Show INCOME TAXES MUCH REDUCED I Summary Shows Savings to Taxpayer Under N New ow Law By Dr HAnDEN RARDEN COLIX Special Corr Correspondent of ot The Th n Copyright 1121 1928 Frees Association W WASHINGTON March Much U- U 11 While somewhere om wh re around five mu mil million lion Individuals subject to ling ung Income tax reports report will have hav corn com pitted corn J the th duty Monday night with more or lees lee Joy at discovering dl cov the etre effects tl of ot the th lower rates rate ea of the neW act regulations pro pre parel pard IbIs till week by the Ur Internal revenue bureau make mak plain that alt all the tho th benefit of the th new law are arnot not to be b reaped at one on harvest The Th thrill of ot pleasure experienc experienced ed by the fact that Undo Uncle dam aim lm this year ear rate rate a wife wit as aa a worth wort 1000 more In lit deductions deduction he did year ear may be b tempore some some- somewhat somewhat what by wonder why a II child or 01 other dependent has ha not Increased above the tb old 1400 deduction value i but the taxpayer t probably ably will find some om consolation Nr for this perplexity In elIminations or reductions In various sales and oc- oc occupational occupational oc occupational taxes winch more or orless orless orIe less affect the th cost coat of ot living Nor Norare Norare are thue latter benefits benefit confined solly ol ly to those who who pay Income taxes tasea During Durin by con con- congress crest con grass gress of of of a new n w revenue bill at- at at attention naturally Is I d upon Income tax rate rates corporation taxes and other othor Items Item which ere are re major from the th standpoint of ot revenue to the government As AI A a a matter of fact the tho th 1926 l tax law affects changes chanres In some som 40 taxes Imposed by the lh United States State government In the th regulations prepared by bythe bYthe byth the bureau all alt changes chance are aro brought together to lher closely so o as 11 a to present a ot of the tho full tull effects of the th new n w law Not only does this new act pro pro- pro vide tax tu changes chanc scattered aj u to effective dates date from the th hour It wa was by the tho r r r-r r 1025 a m a-m rn 01 February 26 reaching forward to January 1 1928 1921 H but It roes goes back Into the tho past and provides provide for re- re yO r funds In certain taxes tar tar- far as aa the miu-il miu of UH 1914 The Th tax on tires tire tubes an accessories was repealed effective with the th signing of the new law and thereby will be b saved d taxpayers taxpayer In the th en- en ensuing n- n suing 13 12 month The Th which would have hav been collected i by the th treasury from salea sale of motor trucks In the th next year yar also alio dIs- dIs dIsappeared disappeared dis disappeared appeared on the same sam date Here are ar some om of the other tax tall Items which were were- eliminated Feb Feb- February February 26 2 together lIb Ith the th revenue It Is estimated t I r would have produced In the thc t n-t year Cam Cam- Camera Cameras era eras and lenses lenies photo photo- photographic photographic graphic film and plate firearms firearm and ammunition except except- Lag Ing revolvers 2 amok mok en or articles work works a of art and jewelry Even the th tax on mah jong sets which which W was S imposed w when en that game Kame W way wag the th tad fad moment I Ihas has bee been n repealed Its Ita revenue hay InS Ing dropped to an insIgnificant 1000 The Th decrease In the tax tat on on PU pas pas- passenger pas automobiles from five fir to three per cent of ot the th manufacturers ers era selling price will become ef on and after 1 March 21 29 with a a refund ot of the th tax paid laid ott on caTS cars In dealers daler hand hands handa on that date dat This will save eave motor motorists In the following U 12 month The lower rates on cl- cl ci Bar el-Bar Jars garB lopping oft ott 1 reve rere nue nu In II a n year becomes become March 29 23 also alo but the th specIal tax on tobacco manufacturer r yIeldIng us Ie I not eliminated until June 3 10 30 O T The Th e stamp Ump taxes xe on deeds deda and nd conveyances con proxies and custom customhouse customhouse house papers paper are ar eliminated on and after March 21 U savIng tax tax- taxpayers tax Las taxpayer payers payer Occupational taxes tun on brokers operators of ot automobiles automobile for tor hire bowling ally alleys billiard halls hall shoot hoot Ini Inc ing and riding academies are eliminated after June Jun 30 SO sav Ing the th persons person Interested some orne som ExtensIon of ot the th exemption from tax tu of theatre tickets co not more than 75 1 7 cents cent the th old fIgure was SO 60 cents cent will 1 become effective March March 21 29 nand and will affect a a saving ot of In a i year The Th gift rift tax was wu repealed a aj of last January 1 with provision for tor tora fora tora a refund of or a percentage b back ck to June 1924 The Th now nw rates rt rat of ot the estate tax tau became becam effective Feb Feb- February February 26 2 with a refund r und on amounts paid on on estates estate taxable after June 1026 The Tha new alcohol ta tax tat became op- op operative op February 26 2 but there will willbe willbe be a further reduction on January 1 1828 On the th other hand corporation taxes are ar Increased to 13 11 per pel p r cent ILS as ot of last lut January 1 and a year late later r will go r to 11 per pel p r cent al 11 although though the th capital tock stock tax Is I re- re repealed re r pealed pealed as a of ot next nest June Jun 30 10 Lot Last year y T Individuals tiled filed tax reports but only had taxable incomes In In-crea In cre creases in exemption under the thI 1926 1126 2 act lead treasury officials official I to estimate that not n t many more mor than persons pron will tile fits Income lne tax tas return this thil year yar r and of et tb the only somewhere around will pay any tax tu |