h corporation r lI tax tabe be I ht I l 4 u J w p.- p. ur s n I that or tho amounts amount distributed to shareholders only onh 10 per cent should bo O 13 levied led Oth Other r rates lu suggested were p. p Lit flat rate of ot 15 per pcr cent on tho the net incoMe and a flat tInt rate of or 1 12 per cent centon centon centon on Ute tHe net tiet Income t Atthe close of ot the meeting Chair Chair- nl made this announcement While no decision was reached reachel it ft schemed seemed that a a. majority of the committee favored the thc proposition of or the IS 18 per pcr cent rate on net Income with a 1 reduction to lo I 12 per pel cent on the amount distributed to shareholders The rue committee has passed temporarily fl Shy ily the consideration of or increases In Inthe Inthe inthe the rate on Individual Incomes while awaiting advices ld from froni rom the treasury de department do- do ns ru to the amounts that would h be hI yielded under tinder the thc suggested rates I of r 10 10 12 and 15 Hi per Jer cent as IS the normal normal nor nor- mal anal Income tax tat Word Yard came from rom the tle treasury today that If It the schedule of r luxury taxes recently propos proposed cd b by the officials of the department were wele fol followed followed fol- fol 01 lowed at least could be beS S secured ecu red The Thu committee intends to dispose of or orthe the income and excess profits taxes I before beor taking up ip an any of oC tJ the e articles proposed no ed hv lw the treasury on the I luxury lists |