AMERICAN FINANCE.
REVENUE WANTED. THE CORPORATIOMS DUTY REDUCED. INCOME TAX. (By Telegraph.—Press . Assoclatlon.-OoDjrljtat.) (Rcc. July 13, 10 p.m.) New York, July 13. : Recently the Senate voted a duty of 2 per cent, on the net earnings of corporations, stock companies, and insurance companies. President Taft had previously recommended a 2 per cont. duty, estimating that it would bring into the Treasury the sum of £10,000,000 annually. ;, A conference of the Senate and the- Houiso of R«pi , esentatives lias now fixed the amount of. the tax at 1 per cent, instead of 2 per cent.. ' ; . -... • . .- ■ ..■;. ■■■ : - . ' Tlie House of Representatives has adopted the resolution passed by the Senate on July 5 for submission to the State Legislatures, embodying President Taft'e recommendation as to tlhe amendment of tho Constitution, bo as to enable the United States Government to levy an income.tax without apportionment among the States. ■■.',. . ; . THE TARIFF-POSSIBLE YIELD. , . '.'London, July 12. • The New York correspondent of "Tho Times" says that as imports are likely to increase with the roturn of prosperous timesj the new tariff may yield .five millions of additional revenue, perhaps more. ' ,
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Bibliographic details
Dominion, Volume 2, Issue 559, 14 July 1909, Page 7
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182AMERICAN FINANCE. Dominion, Volume 2, Issue 559, 14 July 1909, Page 7
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