Salt Lake Telegram | 1919-01-18 | Page 1 | Taxes upon 1920 Excess Profits Are Agreed Upon

I IT TAXES AXES UPON 1920 EXCESS PROFITS ARE AGREED UPON III II- II By Associated Press Preas W WASHINGTON Jan Senate 18 18 Senate I rates for taxing taking war excess profits of or corporations corporation In 1920 and thereafter thereafter there there- after atter estimated to raise about annually were agree agreed to today by conferees on the wa war r revenue bill A decision on the 1919 rates was deferred deterred Senate conferees agreed ed to extension extension extension exten exten- sion of th the 80 per cent war profits levy in 1920 applicable only to w war wari war r rI I contracts which still may remain The senate rates for tor 1920 provide I for taxes of or 20 per pel cent on n corporations corporations' corporations corporations' corporations corporations' corpora corpora- net Income In excess of credits allowed and not in excess of 20 per percent percent percent cent of invested capital cI plus 40 percent percent per percent cent of the amount In excess of 20 per cent of Invested capital