The evening world. Newspaper, December 6, 1922, Page 10

th emp — (Continued) mite the tax om gain in capital transactions to 12 1-2 per cent. of much gain, but puts no limit on the deduction of tosses In such transac- tons, Mr. Mellon urges that th amount by which the tax may bo re- duced on account of losses from the sale of capital assets shall not os. cee 12 1-2 per cent. of the amount of such loss, “This would, to a large extent,” he asserts, “check one of tha methods widely used by taxpayer eonomic results. To reach the evil the fing most necessary is the reduction ‘@f-the surtax rates themselves, tn or- @er to reduce the pressure for avold- Mice and maintain the revenues de- fived from the surtax. ‘ “Until some such readjustment is Made the yield of the higher surtaxes ing As to the avenue of excapo atforded in the section of the law dealing with exchanges of socuritios, the Treasury Secretary urges that tho statute be amended s0 ua to limit the cases tp which securities may. be exchan: for other securities, without the reall- gation of taxable income, to those cases where the exchange ts tn con- nection with the reorganization, con- solidation, or merger of one or more corporations Illustrating the uctia! y under the provisions of tho law for the exchange of property held for tuvestinent for other property of a like Kind without the realization of taxable income, Mr. Mellon says « taxpayer who purchases a bond for $1,000 which appreciates in value may exchange that bond for another of the valua of $1,000, together with $100 In cash, without uble income. act is being widely ubused Aside from his recommen¢ tax revision, Mr, Mellon de Fevenue, and, in the long run, with material benefit to the revenues." To support his angument that the High surtaxes gradually are “defeat img their own purpose," he calls at- tention that while net incomes of all Glasses during theperiod from 1916 tu 1820 In creased from $6,298,577,620 tn 1916 to $2%,735,629,183 In 1 and number of returns from 437,036 n 6 to 7,259,944 in 1920, the number of returns of Incomes over $300 006 Gecreased during the same period from 1,296 in 1916 to $96 In 1920, and the maount of incomes over $300,000 from $922,972,986 in 1916 to $246,354.- 685 in 1920, In “eurnestly urging” prompt adop- tion of the proposed constitutional amendment against tho further issu- ance of tax exempt securities, the ‘Treasury Secretary says these securl tles, now reuching the market at the Fate of about $1,000,000,000 annuully, form the “outstanding avenue" of es- cape from the surtaxes, £ “With these securities available for Investment, fully exempt as they are from Federal income surtaxes,"’ Mr. Mellon sontinues, “investors who would normally put their surplus funds into productive enterprise, are automatically driven under the pres- eure of high surtux rates in 7 ment in tax-exempt securit the result that the Federal ment loses the revenue, business and industry loves the cupital, and funds badly needed for productive purposes are diverted into unproductive and frequently wasteful expendittre. “This is tuation which cannot be permitted to continue without grave danger to our economic struc- ture, as well as our system of taxa- tion.”* the the country COFFEE VAC Keer Always Polnting out that the present low THE INSTRUMENT OF QUALITY 7 CLEAR AS A BELL The Highest Class Talking Machine in the World Reflecting an Old World Splendor Semi to delight the eye in color and carving; the grace of Italy’s greatest age of art—these com- bine to make the Sonora “Milano” a masterpiece of furnishing. . And the instrument within, matchless in sensitive accuracy and pure golden tone, is worthy of its regal dwelling. Many-other beautiful models $50 to $3000 SONORA SALONS Fifth Avenue at Fifty-third Street he say liquidation and recovery from depres- rion, been relieved. generally ar reasonable credit available to meet all tegitimate demands. a reduction anced bude showIng above e rassing to dermainte ment THE EVENING WORLD, WEDNESDAY, ‘ have been marked by further and more recently by a substan- ear js closing with bount! * the report continues, ‘‘and ere depression in agriculture Banking condition« sound, money rates are thero is suMicient cort John Vailtos, tary service, applied for citlzensh denied him final paper thi# country since 189 he year has seen ‘oss debt aro: to abo end substantial ent time, for decreaain, progress e refunding of the short- @ill tend, tn the ordinary course of |inoomes. The alternat! »| dated debt, which has now been re- point. The wise course is to reform | capital loss for income tax purposes, e lopme hel b the curtex " and {f the present situation ts allowed | #4 afford the basis for a revival of sartaxes now, while the systert 11. continue there is no doubt that it] business and Industry on sound Ines.” still functions and at the same time to/wontd save revenue to udopt this} Mr. Mellon warns that the restric. @lose, as far as possible, the gups{course. This ia, In fact, the practice] tion of immigration and the ral improvements. which now exist. On this basis the [Which has been’ followed 11 ad} resumption of industrial activity have] ferent:from any other sion can be made without loss of /f" Many years. resulted in a sea of labor nbar- jate if you of business; that frering from un- id Inadequate equip- finding it dificult to rail ond Koch Prices Make Downtown Shopping an Extravagan: Established 1860 125th Street, West Bridge Lamp This Very Attractive move conimodities. As a consequence farm products are gelling too low at the farm and too high at the diatribut- tial revival of business, Prices of} ug centres. commoditic have risen materially <> | N the volume of business has been} «anren” IN DRAFT DAYS CANNOT] mounting to higher levels and labor HECOME CITIZEN. i hroughout the country ig again fully] wasiiNGTON, Dee. 6.—A claim for exemption from the draft during th war on account of alienation, after hav Ing taken out bis first citizenship paper: native of G United States citizenship, duced showed that he had evaded mili although in 1915 he had Judge Batley been in ip. “ &¥ NEW EDISON Largest Distributors of Merchandise at Retail in Uploun New York Exceptional in Design and Finish Complete 14. 75 with Shade or Sells regularly for 25.00 A quantity purchase brought us a cost that permitted the extta- ordinary price at- tached to these lamps. Never again can we hope for so much lamp value at so small a price. 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