No More Stamp Taxes.

1916

Washington, Sept. 6. — Elimination of all stamp taxes in the emergency revenue bill, seriously objected to by the House, was agreed upon late tonight by the conference committee, House conferees yielding in exchange for this concession their demand for restoration of a tax on refiners of copper.

To make up for the loss of about $5,000,000 revenue in sacrificing the stamp taxes, the conferees are expected to agree to a suggestion of House members that the net profit tax of manufacturers of munitions of war be increased from 10 to 12 1-2 per cent.

Sacrifice of the proposed stamp taxes gets the revenue bill back in accord with the original determination of the administration leader and the House ways and means committee to repeal all those provisions in the existing war revenue law which were generally regarded as annoyances by the public. The proposed stamp taxes which are now eliminated included bonds, debentures and certificates of stock, agreement to sale, conveyances, warehouse and custom house receipts foreign steamship tickets and Pullman car tickets.

—The Fryeburg Post, Fryeburg, Maine, Sept. 12, 1916, p. 6.