| Show CONGRESS ON I EDGE WITH BUDGET Bill House louse Informed Revenue Measure Will Raise WANT S SPEEDY PEE D Y ACTION Hope to Get House to Act Saturday Dr BY A Press WASHINGTON June 3 The 3 The budget bud bud- get balancing get tax economy legislation kept congress on edge today with the house hearing that the compromise revenue b bill w will raise and the senate striving to agree on the economies needed How conferees o of the two branches wrestled for hours to reconcile differences dif dif dif- in the two tax bills b and the decisions reached were ere related by Acting Chairman Crisp of ot the house ways and means committee The plan is to lo get the house to act tomorrow then the senate and finally the bill goes to the thc White While House It H was agreed to keep the senate income tax rates which reach the 1921 level of oC normal tax o of 4 per cent centon on the first 8 per cent on incomes m in in comes above that and surtaxes up to 55 per cent on income in excess of The tariffs on tariffs on oil oit coal lumber and were copper copper were retained Further outlining the decisions of the conferees Crisp said The UThe stock transfer tax o of 4 cents a 1 share will apply to lo stock loans for tor short sales We agreed to lo the senate provisions provisions provi provi- on automobiles tires chewing gum um lubricating oil brewers' brewers wort grape concentrates jewelry and boa boats 15 NO SO BOOTLEGGER TAX The senate receded on the bootlegger boot boot- legger tax This last tax lax was for per cent jn an n all proceeds proved to have been derived from crime The senate senale receded on its ils amendments amend amend- ments to lo exempt the Olympic games md college football games from the tax Crisp added that there here had been no controversy whatever what what- ver ever over the gift it tax He Hc predicted the house ought to jet et through with the bill in about two or less tomorrow The senate provisions on telephone md telegraph messages including the language on leased wires were re- re Lamed Crisp said We kept also the enate senate provisions on second class mail md extended the first class rates unil un un- lil Lii il July 1 1 1934 We Vc kept the senate senale provision on insurance and admissions and the louse ouse language on foreign credits credit The senate rates were retained on jond transfers but the senate receded m n the Gore amendment for a tax of 30 JO per cent on all salaries and bonuses ver er A 4 per cent tax on oil pipe line harges was retained Explaining action on he consolidated and affiliated corporate corpo corpo- rate ale returns Crisp said the house had jeen Deen anxious to test out the theory hat that a higher rate for corporations would not produce more money for forthe the he government PLACES LACES FLAT RATE The senate had placed a flat 14 per ent rate on all ill corporate returns lter the house had put the rate at 2 13 2 1 per cent for single corporation returns and 15 percent per on consolidated ed d and affiliated returns Under the the flat rate rale is 13 4 4 3 per ent rent for single corporate corporale returns and 14 2 1 for consolidated and affiliated returns Treasury figures showed today that the he anticipated deficit for the coming year ear car now is while it t was when the tax measure was before the house By saving in expenditures along with the revenue bill Jill would leave a surplus of 2000 GOO 00 according to lo treasury estimates sent ent Crisp Later the conference report was submitted to lo the senate by Senator Smoot the chairman o of the conferees with an expression that the senate senale study it and be prepared to act when the hou house e has disposed of the bill He submitted a report mere merely listing list ing the numbers of oC the amendments in the voluminous bill and what action action ac ac- ac tion had been taken on them The compromise language on the electrical energy tax lax reads There is hereby Imposed a tax Continued on Pate Page Six I CONGRESS ON EDGE WITH BUDGET BUET Bill BELL Continued from Page pue One equivalent to 3 per of or the amount paid on or after the fifteenth day after the date of the enactment of this act for electrical energy for domestic or commercial consumption furnIshed after aUer such date and before July 1 I 1934 1034 to be paid by the person paying laying for such electrical energy and ando to o be collected by the vender No tax shall shan be imposed under this section upon any payment received for or electrical energy furnished to the United States or to any state or territory terri tern tory ory or political cal subdivision thereof or the District f fo o Columbia Columb a. a The r right j to o exemption under this sub subsection shall be evidenced in such manner as the commission with the approval of the secretary may by regulation prescribe I |
