Salt Lake Telegram | 1921-08-07 | Page 1 | House Committee to Slash Levies

n. n of or ow 1 HOUSE J E A COMMITTEE E TO Tb SLASH LAS LEVIES NEW TAX I II II I I MAY BE READY I IN Ii SHORT TIME Ways and Means Committee Commit Commit- tee to Get Down to Work Extent of Possible Cuts Considered WASHINGTON Aug C. C G.- G. Majority members of ot tho the house ways was and means committee expect to get Set down downto to tho the brass tacks of at tax revision next week Chairman said today toay that the rewriting of ot levy leyy provisions In Inthe Inthe inthe the 1918 I law Jiny probably would begin Monday and that thai unless an an unexpected ed snag snap was encountered d the tho now v bill bm should b bo read ready in ten days daR Leaders generally say say house hoise consideration consid will require only u 1 few rew days The h w work rk be before or the tho R Republican c em emen n Is' Is t lo to determine the ex x 3 tent of pC tho cuts possible and and ml just jus justI I I where they are t iff be made The genI general general gen gen- eral erat belief bellat to bo ho that the seems comI com com- I bill will propose repeal of ot tho the I excess profits tax bu but t the effective dato date remains Ins to b be determined I As a substitute fr the excess profits prof prot- i its Hs tax it is planned to Increase the corporation income inome tax from 10 per perI percent percent I cent to 15 per cent ent and also to re reI repeal repeal re- re peal pal the tho 2000 exemption allowed cor cur I Chairman Fordney said toda today however that It might be necessary nocI noc- noc I essar essary to make some specific provisIon provi- provi j sion slon In the bill bm to relieve the burden I it has hns been claimed this w would uld impose impose impose im- im pose on th the small corporations 1 EXTENSION SOUGHT Ho also disclosed a proposal to toi i write Into tho the bill bm a n provision taxing the Income of or the tho so called personal I service selIce corporations such as architectural archi- archi I firms not Incorporated tho the same as the Income of ot other corpora- corpora rho Tho supreme court has held I that the present law Is not applicable j to such concerns Mr Ir Fordney also said it wa was not proposed to relieve pub public He service corporations corporations cor cor- from a n. part of ot the 16 Hi per percent percent percent cent income tax provision of tho the bill bUt Aside from revision of these lev levy sections tho the minds of ot many committee commit commit- tee members are arc turned to a a. a. a repeal of ot the higher income surtaxes of ot all nIl allor allor or part of ot th the transportation taxes and of ot the fountain ice cream levies However the actual revisions are arc yet ret yetto yetto to be agreed upon with Indications of at some fights tights in the committee I I CUT APPROXIMATED j It was estimated toda today b by some somo that immediate repeal of ot the whole I transportation tax tax- the soda water tax and the higher surtaxes to together ether with the which the treasur treas 1 I ur ury experts figure will be bo lost this this this' fiscal year ear through h repeal of ot the cx ex excess cess profits taxes as of or last January Januar 1 would approximate the half halt billion dollar cut house Republican leaders insist can bo be made In the tax levy With lIth such a n reduction tho the taxes to tobe tobe tobe be paid this fiscal year ear would approximate approximate ap ap- ap proximate on the basis of ot treasury treasur estimates presented to tho the committee and would include estimated back t taxes tes es In addition to this Income tho the tr treasury figures customs receipts under tho the proposed new tariff law at and hi Income come from miscellaneous sources at about making a total of or 3 as against an outgo estimated In tho the treasury statement at Supporters of the tax cut declare however that the apparent deficit of ot would bo be greatly de decreased decreased do- do creased through additional collections in back taxes estimated at probably a larger larser Income from mh miscellaneous c sources and decreases In expenditures Including those on account of the public debt and tho the various federal departments