The Providence news. (Providence [R.I.]) 1891-1906, 1894-01-24


horde of Office holders who become in
qnisitors into the private business affairs
of every one and throws tremendous
power into their hands by the penalties
attached to the bill.
The provisions of the bill are suf-
ficient TO condemn il, and briefly sum
married they provide as follows
That from and after the first day of January, 1895,
there shall be levied, collected and paid annually
upon the gains profits and income Of every person
residing IN the United States any citizen OF the
United States residing abroad, derived in each pre-
ceding calendar year. whether derived from any kind
OF property rents interest," dividends, or salaries
or from any profession, trade, employment, or
vocation carried on In the United states os else
where tax q two per centum on the amount
so derived over and above $4,000, ard like
tax shall be levied, rollected, and paid an
nnaily upon the gains, profits, and income
from all property and OF every business trade or
profession carried in the United states by
persons residing without the United States
and not citizens thereof. And the tax herein pro-
vided for shall be assessed collected and paid
upon the gains, prhts and income for the year
ending the 3st day OF December next preceding the
time for levying collecting and paying said tax.
Sec 2. In estimating the gains, profits and i'm
come OF any person, there shall be included all
intont utflfeu from upon hottr, pohust
and other securities, except such bonds OF the
United States by the law OF their issuance
exempt from all Federal taxation; profits real
lied within the year from sales OF real estate
purchased within the year or within two years
previous TO the year for which income is esti-
mated; interest received accrued upon all notes
bonds, mortgages, or other forms OF indebtedness
bearing interest whether paid or not, II good and
oolleetlble, less the interest which has become
due from said person during the year; the
amount all promiuut honds. nOfes.
or coupons; the amount Of sales OF live
stock, sugar, wool, butter, cheese, pork, beef,
mutton, or ether meats, hay and grain, or other
vegetable other productions, being the growth
produce OF the estate OF such person, all
other gains, profits and income derived from
any source whatever and the share Of any person
or the gains profits Of all companies,
whether Incorporated or partnership who
would be entitled TO the same II divided, whether
divided or otherwise, except the amount OF income
received from institutions or corporations whose
officers as required by law withhold per centum
OF the dividends interest gains, profits and income
made by such Institution, and pay the to the Of
hcer authorized TO receive the and except that
portion Of the salary pay received for services in
the civil military, naval, or other service OF the
United States, including senators, representatives,
been deducted, and except that portion OF any salary
upon which the employer Is required by law TO and
does withhold the tax, and pays the same to the
officer authorized to receive IL.
No deduction shall be made for i'm
provements which may increase the
value of the property or estate.
AS penalty for refusing to make a
statement of income, the deputy collec-
tor may make up such according to the
best information attainable, and add
so per cent. to the amount. In cases
where fraudulent list has been rendered
penalty of 100 per cent. shall be added.
Corporations, life insurance companies
and everything yielding a revenue comes
into the net, and must yield its pro-
portion.
1t is war measure and would hardly
be adopted in war times until after
every other expedient had been tried
and had proved unavailing.
1t is an outrage that has brought
about storm of disapproval from the
Atlantic to the Pacific and from the
Great Lakes to the Gulf.