OCR Text |
Show REVENUE BILL UP TO COOLIDGE resident Expected To Approve The Measure; Mellon Limit Reduced Washington. Enactment into law of the revenue bill, proposing tax reduction re-duction of $387,000,000 this year, awaited only the signature of President Presi-dent Coolidge, who was expected to approve the measure within a short time. Senate approval late Thursday by a vote of 61 to 10, of the compromise reached in the conference with the house, completed the work of congress Dn its first and probably most important import-ant piece of legislation this cii The total amount of reduction goes almost $40,000,000 beyond the outside limit which Secretary Mellon had Indicated In-dicated the condition of the treasury would permit, but favorable action by the president is believed assured, on the promise of alministration leaders in congress to forestall some of the pending bills calling for additional expenditures. ex-penditures. The widespread slashes in taxes would become effective, in most instances, in-stances, immediately upon enactment of the measure, and income tax payers would have their assesment cut by more than $200,000,000, with the reduced re-duced rates effective on first payments pay-ments for this year, which are due March 15th. More than 2,300,000 of the approx imately 7,000,000 feedral tax payer would be relieved of all taxation through the proposed increases in personal per-sonal exemptions from. $1000 to $3500 for married persons. |