Show ROUSE HOUSE HOPES TO SPEED UP REVENUE Bill Exemption tion of Small Income Tax Payer Reduced BIG TEST TO COME COM E Entire Measure Must Mus Be Submitted to Lawmakers WASHINGTON VASHI Fob Feb The 20 20 The house hous press pressed d on w It ins 11 consider of ot the revenue bill today lead lead- leads ass s hoping for speedy speed action 1 liMen In n ties of ot the Democratic substitute for tor the Mellon schedule Into the measure masur The lutes I adopted pro preside Ide de for tor a maximum surtax of ot 44 H per cent centon centon centon on Incomes of 2000 and over and tor for normal tax rates of ot te h t oper o 0 per pr cent on incomes of and under tour four per cent on Incomes bet een and and sl Ix x pA pat i cent on Incomes e Personal tax exem exemptions also ner re e increased to allow allot 2000 exemptions dons for or single persons and far heads of ot families NU flu u- u POINT POI This action brought about b by bytho bytho y tho combined totes lotes otes of the Demo Demo- Democrat Democrats trail crat and Republican Insurgents settled the main controversial contro point of oC the he bill as far tar as amond nt to s ant sections are concerned J Jote l tote lote ote must yet et be taken on tho th entire entro mea measure ure er lowe er and Re- Re Republican Re Republican publican cadets hive ve Indicated they will seek Reek at that time to have haveIt haveit It recommitted to committee and nett In Income ome rates rales adopted The Tho Ga Gainer ner sates sere ero ere adopted In the taco faco of or a compromise offer b by Rep e Longworth Long orth Re Republican lie Re- publican floor Joor leaflet leale to submit an to make the maxImum surtax x late iste ate per cent Instead ot of 25 pcr per cent cool ent as a carried In tn the bill insurgents refused the offer 17 Ii toting noting Mth the Iho 03 Dem- Dem Democrat to fa the hp Garner ncr amendment T Teo 0 other substitute proposals al- al rud ready one bv ov chairmen l Madden I of ot the tho appropriation committee providing tor for the Mellon rates rites except tor for a It surtax surta maximum rite rate of or 26 6 per cent In instead stead of oC 25 26 per cent and the tho other othel by y Representative e Wiscon- Wiscon Wisconsin sin In Republican Insurgent calling er a maximum surtax ot of 50 60 per percent tent cent on Incomes of ot and andover an over er and tor for a 50 per cent cut In i rates LIMITS 1118 PIT iti LOb LOSSES LOSES ES ESThe The capital gain and loss section taken up today tarries carries a change chango recommended b by See Sec Societal ell elly y Mellon to limit the deduction on account t pt pC capital losses to 10 12 per cent of r the lAss Ides l ss The present law limits the khe tat tac ta on capital gains to 12 per cent but bul did not limit capital loss Joss deductions deduction Enactment of ot the change would increase re about annually Mr Ml Mellon ellon estimated The earned Income section Is a anew new pro I lon of or the law also alo tec- tec by Mr rr Mellon lellon The committee allowed ed a 25 26 per cent I 1 ed Llon in taxes on earned arned In- In int In t omes and placed all Incomes up t to I in till tills this category category- Incomes I above c that amount up to received ed from Crom wages salaries pro pro- fees tees and as S compensation lon Jot other per personal on l en vertices pcr ices also albo are ar defined as earned u I |