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Newspaper
Choteau Acantha
Location
Choteau, Montana, United States of America
Date
Oct 15, 1913
Page
7
Washington notes outline new tariff bill impacts on household imports. The table shows varied rates for sugar buckwheat macaroni poultry raw wool and other staples with several percentage adjustments and cents per unit. The fragment lists present law and proposed changes with percentages like 25 and 30 percent and small cent figures.
The Democratic tariff revision bill advances to its final stage with broad support. It lowers average ad valorem rates from 40.12 percent under the Aldrich law to about 27 29 percent, reduces duties on essentials including farm products, expands free-list items, and imposes an income tax starting at 3 000 for singles and 4 000 for married couples.
Summary of day to day conference actions on the Underwood bill with major tax changes. Incomes above 75000 face a 3 to 7 percent graduated rate. single exemption falls to 3000 while a 4000 joint exemption is allowed. Numerous articles added to free list including pig iron and wheat while several items see increases and many others see reductions. Automobile tariff set at 30 percent for values under 2000 with a 5 percent ship rebate retained under treaty protections. Cuban reciprocity section repealed clarifying export duties and allowing 15 percent additional duty for exporters refusing book examinations.
Treasury estimates 425000 Americans will report income for 1913 under the new tax law raising about 82.3 million dollars plus 35 million from the corporation tax. Individuals with 3000 or more income must report, with penalties for noncompliance. Payments at the source begin for many when the law is signed and tax rates range from 1 to 7 percent across brackets.
The bill modifies tariffs with a new rate on lithographic views and lifts several cement and glass items to or from the free list. It tightens on unmanufactured mica with a tiered duty, raises lens and glass instrument rates, and adjusts cotton cloth and yarn duties by per cent changes, lowering some handkerchief rates.
Taxpayers must report gross revenue and claim deductions for allowable losses, depreciation, and living expenses. Individuals not taxed at source must file by March 1, 1914, using a tax blank provided by the Internal Revenue Service. Firms withholding interest, rents, or salaries must deduct and remit the tax, yielding a receipt to the individual.
The Internal Revenue Service released Middle West income estimates showing more wealth outside Chicago. Illinois districts vary greatly with Chicago listing 12,000 incomes 3000 to 20000 while Springfield and Peoria districts show far fewer. Minnesota reports many high incomes, including 150 above 100000 and 1000 between 20000 and 50000. Chicago has far fewer top earners.
The opening season sees 214 live foxes valued at 320000 shipped from Edmonton to eastern Canada and the United States for breeding. Ten young black foxes sold to a New York firm for 30000. many pups die after capture, with black pups resold for 1500 to 2400. A western fur firm plans to halt eastern shipments and farm in western Alberta where 44 foxes already live. Prices have fallen 25 to 50 percent due to abundant supply from Alaska Yukon and Northwest Territories.
The Winner Senator Key Pittman spoke in Tonopah about two lobbyists who quarreled. He dismissed fears of violence, comparing them to Bluff and Stuff. A man asked who won the street row. the reply was that Stuff won, but only by a street’s start.
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