Salt Lake Tribune | 1918-08-15 | Page 3 | M'adoo Revenue Plan Presented

Secretary of Treasury Appears Ap-pears Before House Ways and Means Committee. WASHINGTON, Aug. H. Secretary McAdoo laid before the house ways and means committee today his plan for an excess profits tax with an alternative war profits levy to be included in the new revenue bill. The plan proposes the retention re-tention of existing rates in the present excess profits law,, with the alternative application of an excess profits tax with a maximum of SO per cent, affecting about 90 per cent of all the business corporations corpora-tions coming under this schedule. Secretary McAdoo estimates that the treasury plan would produce from $300,-000,000 $300,-000,000 to $400,000,000 more than under the plan tentatively agreed to by the committee com-mittee recently. At the conclusion of the conference, Secretary McAdoo and Chairman Kitchin joined in the prediction that they would get together on a plan, and Secretary McAdoo Mc-Adoo added that "you can see that Mr. Kitchin and I have no bayonets for each other." Some facts entirely new to the committee commit-tee bearing on the question were submitted submit-ted by the treasury, with the result that tonight the' outlook is that either the treasury department plan will be adopted adopt-ed or a compromise embodying most of the substantial principles of the treasury plan will be agreed to. Despite this agreement and the in- t creased revenue claimed for the treasury ' plan, which Secretary McAdoo said would j take care of exceptional cases like the Ford industry, some of the Standard Oii subsidiaries and others, it was stated tonight to-night that the bill still falls short to the extent of between $500,000,000 and $1,000,-000,000 $1,000,-000,000 of the 8,000,000,000 sought. A port tax on tea, coffee, cocoa, sugar, bananas ba-nanas and other tropical fruits coming through the ports may have to be resorted resort-ed to, it was said, or some other new tax feature considered. The first break in the committee occurred oc-curred when Representative Raincy of Illinois, after making a stand for increase in-crease of the taxes on estates in excess of $1,000,000 and being voted down, announced an-nounced that he would carry on the fiyht on the floor of the house.