OCR Text |
Show Congressman Edward Cooper of West Viiginia bitterly opposed the provision in tho socnllcd "prcparednesrf revenue bill" of tho democrats nsscssing a tnx of 8 per cent on the earnings of corporations nftcr allowing some insignificant exemptions. There arc a large number of coal mines in Coopei's district, nnd the proposed tnx will fall with particular severity on them. In figuring profits on n conl mino consideration must be given to the probable life of tho mine in older to insure the return of tho capital invested in addition to a reasonable profit while the supply of coal lasts. Representative Cooper points out that that feature has not been considered con-sidered at all by the framers of the bill, and the coal mlneowner will hnvc to pay a tax on his sinking fund, which, under the new law, will be considered excess profits. |