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Show WAR TAX BILL IS RE-DRAFTED Budget Reduced to $1,670,-170;000 $1,670,-170;000 Measure Presented Senate for Consideration. LARGEST IN HISTORY Vastly Increased Income Taxes and Levies on Excess Profits Prof-its Made. WASHINGTON, July 3. The war tax bill re-drafted and reduced to 670,170,000 by the senate finance committee com-mittee as against the 1,800,000,000 today. to-day. Chairman Simmons of the committee, com-mittee, presented the measure to the senate today for consideration, which will begin after the food control prohibition prohi-bition measure Is disposed of. Vastly increased income taxes and levies upon excess profits resulting from war times, liquors and tobacco form the bujk of the new taxation measure, the largest in the country's history. Upon incomes tho bill would impose $532,700,000 in additional taxes, upon excess profits of corporations, partnerships part-nerships and individuals, $523,000,000; upon liquors, ?155,500,000, and tobacco, tobac-co, $56,000,000. Reduction of income taxation to single sin-gle persons with incomes over 1,000 annually and married persons at $2,-000 $2,-000 and over, with incomes under $5,-000 $5,-000 subject to a new "normal" tax of two per cent, were house provisions provi-sions unchanged. The committee reduced re-duced house rates on incomes over $40,000 decreasing the revenue return by $66,000,000. It struck out inheritance inherit-ance taxes designed to raise $8,000,000 and retrocative taxes on 1916 incomes for a further reduction of $108,000,000. Tax on Publishers. After many changes the final committee com-mittee draft contains the proposed tax of five per cent upon profits of publishers pub-lishers in excess of $4,000, estimated to raise $7,500,000 and adds an increase in-crease to one quarter of a cent a pound on second class postage rates, estimated to yield to $3,000,000. Strenuous Stren-uous efforts are expected in the senate sen-ate for amendment of the imposts upon up-on publishers. 'Except for Senators LaFollette, Thomas and Gore, the committee's revision re-vision has the general support of the entire Republican and Democratic membership, which, for the first time in the history of revenue legislation, united in amending the house measure. meas-ure. The three senators who voted against the final draft expect to advocate ad-vocate Senator LaFollette's substitute providing for imposition of all war taxes upon incomes, excess profits, liquor li-quor and tobacco. |