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Show DEMOGIUTS OUTUHE REVENUEPRDGRAMME Bond Issue and Taxes on Estates and Excess Profits Planned. WASHINGTON", Jan. 16. Administration Adminis-tration plans for meeting the treasury aVnVit at the end of the next fiscal year-took year-took the form of a definite programme today, embracing increases in the inheritance in-heritance tax, a new tax on excess profits of corporations and partnerships, and a bond issue of $89,O0U,0u0. A bill including these proposals and bearing the endorsement of President Wilson Secretary McAdoo will be framed at once antl pressed in the house. The increase in revenue under the plan is expected to be more than $500,-U00,000 $500,-U00,000 annually, and if it fails to take care of the deficit, a $100,000,000 issue of treasury certificates of indebtedness may ' be decided on. ' As agreed to informally today by Democrats of the ways and'means'coni-mittee and'means'coni-mittee and approved by the president and secretary of the treasury, the excess ex-cess profits tax would be at the rate of 8 or 10 per cent on returns in excess of 8 per cent on investment, and would yield something over $200,000,000; the inheritance tax would be raised to one and one-half instead of one per cent on minimum estates, and from 10 to J5 per cent on those of more than $15,000,000, yielding an additional revenue reve-nue of about $22,000,000; and the bond issue of $289,000,000 would be designated desig-nated exnressly for emergency expenses such as the Mexican trouble, the Alaska railway, the new armor and nitrate plants, purchase of the Danish West Indies, In-dies, and appropriations for the shipping board. In this form the programme will be submitted by Democrats of the committee commit-tee to their Republican colleagues, who will be asked to make any suggestions immediate!)', so that the measure may be brought into the house. Democratic header Kitchin expects it to pass within a week. |