Show WARM DE DEBATE A TE TEON ON TAXES NEAR Proposals for Reductions Now Total GOO Millions 11 By fly HARDEN ARDEN COLFAX S Id Correspondent of cf The Standard Copyright 1927 Consolidated Press Association WASHINGTON Oct 29 Propos 9 Propos Proposals ala als for reductions In itt federal taxes which If granted gran d would cut the treas treM- treasury ury wy revenues will Ill be placed by Interested witnesses before the ways as a's end and means committee cr during hearings on nit revenue re revision which will open Monday This total Is beyond the maximum figure mentioned by any member of congress regardless of party It Is La obvious ob that disappointments arc awaiting aw many of those who arc are hop- hop hopIng hag Ing for a a. share In the reductions As a a. matter of fact It might be wl for the eager enger tax payers Lers to delay go go- going goIng ing in into the th bated breath stage of oC pleasurable anticipation until the new tax bill l Is considerably further furth r ad nd- advanced ed- ed In Its legislative status than committee hearings LIST OF REDUCTIONS In round figures here Is what would be reduced or eliminated from Uncle Sam's Sams annual revenue revenueS based on ac actual ac- ac actual actual receipts for the fiscal year which closed last June 30 30 if the known sug sus- suggestions to be received In the next two weeks were ere adopted Corporation tax Estate tax Stamp taxes Automobile tax Admissions Club dues ducs Tobacco taxes Individual sur tax Exemptions This calculation is based on the plea for reduction of the corpora corpora- corporation corporation corporation tion Income tax rate rat to 10 per cent from froan the present figures of 1314 13 per percent percent percent cent reduction of or o tobacco taxes re- re rearrangement rearrangement re rearrangement arrangement of the middle brackets of the individual sur cur taxes extension of oC deductions for minor children and elimination of the estate tax t tAx x the re remaining re- re remainIng stamp taxes the 3 per cent automobile sales tax and the taxes on admissions to places of DC amusement and on club dues CHANGES LIKELY There is Just per cent difference between t een the reduction which w many administration leaders ha e been advocating as the maximum of safety and this imposing aggregate of or requests which is more likely to grow in total than to diminish There Is much less difference between this figure fl e of than the re reductions re- re reductions which prominent Democratic leaders leades l have been be n talking about In ad- ad advance vance ance of work wor on the new nea bill but it Is entirely likely that If IC they have their way In final passage p ge these statesmen would make mate changes In the application of the reductions from the items above listed IL II Is a far tar cry from asking to re- re selving selvin Majority sentiment in both parties appears to be against repeal at this time of the federal estate tax If I this opposition prevails pre would be cut from front the table of ot revenue losses Peering Pet ring Into the future it also seems more probable pro ble that the cor cor- corporation corporation Income tax rate will be re reduced re- re reduced reduced to 11 or liu ll 11 per cent thin than to 10 That would mean another or more continued in revenue DEBATE AUTO UTO TAX CUT Elimination of the remaining stamp clamp taxes and those on admissions ons and dues must climb over considerable congressional opposition before be becoming be- be becoming becoming coming a a. fact while there will be warm debates de over the automobile sales tax and the he I tobacco taxes al although al- al although although though the former appears to have rather good goed chances for success As to the individual Income sur cur tax ax rates a wide difference of DC opinion may m y be expected Changes probably will be made but at this particular stage e there is no consensus of opinion in regard to just where they shall be applied and this item is th the most moat in indefinite in- in indefinite indefinite definite of ot any Included in the table Additional exemptions or deductions to be allowed In individual income tax returns are rather vague a e. e The figure used In the present calculations is Ia based b ed on a known re request re- re quest for tension extensIon of the allowance allow for dependent children beyond the present pre ent age limit of 13 18 If U they are In la school ol or college The main fight over OHr the new tax bill will center around the corporation corpora lion income tax rate ra from Irons present pr nt indica Indies indications indications insofar as Importance e in dollars and cents Is I. I concerned But it ap ap- appears appears ap- ap appears pears that whatever reduction may be granted granted and and some come reduction appears certain will certain will not be made applicable to I taxes to be paid next year car for 1927 operations on the theory that these taxes have been ben anticipated by the corporations and hue hate been passed on onto onto onto to the consumers already The treasury Is expected to submit its estimates of revenues re Monday and another tax battle o of the most moat fascinating forms of legislative war war- warfare fare will be on |