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Show HOUSE REVENUE BILL MY JE REVISED Democratic Caucus Orders Sweeping Increase in Inheritance In-heritance Tax Measure. WASHINGTON. Aug. 7. Complete revision re-vision of the munitions tax section of the house revenue bill and sweeping increases in-creases In the inheritance tax were ordered or-dered recommended to the Democratic caucus today by Democratic members of the senate finance committee. The proposed higher taxes on big Inheritances In-heritances would Increase the estimated revenue from that section of the bill alone from $".4,000,000 to $72,000,000 annually. an-nually. Retaining the house bill taxes of 1 per cent on estates over $50,000, graduated grad-uated up to 6 per cent on those In excess of $40,000, the committee added schedules sched-ules of 6 per cent on net estates In ex- ! cess of $1,000,000, 7 per cent on $2,000,000 to $3,000,000. 8 per cent on $3,000,000 to $4,000,000. 9 per cent on $4,000,000 to ; $5,000,000 and 10 per cent on estates in j excess of Jo, 000, 000. I In revising the munitions tax the com- 1 mittee struck out the varying rates pro- : vided In the house bill for munitions of war, powder, explosives, shells, cartridges, projectiles, products of copper and the like, and decided to substitute a flat uniform uni-form tax on all of these commodities. Determining that the tax should be made a net profit tax on the manufacture, the committee also decided to add the fol- , lowing commodities utilized In making munitions: Pteel billets, ingots, blooms, shell forgfngs, denatured alcohol and cotton cot-ton linters. In addition, chemicals actually ac-tually used in the manufacture of munitions muni-tions would be taxed. The rate to be imposed still is to be determined. In consideration of revision of the munitions mu-nitions section, Secretary McAdoo Pat with the committee and submitted statistics sta-tistics showing that upon all of the commodities com-modities added to the taxable list profits have been abnormal since the beginning of the European war. The income tax section was completed during the day, the committee retaining the normal tax of 2 per cent on all incomes in-comes In excess of $4000 and $3000, respectively, re-spectively, for married and single persons, adding the special tax of 1 per cent on incomes in excess of $3000 and $2000, respectively, re-spectively, for married and single persons, per-sons, retaining the surtaxes as proposed in the house bill, with the exception of an Increase from 10 to 13 per cent on incomes in excess of $1,000,000. All of the proposed changes are subject to the approval of the Democratic caucus. |