Show New Income Tax Bill Aims Relief for all Small Earner An individual income tax bill sponsored by Governor Henry H. H Blood and imposing less burden upon small earners vase vage earners than would the measure by Senator Ward C. C Holbrook D. D Davis will be brought out by the senate revenue and taxation committee it was decided Monday Monda at a committee meeting After considerable difference of opinion had been beer expressed the committee report favorably y senate bills Nos 1 I and lio by hv Se Senator a r l- l Holb ook hut tak d u tu 4 No J 1 No 2 t J bill boosting tax rates Senate bill No 1 would Increase v rates o ot the corporation fra franchise chIse tax and repeal the property tax tax oft ot off set seL Plan Finn Amendment Committee members mafte it plain that their vote to report th the tho bills favorably did not mean the they will they wUl not offer amendments from fromi the floor Senator John M. M Wallace D D. S Salt lt Lake said the Holbrook bills would not actually reduce property taxes tuxes and said aid the small home owner owner own own- er and tho the largo large property owner would suffer sutter by proposed repeal of the property tax offsets in both the Individual income and corporation franchise taxes I J believe Indu industry tr should pay a fair air share of taxes but big business should not be penalized solely be be- it is la big business he said ald Such a tax actually is imposed on ona ona ona a large e number of oC small Investors Aimed at Shift Senator Holbrook and a colleague supporting the measures Senator D. D W. W v. v D D. D Salt Lake said the bills were aimed at nt shifting tax burdens burdens burdens bur- bur dens from tangibles tangiblE's to intangibles Senator Daniel Stevens D. D Mill Mil MU- l ard hird rd said the repeal of ot the offsets would actually double the tax tn on some property as Income of ot some persons is derived solely from real property Senator Holbrook said s the governor gayer gover over over- nor supports a 11 bill that Is b identical with his hi own u ai to ra rates cs repealing r I S the offset and eliminating the present present present pres pres- ent 1 filing fee tee While the Holbrook bill biJl repeals all exemptions on income it sets up upa a system of credits against the thc tax due ue attaining attaining- the same effect to a aI I lesser degree as the exemptions system Given Gh-en Exemption The TM governors governor's bill it was wa explained explained ex ex- provides income exemptions of for tor single men and 1500 for or married men plus for lor each dependent Thus a married man earning 2000 and having no dependents would pay 1 per cent of or 5 5 Und Under r the Holbrook bill the samel I person would pay 10 after his credit had been applied I Senator Holbrook estimated the governors governor's bill would return from 2000 t less than the c c calculated would be paid the state annually under his own measure The only dissenting committee vote was WM cast by Senator Eldred M. M Royle D. D DJ Utah |