Show INCOME TAX SECTION IS 13 APPROVED Chairman Simmons Elated at Quick Action and Anticipates No Further Trouble in Getting Tariff Bill Through Caucus VV June 30 Dera Dem Dem- Dem W v of the Senate in caucus late tonight approved the tho income tax section of tho tariff bill as revised b by the majority members of the fi finance fi- fi i nance committee voting Toting however to strike out the amendment which would exempt mutual lifo life insurance companies from the tax The action of the caucus came inthe in inthe the midst of H lively ely debate which earlier had threatened to be prolonged prolonged pro pro- longed there being wide difference in pinions opinions c expressed as to the thc amount of the tho income exemption As approved by the thc caucus the tho Senate finance committee amendment stands exempting incomes of for single I persons with 1000 additional for br a married man or woman with a taxable taxable taxable tax tax- able income and oo for each dependent dependent dependent de de- de- de pendent minor child not to exceed two After many suggestions to extend the time exemptions for dependents upon a. a J. J family tam fam tamil il ily 11 the thc Democrat till finally concluded that they were ere getting into deep water vater and agreed to the committee chan change e. e which reduced the normal exemption n aa as proposed In the House bill bin from to Action to Ji He lie re The action of ot the caucus committee in striking striking- out tho mutual life insurance alice ance companies was agreed upon Just before adjournment and Is to 10 be re re- re considered the In In the House bill mutual life insurance companies were not e ex exempted empted front from rein the terms torpia of ot 00 IH income ta tax and anO vigorous protest w jere r J d b by nfl all tho the great a mutual U to tt tri finance committee It I was a finally agreed b by the the committee I that mutual companies not Hot conducted for profits should lIars have been exempted from the t ta the earnings earning applied for forthe forthe the tile benefit of ot policy holders Senator Pomerene tonight made the motion to strike out this amendment and It Il was carried b by a vote ote of or thirteen to eleven en Because Because- the caucus was so slightly attended members s of or the com corn committee committee thou thought ht that the matter should be presented to the full Democratic membership and Senator Lewis of or Il Illinois II- II lInol who had voted for the Pomerene motion moved mO to reconsider the matter mat mat- ter ter- It will be taken up again tomor tomor- ro row roo w. w Chairman Simmons of oC th the finance committee was elated toni tonight hl over the time Continued on Page 2 2 Column 3 3 INCOME TAX SECTION APPROVED I Continued from Page Pasc 1 quick action on the income tax x section and he ho does not anticipate much trouble trou trou- trouble ble with the administrative feature of oC the bill to be taken up tip tomorrow This will complete the entire tariff bill with the exception of or a n. low tow amendments amendments amendments amend amend- ments which the committee has under consideration among them heat Senator Hitchcock's graduated ta tax on tobacco proposal and one h by Senator Newlands which would provide for a graduate I taxation of ot the tariff In liquor in the pending bill The prospect now nos' is ia that the caucus will get ct through tomorrow night and the bill be bo reported to the Senate next week Amendment Amendments Vot Voted Don d. d Down n n. n Before taking up the Income tax tac the caucus completed the free list with the this exception of ot the tho pro relating to paintings and works of ot art which were referred back to the tho committee for tor further consideration An amendment b by Senator Pomerene to put ut a countervailing counter counter- dut duty of oC 8 S per cent on agrIcultural agricultural agricultural tural Implements and one by Senator Chamberlain for fol a a. countervailing duty on lumber Jumber were voted down by by bythe the tho caucus b by a largo large majority Senator Thornton of ot Louisiana proposed proposed pro pro- posed an amendment to Jev levy a Do 15 per percent percent percent cent dut duty on raw cotton the long Jong staple I Egyptian cotton being tho the tar tar- get Jet This Thin aroused considerable debate but it was voted down overwhelmingly Senator James JampI Hamilton Lewis of Illinois Il Il- Il submitted to the tho finance committee committee com corn majority tonight an amendment proposing general countervailing duties duties du du- du- du ties In lieu of ot the tho antidumping clau clause e which was stricken from tho the Underwood Underwood Under Under- Underwood wood hill bill b by the finance committee Tho The am amendment was waa suggested b by the tho I Illinois Manufacturers association Tho rho committee has not yet cl considered It |