The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-01-19
THE INCOME TAX


Means Committeo-Ali Classes of In
comes Over $4,000 Taxed Two Per Cent
& Provisions of the Law and Manner of
Collecting-Detnilso of the Bill.
WASHINGTON, D. O., Jan. 19.-The full
text of the internal revenue bill, in
Guiding the important income tax, has
been agreed upon by the Democratic
members OF thelways and means COM
mittee. It is probable the measure will
be submitted to the house tomorrow.
The bill provides that the income tax
is to 90 into effect January 1st. 1885.
All classes of incomes are included in
the measure, and the uniform rate of 2
per cent tax on incomes over s., 600 is
fixed.
1t is made obligatory on all persons
receiving incomes of over $1,000 to
internal revenue. These returns are
gone over by the revenue collector and
q taxable list is made up of those whose
incomes exceed $4,000. No tax is
levied on those making a return of
above Sc, 500 and under 81, 900, but the
committee deemed it expedient to leave
this margin of $500 below the exemp-
ton point in order that the returns
might be sure to show all who are sub
Ject TO the tax.
In case person having an income of
over $500 fails to make return, it
becomes the duty of the revenue as
sessor to make inquiry as to the amount
of the PERSONS income. II this exam
ination discloses that the income is
above $4,000 the income Is subjected to
twice the ordinary tax under the law,
and the party failing to make his re-
turn is deemed guilty OF criminal
offense, and is made subject to fine and
imprisonment.
Provision is also made by which no
Information can be made public as to
the details of the income reported by
citizens. If such details become public
its might injure the credit Of q firm or
Individual. For that reason the public
or private person who divulges any
part of this information concerning in
comes is made subject to, criminal pros
ecntion with heavy fine and penalty.
Particular provision is made for the
collection of the income tax due on
salaries, not only official salaries but
the salaries ofindividuale received from
business firms, corporations, etc. The
individual receiving the salary does not
pay the tax, but it is made the duty OF
every government, state, county and
municipal disbursing officer to retain
Two per cent of all salaries over taxable
amounts.
This two per cent is to be taken out
of the salaries in bulk at the last pay
ment of salary for the year. The tax
upon corporations includes every phase
of corporate stock. This tax is general
and is without the $4,000 exemption
allowed to individual incomes. 1t
is provided that in collecting
the tax on corporate stock, the
corporation shall pay the tax and
deduct the amount from the dividends
of the stockholders. It is made the
duty OF each corporation to take per
cent OF each annual corporate income
from. the amount set apart for each
stoc kholder and pay the total to the in
ternal revenue collector of the locality.
Severe penalties are provided for fail
ure to mako the proper reduction from
the dividends of stockholders or for q
failure to make the return to the rove
nue. collector.
The entire business OF the levying
and collecting oil the tax is placed in
charge of deputy commissioner of In
ternol revenue The different revenue
districts of the country are all provided
with deputy collectors who will espe-
cially manage the collection of the In
come tax.
The measure, as finally agreed upon,
is q detailed elaboration of the plan for
an income tax proposed some months
ago by Representative Hall, OF Missouri.
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