New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-01-23
THE INCOME TAX MACHINERY.
SUBSTANCE OF THE BILL AS DRAWN UP
BY THE COMMITTEE.
AN INVOLVED AID INTRICATE METHOD OF COL
LECTING REvENrE-INCoMES OF PER
SONS AND CORPORATIONS TO BE
SONS AND CORPORAL
SCHTTINJZED.

SONS AND CORPORATIONS TO BE
scRrTINIzED.
Washington Jan. 22.-The Income Tax bill. as APP
proved by the Democratic members Of the Ways
and Means COMMITTEE was laid before the full COM
mittee at this mornings meeting. 1t was read In
part but the committee adjourned before the read
r6 finished.
The bill provides a tax OF per cert upon all in
comes Of citizens Of tn UnfttI States. either at
home or abroad. from any kind o. property. rents,
interest. dividends or salaries on all amounts over
ard above 5000 The bill goes into effect January
l. 1896.
IN estimating incomes there shall be included IN
terest upon notes bonds and other securities except
such United States bonds are exempt from Fed
eral taxation. The tax is laid profits realized
within The year from sales Of real estate purchased
within the year or within years previous to the
year for which the income is estimated; also on
sales of livestock and farm products generally
where grown upon ones own estate; all other In
comes derived from any source whatever and the
share of aDy person of the profits OF companies.
whether incorporated partnership. who would be
entitled to the same If divided, whether divided or
otherwise except the incomes received from cor
porations whose officers required by law, With
hold per centum of the dividends and pay the
same to the officer authorized to receive 1t.
In addition to the $1,000 exemption. all national,
State and county taxes paid within the year shall
De deducted from tne prOHts OF tHe person VINO mas
actually paid them; also losses sustained during the
year from fires. shpwreck and other causes not
covered by insurance and compensated for and
worthless debts. but excluding estimated depreca-
ton Of values and losses sales OF real No
deductions shall be made for improvements which
may Increase the value OF the property or estate.
Only deduction OF $1,000 shall be made from the
aggregate income Of the members of any family.
Every person having income Of more than
$500 shall make q return to the deputy collector
OF the district In which he resides Of the amount of
his income, but persons having less than $500
year shall not make such report. These returns
shall be made on oath, and the deputy collector
may increase the amount o. any list or return II
he has reason TO believe that 1t has been under
stated. AS penalty for refusing to make the list
tie deputy collector may make up such list accord
Ing to the best Information obtainable, and add 20
lent list has been rendered penalty Of iW per
cent shall be added.
w sf G e. f's s e
collector. may submit their case to the Commits
ssisd before ihs irst day e e. safS Juy ana
aep that sr at a he rate Of
per cent month upon the amount OF the tax.
All o !" ns sv os fs s SasI
Representatives and Delegates in Congress, shall
This amount shall be deducted from their incomes
by the h o Sf Seh the
divulges the operations Of manufacturer or pro-
Queer the amount source OF his income. he
shall be subject to fine and imprisonment: that the
deputy collector shall make Isis OF persons owning
property subject 10 tax; that II shall be the duty
Of persons. firms and corporations made liable TO
any duty. special other tax, and not otherwise
provided for, In OF special tax on or before
July 81. annually. In case Of income tax, on or
before March !. annually. and ~ other cases before
the tax acerues to furnish the deputy collector
complete lists Of taxable property. .sn.t
Section II OF the bin relates to corporations II
requires them to make return before the tenth day
of the month following the declaration OF dividends
under oath by the principal officer. - M
Section IL requires the corporation to surnsh be-
ginning 1856 on or before the first Monday ofeach
year, statement showing the gross PROFITS. ex-
penses exclusive OF interes), annuites and div-
dends. net profits without allowance for the same
amount paid on account ~ a, an,nu an,o S.a
above and below 5000 ,,,,
Section IL leylcs taxes upon corporation dividends
interest coupons and annuities wherever and Wien
ever paynble to all parties hasoeyer. and the cor
noration may deduct retain from all Payments
made on account OF such dividends. e,c. pro-
portlonate share Of the tax so paid
section Is provides for the issue OF receipts py
collectors for taxes paid, and Whenever me FAY
ment is made otherwise than by corporation the
collector may give separate receipt for each YAK