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Show mIlIadTI for acceptance DRAFTED BY NONPARTISAN COMMITTEE COM-MITTEE BILL AWAITS ACTION OF CONGRESS If Accepted Burden Of Government Will Be Cut $336,236,000; Reduction Reduc-tion Limit Has Been Exceeded Washington. A revenue bill slashing slash-ing the annual federal tax burden by an amount placed by the treasury at $336,236,000 has been completed by the house ways and means committee. commit-tee. Drafted on a nonpartisan basis the measure was unanimously approved by the committee, which directed Chairman Green to report It to the house on the opening day of congress, December 7. The committee felt justified In exceeding ex-ceeding the $300,000,000 reduction limit lim-it which it had set, because of estimates esti-mates that the treasury surplus for the current fiscal year probably would reach $330,000,000 instead of $290,-000,000, $290,-000,000, the original figure. Effects of the reduced tax rates carried by the bill will be felt immediately immed-iately upon Its enactment. Virtually every taxpayer will be benefited by the measure. Income taxes alone would be cut by $193,575,000 under the committee program and the revised revis-ed rates would be effective on incomes in-comes of this calendar year. The congressional leaders plan to have the bill enacted by March 1 and the income in-come taxes are not due until March 15. The revisions In excise rates, many of which were repeated wjille others were reduced, and the rduced inheritance inher-itance schedules, would be made effective ef-fective upon enactment of the bill. The changes in the occupational levies, lev-ies, many of which also were repealed would become effective July 1, 1926. Revised estimates of the extent to which the bill as now drawn would reduce the government's annual revenue, rev-enue, as prepared by the treasury, show that $20,000,000 will be lost next year as a result of the retroactive cut in inheritance rates. This was the principal item increasing the total to-tal of $804,000,000, first estimated by the committee as the amount of reductions re-ductions it had approved. The committee also voted to exempt the spoken drama and opera from the 10 per cent admission tax. No other change was made in this levy, which now applies on admissions of more than 50 cents, nor was the tax on dues altered. The exemption agreed upon specifies "spoken drama, which is termed legitimate or standard drama, or an opera, or musical comedy, com-edy, as distinguished from ephemeral productions of the stage, such as reviews, re-views, burlesques and extravaganzas." extravagan-zas." Disposing of a number of technical features of the administrative provisions provi-sions of the law, the committee decided decid-ed not to exempt tangible personal property in inheritance tax settlements. settle-ments. It voted to exempt exports to American Ameri-can possessions from the excise tax, and to include tires, parts and accessories acces-sories sold with passenger automobiles automo-biles in the tax on the latter. |
