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Show WAR TAX BILL IS COMPLETED . By CONFEREES ! Amount Carried by Measure Increased to Raise About ' $2,700,000,000 After Much Discussion. WASHINGTON, Sept. 27. The war tax bill, increased to' raise about Jl'JOO.OOO.OOO federal revenue in addition to $1,333,000,-OuU $1,333,000,-OuU seccred underrxisting law, was completed com-pleted late today by the senate and house conferees. Ptesentaiion of the conference report to the bouse late tomorrow is planned. It will be considered first by the house, and the bill's enactment Into law next week is regarded assured. Additional taxes of between 5250,000,000 and $30,000,000 over the senate bill, which totaled $2,410,000,000, were added by the conferees. As passed by the house the total was $1,368,000.00". Sena te levies of $1,080.00(1,000 on war excess profits and $S42, 200,000 on incomes were substantially unchanged, the conference confer-ence Increases being divided among many Items, with a few new taxes added and many eliminated house provisions restored. re-stored. The system of levying war excess ex-cess taxes, however, was practically rewritten re-written in a compromise between the senate war profits and house excess profits systems. A minimum exemption of 7 per cent on invested corporate capital capi-tal is said to be provided, with modified allowances for intangible assets. The only change in the senate income tax section was to rearrange and harmonize har-monize a few graduated surtaxes on incomes in-comes over $50,000, without substantial change in revenue returns or individual taxation. Normal taxes on individuals and corporations and the lowered Individual Indivi-dual exemptions as revised in the senate were approved. Postage Ta?f Increased. Of the $250,000,000 to JfftOO.000,000 addi-tipnal addi-tipnal tax agreed to by the conferees, about one-Lhird was placed upon postage. The house -cent letter tax, estimated to raise $70,000,000, which was stricken out by the senate, was restored by the conferees, con-ferees, and their agreement for a graduated gradu-ated zone increase on second-class mail rates Is estimated to raise some millions more. Another large Increase ordered was in passenger transportation and Pullman accommodation ac-commodation taxes. Amusement admissions admis-sions also bear a considerable Increase, with senate exemptions of outdoor parks and their attractions rejected. The senate provision exempting moving picture I heaters charging 25 cents or less from taxation was changed and provision made for exempting only much cheaper theaters. The exact exemptions have not been disclosed. Stamp Tax on Checks. Revenues from automobiles, patent medicines, perfumes and cosmetics and other manufactures also would be increased in-creased by the conferees' agreement. The 1-cent stamp tax on bank cheeks, eliminated elimi-nated in the senate and estlmatexl to raise SI 0,000,000, is reported to have been restored to the bill. Among important house provisions abandoned were the retroactive tax on 1016 incomes, estimated to raise $108,-000.000; $108,-000.000; a. general 10 per cent tariff levy, estimated to raise $200,000,000, and consumption taxes on gas, electric and local telephone service, estimated to bring in $30,000,000. Another Important action understood to have been taken was restoration of the special tax of 16 per cent on munitions manufactures, estimated to raise $20.-000,000. $20.-000,000. The senate provision for its repeal re-peal was stricken out. Official announcement of the principal features of the conferees' work probably will be made tomorrow by Senator Simmons Sim-mons and Representative Kltchin. |