Show Q EXCESS PROFIT t TAX FAVORED House Ways Committee Uee Tentatively Tentatively Tentatively Ten Ten- Decides on 30 to 80 30 Per Cent Washington July Juh 26 The 6 The graduated excess profits tax of from 30 to SO per percent fent cent ent on net Income beyond exemptions and nd exemption of oC 2000 plus 10 per cent centon on the amount of oC Invested capital as tentatively decided yesterday were practically adopted b by the tho hou house e ways and end means ns committee toda today Taxation of t luxuries estimated h by the treasury treasur as capable of raising win will willbe be considered Monday Monda- Complaints of or In Inequalities are lre expected t to be remedied b by the committees committee's ac action ac- ac tion Uon In repealing a section of the present present present pres pres- ent revenue re law lass The effect will be that excess profits tax under the pending pending pend pend- ing InS bill will 1111 not apply appl to Individuals and partnerships Individuals and partnerships part part- will be reached through tho the normal ormal and surtax x provisions of the Income tax law The committee decided to retain sub- sub the same t text tl of capital InVested In- In Vested ested and other definitions as are In the pre present ent 1 law aWhile a While not definitely deciding the I matter a a. majority of ot the committee I R as as favorat fa le Ie tJ ti to a n provision pro that In tn Inno r I no case should the excess profits tax r exceed 30 50 O per cent of or the net Income i nor bo be less than 10 0 per Ier cent of ot tho the net r Income n n the case of corporations with witha a a. L capital exceeding exceeding- Several m members c o c the committee e Were tre disposed cd to tn favor or a tin flat t tax of 80 SO I per per 1 cent but the tho committee e i rejected ejected athe the prop proposal al as 18 discouraging to In tie The fhe committee dl disregarded war pre-war comparisons for tor taxation There is still a discrepancy of ot almost between the tho revenue estimated to be yielded by bv the excess profits and InCome In- In tome Come lazes a as proposed and the rn sought ht from those sources under t the he e revenue re program |