OCR Text |
Show SfflTE FAVDRS IlipSE House Draft of Revenue Bill Regarding Rate Is Approved. WASHINGTON, Sept. 25. Provisions of the house draft of the war revenue bill, designed to raise $1, '182, 000,000 from incomes of Individuals, were approved, with sllght'changes, by the senate 'finance committee, which Is revising the measure. meas-ure. The normal rate of 12 per cent on Incomes of individuals, with 6 per cent for the first $4000 or less, was adopted, but the committee decided to readjust the surtax ra.tes wirhout reducing the amount of revenue they are designed to raise. For the house clause exempting from income taxes salaries of men in the military mili-tary service abroad or at sea up to $3500, the senate committee substituted a provision pro-vision that all salnry received from the government by men In "active service in the field or at sea" shall be exempt from taxation. The new graduated surtax rates, are expected to range within the present limit of from 2 per cent on incomes over $5000 to 6"i per cent on those exceeding $5,000,000, but are to be more uniformly graduated. The house increases on Incomes In-comes between $10,000 and $30,000 and between $100,000 and $300,000 were regarded re-garded by committee members as excessive. exces-sive. The committee deferred decision regarding re-garding the Inclusion of proceeds from life Insurance policies, but approved the house plan of Including Income from accident and health insurance.' |