Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1894-01-27
TAX ON INCOMES.
The Bill for Raising Revenue by
Income Tax Completed.
1t Is Far Reaching Measure. and 10 DE-
signed, II Enacted Into Law, to Take
Eject Jasuary I, 1898 - Sum-
mary Of Its Provisions.

Eject Jaruary I, 1898 - Sum-
mary Of Its ProvisiOns.
WASHINGTON, Jan. 1S.-The waysAAd
means committee has completed tn In
come tax bill. The last work was done
to-day, and the bill is now in the hands
of the public printer. The substance
of the bill is as follows:
That from and after the ist 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
salaries. or from any profession.
trade, employment or vocation carried
on in the Unitcd States or elsewhere. on
all dividends. 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
otherwise and the net income from any other
sources whatever tax OF 2 per centum on the
amount so derived over and above $4,000, and a
like tax. shall be levied, collected and paid an
nually upon 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
l,colected and paid upon the gains. profits and
| fOr a IA st n N
cember next preceding the time for levyk e
collecting and paying said tax
A SWEEPING MEASURE
| Sec 2. In estimating the gains, profits and
income OF any person there shall be included
all income derived from interest upon notes
| bonds and other securities as profits realized
| within the year from sales OF real estate pur
chased within the year or within two years
previous to the year for which income Is esti
mated; interest received upon all notes, bonds
mortgages or other forms OF indebted
ness bearing interest, whether paid OF
| not, II good and COllectable, less tht
interest which has become due from
said person during the year; theamount Of al
premium on bonds, notes or coupons; thu
amount OF sales Of live stock. sugar. wool, but
ter. cheese, pork beef, mutton or other meats
hay and grain or other vegetable or other pro
ductfons being tine growth or produce Of the es
tate Of such person, not including any par
thereof consumed directly by the family; al
| other gains, profits and income derived from
any source whatever and the share Of any per
son Of the gains or profits OF all companies
whether incorporated ,or partnership, wht
would be entitled to the same II divided
whether divided or otherwise, excep
the amount OF income received from
institutions or corporations whose officers ar,
| required by law to withhold per centum o
| the dividends, interest. gains, or profits an,
| incomes made by such institutions, and pa!
the same to the onlcer authorized to recev
the same: and except that portion of the salar,
or pay received for services I'm the civil, mill
| tary, naval or other service of the Unite
States, including senators and representative
and delegates in congress, from which the Ia
has been deducted; and except that portion o
any salary upon which the employer is re
quired by law to and doe withhold the tax an
pays the same to the oficer authorized to re
| ceive it,
And in addition TO 81, 900 exempt from incom
tax as herein before provided all national
state, county anu municipal taxes. shall be dc
Quoted from the gains, profits or income Of th
person who has actually paid the SAINT
whether such person be owner, tenant o
mortgagor. losses actually sustained durln
the year arising from fires, shipwreck or IL
Cured In trade and not covered by insuranc
| or otherwise compensated for, and debts ascel
tained to be worthless, but Including all es
timated depreciation OF values and losses will
IN the year; % sales OF real estate purchase
two years previous to the year which incom
is estimated; provided, that no deductio
shall be made for any amount paid out for ne,
buildings. permanent improvements or bettel
s.,A0 \. al, ..N
property or estate.
Provided further that only ono deduction
81, 900 shall be made from the aggregate ncom
of all the members of any family composed {
one or both parents and one or more mino
children OF husband and wife; that guardian
shall be allowed TO make q deduction OF Si.Ul
In favor of each and every ward, except 1
case where two OF more wards arc comprise
In one family and have joint property interes
the aggregate deduction TO their favor sha
not exceed 1900,
AS TO FEDERAL EMPLOYEES.
Provided further that in eases where tn
salary or other compensation paid TO any pei
son In the employ or In the service OF tn
United States shall not exceed the rate 0
1900 per annum. or shall be by feei
or uncertain or irregular In the amour
or In the time during which th
| ~,
salary or other compensation shall be include
in estimating the annual gains, profits or II
come OF the person to whom the same sha
have been paid and shall include that porto
Of any income or salary upon which tax ha
not bcen paid by the employer where the Ell
ployer is required by law TO pay an excess owe
H,O00
Section provides methods and means fC
the return or assessment OF all incomes to
taxed, Every person with an income Of NOR
than $500 Is required to render, on blank I
! he furnished by the government, n full state
ment Of his income, gains or profits for tn
taxable year. All guardians, trustees, exec
utors and receivers are require
TO make returns for the persons Il
whom they act Persons having less tina
q, 500 are not required TO make report. All r.
turns have TO be verified by oath. Where I'll
party TO be taxed fails to make return u
designated collector, who will be an agent
the United States commissioner OF intern'
revenue, is required TO make out the list fro
such facts as are available. and, after the IA
is assessed, to add so per cent. as. a penolt
Where false or fraudulent return is made
penalty Of 100 per cent is added to the Ia
Right Is given to take oath that an income
not as much us 1900, and IL the deputy &C
lector disagrees and assesses the income, a
peal is allowed TO the collector Of internal re
cnue OF the district
Where, on this appeal. q decision adverse
the applicant is reached, a final appeal to Il
United States commissioner OF internal rev
, nue. is provided for. Final provision OF tn
section is that due notice shall be given to d
; linQuents before an official assessment Of the
J property is made and the penalty Tux levied.
Sec. L. All the income taxes are to bo due
July OF each year. To all taxes o. which d,
notice has been given, and which are not pa
. for ten days after July "A penalty OF p
cent. Of the unpaid amount is added und ther
. | after interest at the rate OF | per cent p
month from the time the tax became du
, Estates OF deceased insane or insolvent pc
, sons arc exempted from this penalty.
HoN.REsIpENTs MUST PAY UP
. Sec. 5. Every nonresident person or &C
. poration owning property In the United Stat
/ or receiving an income from the United stat
shall pay taxes on incomes received just as
-. resident in the United States, Provision +
the exemption Of incomes under a, 600 as eve
. as for taxation ofdelinquent taxpayers is san
, as In cases OF resident citizens
Soc. g. That there shall be collected tax
. per cent. on all dividends In scrip or mon
: thereafter due whenever the same be payah
to stockholders, policy holders, including no
. residents whether citizens or aliens,
part OF the earnings, incomes or gal
= Of any bank, trust company, savin
o institution. and OF any tire marine. life
other insurance company, whether special
Incorporated or existing under general law
and on oil undistributed sums, made duri
the year to their surplus funds; and sa
0 banks, trust companies, ETC., shall pay I
r said tax, and are hereby authorized and
+. quircd to deduct all payments made on I
' count Of any dividends, due and payable
: aforesaid. the tax Of per cent And a list
b return shall be made and rendered to the c.