Show w nations new tax bill of ite its H tir the MW new tx tat to law so pa 11 thaw 1 boid 14 aneo maxse tax last yr year atom lung tatum or paying toe taws abb beor ad sad mems taca ali 14 aft mr ratty admi selon and ad I 1 otar each axxe are re cat cut severe d itman of the war tia tim aniie ni ie bas being rD eald th the gift tit tax s yohebed boH ebed aud and surtax rates are materially mtr tally d maximum of ach each being 1 placed at 20 per par cent tora compared pared with forr former I 1 40 cent 1 the bil wet vent through mangrom in time of day days i all proM slona are effective eff eLtIve 1 at onte oa income rates applying on 1926 in comes are returnable mar march ch 15 16 reix al the most important not revenue of the measure ts is the repeat ot of income tax publicity placed in the law in 1924 Ite reatter a mounts paid cabot be published the new now law known officially a Rs the revenue act ot of 1921 will raise 12 according to treasury estimates estima tm compared with 2 under the 1924 law in the calendar year 1926 1924 summarize summarized the bill provide provides normal tax rates of I 1 per cent en on the first ot of taxable income 3 per cent on the next and 6 per cent thereafter compared with 2 4 and 0 4 per ter cent respectively at present surtax rates range from fro 1 I 1 cent o 0 04 the income above la 10 ranging up to 20 per cent en on compared with I 1 the present I 1 to to 40 per cent personal exemptions ara are increased to 0 from 2500 tor for married persona persons and to 1500 from 1000 1000 for unmarried persons exemptions for depend lents tents remain at each these income tax rates will bring 41 1 aou or less than the present law would in 1928 1926 reduce auto uto tax reduction ot of the automobile excise tax from 5 to 3 per cent sill r ate 16 1 to taxpayers a to api revenue of 69 tO being expected elimination ot of taxes on tires and other her accessories amounts to but the tax on trucks Is retained the estate wate tax will eat cut the years revenue 15 1 repeal of the 1 per 1000 00 tax on corporation capital stock cuts government revenues by 68 BOO the gift tax repeal cuts the tax burden 02 clear cigar taxes are cut ut 1000 the estimated revenue being 2 ool other tobacco taxes are left unchanged and will bring in ten per cent on theatre admix glens tarts starts at 75 cents instead of 60 cents cutting revenue from to 24 stamp tax revenue will be cut from to 44 70 alcohol taxes ore cut to juneous ill taxes most other miscellaneous federal taxes were repealed only 10 being retain d |