OCR Text |
Show Senator Cummins Has Scheme for Graduated Income Tax. Washington. Senator Cummins on Wednesday introduced his amendment amend-ment to the Payne-Aldrich tariff bill, providing for a graduated income tax, which, he believes', would produce $40,000,000 revenue. Mr. Cummins pointed out that it differs in some important im-portant particulars from either the law of 1894 or the amendment offered by Senator Bailey. It exempts incomes in-comes below $5,000, and authorizes the deduction of that amount from every dutiable income. |