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Show WILL RAISE I BILLIONS .REVENUE NEXTVEAR Strict Party .Vote Ap- proves Four Billions for 1920, Reducing In-dividual In-dividual Tax Rates. Internal Revenue Bu-reaux Bu-reaux Almost Despairs of Enactment of Measure Mea-sure by New Year's. WASHINGTON, Nov. L'7. Revision of the war revenue bill was substantially y 1 completed tonight by the' senate finance committee.. Amendments . perfecting the program of raisins six billion dollars in 1919 were adopted, and, by a strict party vote, the. committee formally approved ' Chairman Simmons's plan to raise four billion dollars in 1920 through reduction of individual and corporation Income " ritte, elimination of the war profits tax and reduction of the excess profits rates. Although the"committee now practically practical-ly has completed the bill, it became known today that the internal revenue btfreau has almost despaired of the enactment of the measure before January 1,. and has made full plans for collection of taxes under the old law, by which it Is estimated esti-mated only 54,rn0,000,000 would be produced pro-duced net year. The old law, which remains re-mains effective until repealed by the new revenue bill, specifically enjoins the commissioner com-missioner of internal revenue to prepare forms for use of taxpayers to report their incomes, T)rofits and other taxable matters between January 1 and March. 1. TREASURY JIAY PROCEED UNDER OLD MEASURE. This situation, which became kpown today to-day after a conference of treasury officials, offi-cials, means that unless congress expedites expe-dites revenue, legislation nfct week the treasury will proceed with the task of collecting only about four billion . dollars in' taxes next year Instead of the six billions expected to be levied under the new bill now being revised by the senate finance committee. I"! am here only to enforce the existing exist-ing revenue laws,-' Commissioner Roper explained. "I have no official knowledge of when the new bill will be enacted, and I the existing law is mandatory on me to proceed. Otherwise I would be derelict in my duty." 1 With the seven Republicans of the committee voting solidly in opposition,! the ten Democrats adopted Chairman , Simmons' s plan, for 1900 to reduce the normal income tax rate ' for individuals and corporations from 12 to 8 percent, V to abolish the SO per cent war profits rate After 1010, and to reduce tUe icxcess profits rates in to a minimum of 20 per cent and a maximum of 40 per cent, or two-thirds of the 1919 rate. WOULD PRECIPITATE MUCH CONFUSION. Daniel C. Roper, revenue commissioner, commission-er, also explained today that ho would be forced to administer excise, floor, buei-ne, buei-ne, transportation and other taxes collectible col-lectible monthly under the old law alter January 1 if the new measure Is not tinally enacted by then. The collection 1 of additional sums, resulting from increased' in-creased' rates under tho new act, or repayment re-payment of taxes collected under schedules sched-ules repealed by the new act, then would precipitate much confusion, it was explained. ex-plained. Roth the programs for 1019 and 192 taxation, except for minor amendments to be made when the committee reconvenes recon-venes nex ti Friday, virtually were completed com-pleted today. After Friday's meet Ins a reprint of the bill will be made and Chairman Chair-man Simmons plans to report it to the filiate some time next week. The Republicans Re-publicans announced their Intention to oppose op-pose inclusion of 1920 rateg in the bill and may file a minority report. M'ADOO DESIRES HIGHER NORMAL RATES. Chairman Simmons's plan for 1920 revenue reve-nue was adopted without change. Its Provisions for reduction from 12 to S per f cent In the normal rates on Individual incomes also provides that the rate shall he 0 per cent in 1919 and 4 per cent in 1920 mi the first $1000 of taxable Income. Chairman Simmons said Secretary Mc-Adoo Mc-Adoo does not approve the 1920 i'ogram in Its entirety, as he desired higher normal nor-mal rates to continue on both individual (Continued, on Page Two. WILL RAISE B BILLIONS REVENUE NEXT YEAR (Continued from Page One,) and corporation incomes, and also opposes op-poses continuation of the excess profits taxation plan. Among less important decisions of the committee today were rejection of proposals pro-posals by Senator Smoot to impose a 1 per cent tax on gross retail sales and to exempt corporations with less than $1,-000,000 $1,-000,000 capital from excess profits taxes. The committee also considered requests to abolish the floor, or stock, taxes on , tobacco, but decided finally on their re- i tention. i |