TAXATION IN AMERICA

Taranaki Daily News, Volume LV, Issue 268, 4 April 1913, Page 5

TAXATION IN AMERICA

IMPORTANT TARIFF CHANGES. TO REDUCE THE COST OF LIVING. AN INCOME TAX PROPOSED. By Cable—Press Association—Copyright. Washington, April 2. A preliminary agreement has been readied between Dr. Woodrow Wilson and Mr. Underwood, the Democratic leader, respecting the tariff.

Tlio new tariff includes reductions ol the protection that has been afforded to nearly every American industry. The Labor parties regard the agreement as likely to force a general lowering in the rates, of wages throughout the United States. Dr. Wilson and Mr. Underwood agree that the first duty of the Democrats is to reduce the cost of living, oven going to the length of securing greater competition from Europe. Mr. Bryan has determined to stand aside in the interest of harmony, and will not take part in the tariff revision. His attitude affects the Wool Bill. Mr. Bryan last session made a fight for free, wool. It is understood that Dr. Wilson favors an income tax, beginning at £IOOO yearly and reaching 1 / 2 per cent, on incomes exceeding C 20,000 yearly. A super-tax will probably also be recommended. TI-IE WOOL TARIFF. ITS ABOLITION AGREED TO. Received 15, 11.20 p.m. Washington, April .1. After a scries of conferences with President Wilson, the Ways and Moans Committee has decided on the removal of the entire tariff from raw wool. The Democratic members of the committee unanimously approve of this, and are pleased to find their two years' fight successful. An advantage of the latest move is the bringinc of Mr. Bryan into full accord with (he tariff revision programme. from which his support was previously withdrawn.

The AVays and Moans Committee intends to present n Free Wool Bill to tTie Mouse, the President at the same time endorsing its provisions. The Senate's reception of tlie measure is a matter of speculation. President Wilson will meet tlie Senators immediately in order to discuss their attitude.