The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1894-01-27
TAX ON INCOMES.
The Bill for Raising Revenue by
income Tax Completed.
1t Is q Far-Reaching Measure, and Is De-
signed. II Enacted Into Law, to TAKE
Eject ia uary 4, 1898 - Sum-
mary of Its Provisions

II - y EiE-hcaCnfuk "tdbuEtg anu - A'G-
signed. II Enacted Into Law, to TAKE
Eject ia uary 1. 1898 = Sum-
mary of Its Provisions
means committee has completed the In
eori,e tax bill. The last work was done
to-day, and the bill is now In the hands
of the public printer. The substance
oi the bill Is as follows:
That from. and after tho LIST 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, or
any citizen OF the United States residing
abroad, derived in each preceding calendar
year, whether derived from any kind OF
property, rents. interest, dividends or
trade. employment or vocation carried
on In the United States or elsewhere. On
oil ditidends. annuities or interest paid by
corporations or associations organized for
profit by virtue OF the laws OF the United
States, or of any state or Territory, by means
Of which the liability of the individual stock
holders is in any wise limited. in cash. scrip
or otherwise, and the net income OF all such
corporations in excess OF in cash, scrip or
OthNl eiSts anu tut llth lliNOluC rum aig OtHIA
sources whatever, q tax Of per centum on the
amount so derived over and above $4,000, ard
like tax. shall be levied. collected and paid an
nually upol the gains, profits and income from
all property, and OF every business, trade or
profession carried on in the United States by
persons residing without the United States
and not citizens thereof
The tax herein provided for shall be assessed,
collected and pad upon the gains. profits and
fort fant fh.a f.f HnN- nf
cember next preceding the time for leVying,
collecting and paying said tax.
A SWEEPING MEASURE
Sec. = In estimating the gains. profits and
income OF any person there shall be included
all income derived from interest upon notes.
bends and other securities as profits realized
within the year from sales of real estate pur-
Chased within the year or within two years
previous 10 the year for which income IL esti-
mated; interest received upon all notes, buiids,
mortgages or other forms OF indebted
not, IL good and collectable, less the
interest which has become due from
said person during the year; thc.amount OF all
premium on lends, notes or cUupJnsj the
amount OF sales of live stock. sugar, wo5. ut
ter cheese pork beef mutton or other meats,
hay and grain or other vegetable or other pro
ductions being the growth or produce Of the ea;-
tate Of such person, not including any part
thereof consumed directly by the family; all
other gains. profits and income derived from
any source what .ver and the share Of any per
son of the gains or profits OF all companies.
whether incorporated 'or partnership, who
would To entitled to the same II divided,
whether divided or otherwise, except
the amount OF income received from
institutions or corporations whose officers are
required by law to withhold q per centum Of
the dividends, interest, gains. or profits and
incomes made by such institutions, and pay
the same TO the officer authorized 10 receive
the same; and except that portion Of the salary
or pay rcseiyei for services in thecivil mill
tary. naval or other service OF the United
States. including senators and representatives
and delegates in congress. from which the tax
has been deducted: and except that portion OF
any salary upon which the employer is re
quired by law to and doe withhold the tax and
paws the same to tho officer authorized to re-
ccivc It,
And in addition to si,OoJ exempt from income
tax as herein before provided. all national
state. county and municipal taxes. shall BE- de-
Quoted from the gains. profits or income OF the
person who has actually raid the same
whether such person be owner. tenant or
mortgaGor; losses actually sustained during
the year arising from fires. shipwreck or in
Cured in trads and not covered by insurance
or otherwise compensated for, and debts ascer
tanned to be worthless. but including all es-
timatcd d d,preciation OF values and losses with
in the year; on sales of real estate purchased
two years previous TO the year which income
is estimated; provided, that no deduction
shall be made for any amount paid out for new
buildings permanent improvements, OF better.
ments. made TO increase the value of any
property or estate
Provided further that only one deduction OF
q nTat
o; all the members OF any family composed OF
one or both parents and one or mors minor
children. of husband and wife; that guardians
shall he allowed TO make 4 deduction of 1900
In favor OF each and every ward, except in
case where two or more wards are comprised
in one family and have joint property interest
the aggregate deduction to their favor shall
not exceed A011.
AS TO FEDERAL EMPLOYEES.
Provided further that In cases uhere the
salary or other. compensation paid to any per-
son in the employ or In the service OF the
L nited States shall not excel the rate OF
81 900 per annum, or shall be by fees,
or uncertain or irregular in the amount,
or in the time during which the
same shall have accrued or been earned. such
salary or other compensation shall be Included
In estimating tho annual gains, profits or in
come OF the person to whom the same shall
IF any income or salary upon which 4 tax has
not been paid by the employer where the en-
ployer is required by law TO pay an excess over
y 90
Section provides methods anu means for
the return or assessment OF all incomes to be |
taxed Every person with an income OF more |
than 81 l5JO is required to render. OIL a blank to
lie furnished by the government, full state.
nent OF his income, gains or profits for the |
Ia Ifrrtar rrRNa
ltors and receivers are required |
10 make returns for the persons for |
whom they act Persons haying less than |
3 500 are not required to make report All re- |
turns have TO be verified by oath Where the |
party to he taxed fails to make return the |
designated collector. who will be an agent OF |
The United States commissioner OF internal |
revenue. is required 10 make out the list from |
such facts as arc available, and, after the tax |
S assessed. to add so per cent. as penalty. |
Where a false or fraudulent return Is made a |
penalty OF 100 per cent is added TO The tax. |
Right Is given TO take oath that an income is |
not as much as $1,000, and IL the deputy col |
ector disa.rees and assesses the income, ap-
pea. is allowed to the collector Of internal rev
anue Of the district.
Where on this appeal. a decision adverse to |
The applicant is reached. a final appeal to the |
United States commissioner OF internal rere-
section is that due notice shall bdfkiven 10 de-
inquents before an otficial assessment Of their
is made and the penalty tax levied,
Sec. l. All the income taxes are to be due on |
July OF each year. To all taxes o. which due |
notice has teen given. and which are not paid |
Tor ten days after July I, n penalty OF per |
cent. of the unpaid amount is added and there |
after interest at the rate OF / per cent. per |
month from the time the tax became due |
Estates OF deceased, insane or insolyent per |
sons are exempted from this penalty.
NoS-REsIDENrs AgsT PAY UP.
Sec. 5. Every nonresident person or cor |
poration owning property in the United States |
DR. receiving an income from the United States |
shall pay taxes on incomes received Just as IL !
resident In the United States Provision for |
The exemption OF incomes under 1900 as 'well
Is for taxation ofdelinquent taxpayers is same
Is In cases OF resident citizens
Sec. 6 That there shall he collected q tax OF
per cent. on all dividends in scrip or money
due. whenever the same be payable
10 stockholders. policy holders, including non |
residents. whether citizens or aliens, as
part OF the earnings. incomes or gains
of any bank. trust company, savings
and Of any fire, marine life or
oiher insurance company, whether specially
or existing under general laws.
and on all undistributsd sums, made du-ing
the year 10 :seir surplus funds; and said
banks, trust companies. etc, shall pay the
said tax. and are hereby authorized and re-
luired to deduct all payments made on ac-