Why Retain a Useless and Vexatious Tax?

Here is something that utill interest every corporotion e.recutive. The Capital Stocb Tar is a nuisance. So long as this tar erists it will be prodctctiae of dispute about, and annoying reai. sionr of , returns. It should be abolished in the forthcoming revision of the Reaenue Act. Research Bureau.

NATIONAL LU MB ER MANU FACTU RERS' IS.''N.

In addition to their income tax, corporations are required to pay the Federal government a Capital Stock Tax. It was instituted as a special source of war-expense income and is denominated an excise tax, but is actually a property tax on the entire assets of a corporation. Corporations have followed different methods in figuring this tax, and there are as many as 20,000 disputed revisions yearly ! It is understood that the Capital Stock Tax section is now planning to re-examine the 300,000 odd annual capital tax returns for past years with a view to an impdrtial readjustment according to a common rufe. All future returns will be subject to a similar overhauling, perhaps, years after the taxpayer has, as he supposes, fully met all tax obligations.

This adds another set of tax complexities to those that seem to be inevitable in the administration of the income tax, withits endless regulations, changing and conflicting interpretations. If the government needed the $80,000,000 a year this war tax yields, it would be better to include the amount of it in the income tax. But as the prospect is that the latter is to be greatly reduced at the next session of Congress, the Capital Stock Tax is, obviously, a superfluity, as well as a vexatious nuisance.

May I urge your readers to consider this subject, and if favorably impressed, direct the attention of their member of Congress to it.

FRANK G. WISNER, President National Lumber Manufacturer's Association.

Southern California Retailers to Travel in $pecial Train

Arrangements are being made by a committee of nine for a Southern California Special Train to attend the Annual of the California Retail Lumbermen's Association. The Committee, headed byPhil B. Hart, of"The California Lumber Merchant," has mailed a notice to every retailer in Southern California explaining the proposed-special and asking for reservations.

The train will leave Los Angeles on the night of the Dth, returning Saturday night, the 31st.

The committee in charge of the arrangements is composed of : Chairman Hart, Los Angeles; A. C. Bowers, Santa Ana; Ray Bentley, Glendale; E. D. Tennant, Los Angeles; A. D. White, Riverside; Will Davies, Pasadena; C. E. Bonestel, Ventura; George Hoff, San Diego, and A. E. Fickling, Long Beach.