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The Raymer Enterprise
Raymer, New Raymer, Weld County, Colorado
What is this article about?
The U.S. Senate passed a record-breaking war revenue bill expected to raise $2,411,670,000, surpassing the House version by $542,750,000. Key changes included striking consumption taxes on sugar, tea, coffee, and molasses. The bill now goes to a conference committee for reconciliation.
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RECORD TAX BILL
REVENUE
MEASURE
BREAKING
ALL WORLD RECORDS
GOES
TO CONFERENCE.
RAISE $2,411,670,000
CONSUMPTION TAXES ON SUGAR
TEA, COFFEE AND MOLASSES
KNOCKED OUT.
Western Newspaper Union News Service.
Washington.—The war revenue bill—proposing the greatest single levy on taxes in the history of the world—was passed by the Senate.
The measure provides revenue totaling $2,411,670,000, an increase of $542,750,000 over the amount proposed in the bill as it was passed by the House.
The difference between the House and Senate provisions will be compromised by the conference committee of the two houses.
The Senate adopted, 40 to 34, Senator Smoot's motion to strike out the McKellar amendment providing a zone increase in second-class postage rates beyond 300 miles and designed to secure $12,000,000.
After knocking out the consumption taxes on tea, coffee, sugar and molasses, proposed in the House bill, the Senate passed the measure by a vote of 69 to 4.
Here are some of the things the bill will do:
Raise approximately $2,500,000,000 revenue in addition to the $1,330,000,000 raised by existing law.
Compel war profiteers to pay $1,000,000,000 out of their estimated $4,100,000,000 excess profits this year.
Take approximately $842,000,000 from incomes.
Impose liquor, tobacco, stamp and consumption taxes to the extent of about $40,000,000.
Levy income taxes upon the earnings of single men over $1,000, and of married men over $2,000.
Draft approximately $183,000,000 of the steel trust's war profits.
Proposes levies upon passenger travel, freight, telegraph and long distance telephone messages.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Key Persons
Outcome
passed by senate vote of 69 to 4; raises $2,411,670,000; consumption taxes on tea, coffee, sugar, and molasses struck out; goes to conference committee.
Event Details
The Senate passed the war revenue bill, the greatest single tax levy in history, increasing revenue by $542,750,000 over the House version. Adopted Smoot's motion 40-34 to strike McKellar amendment on postage rates. Bill imposes taxes on incomes, war profits, liquor, tobacco, travel, freight, telegraph, and telephone.