Salt Lake Tribune | 1918-03-09 | Page 1 | New Revenue Bill Planned by Wilson

REVENUE BILL PL1I0 8? WILSON r Revision of Present War Tax Law Is Under Consideration. WASHINGTON, March 8. President Wilson and his advisers, according to apparently authentic reports at the capitol, are beginning to consider new revenue legislation for presentation to congress. Kevision of the present war tax law, it is stated authoritatively, is one feature fea-ture of tentative plans which are expected ex-pected to cover the government 's financial finan-cial needs for next year, including new .bond issues. Enactment of an entirely new tax bill, repealing many domestic taxation I features of the Underwood law of 3913, and the war tax law of last year, and substituting new, single taxiftion system, sys-tem, is Raid to be under consideration. The question of increased taxes is said to bo a matter not yet ready for consideration. A strong faction iD congress con-gress is ready to oppose any considerable consider-able tax increases, except possibly a few new manufacturing sales taxes and minor consumption, or excise levies, and possibly changes -in income rates. Another faction is expected to urge increased in-creased levies on excess profits. Nothing definite toward the new legislation is to be done, it is understood, under-stood, until Secretary McAdoo, Commissioner Com-missioner Ko;;'-r of the internal revenue bureau, and other treasury officials can gather and digest information regarding regard-ing revenue returns under existing Taws. .Secretary McAdoo has promised to submit sub-mit preliminary data to coiiL'rssioiia.l leaders next month, hut further delay because 01 belated returns from excess profits a.ud incomes, is probable. Also, the suggestion is mnde tiiat for further study of the situation and operation of the new war Tax law legislation micht well be d"i'wrcd by cojtgrr-s until t';il so that further study of the situation arid of the operation of the war tax law can .be marie.