Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1894-01-27
THE REVENUE BILL.
Plana for Raising Funds for the
Governments Needs.
A Tax of Two Per Cent. on All Income
of $4,000 and over-Playing Cards
to Pay Two Cents Pack and Spir-
It's Ono Dollar n Gallon.
OUTLINE oF TIE BILL.


WASHINGTON, Jan. 94.-The income
tax bill, as approved by the democratic
members of the ways and means COM
mittee, was laid before the full COM
mittee. 1t was read in part, but the
committee adjourned before the read
ing was finished synopsis of the
bill is as follows:
The bill provides tax of per cent upon
oil incomes of citizens of the United States,
either Mt home or abroad from any kind Of
property, rents, interest dividends or sal
aries on all amounts over and above G,0O0
The bill goes into effect January l, 1895.
In estimating incomes there shall be
included notes, bonds and other secur-
tiles, except such United States bonds
as are exempt from federal taxation. The tax
is laid on profits realized within the year from
sales of real estate purchased within the year
within two years previous to the year for
which the income is estimated; also
sales of live stock and farm products
generally where grown upon ones own estate;
all other incomes derived from any source
whatever and the share of any person of the
profits OF companies, whether Incorporated or
partnership who would be entitled to the same
II divided whether divided or otherwise, except
the incomes received from corporations whose
officers required by law, withhold per
centum of the dividends and pay the same to
the officer authorized to receive it.
In addition TO the $4,000 exemption, oil ma
tiona state and county taxes paid within the
year shall be deducted from the profits of the
person who has actually paid them; also losses
sustained during the year from fires, shipwreck
and other causes not covered by insurance and
compensated for, and worthless debts, but
excluding estimated depreciation OF value and
losses on sales of real estate No deduction
shall be made for improvements which may
! increase the value of the property estate
Only one deduction of $4, 900 shall be made from
| the aggregate income of the members OF any
| family.
| Every person having an income of more than
| s3 500 shall make return to the deputy col
lector of the district in which he resides of the
| amount OF his income; but persons having less
than IS, 500 year snail not make such report
| These returns shall be made on oath and the
| deputy collector may increase the amount of
| any list or return 1t II he has reason to believe
| that it has been understated. AS a penalty
! for refusing to make the list the deputy col
| lector may make ~ such list according to the
best information obtainable and add so per
cent. to the amount In cases where fraudu-
| lent list has beer rendered penalty of 100 per
! cent. shall be added.
| The bill provides at some length the manner
| in which persons dissatisfied with the decision
| of the collector may submit their case to the
I, commissioner of internal revenue The tax
| shall be collected on or before the lst day of
! each July, and an additional tax OF per cent
shall be laid on payment after that date, and
| interest at the rate OF per cent q month upon
| the amount of the tax.
All persons In the civil, military, naval or
| other service of the United States, including
senators, representatives and delegates in con-
| gress, shall pay u per cent tax upon incomes
above 81, 900 year. This amount shall be de-
| Quoted from their incomes by the disbursing
officers making the payment
The bill provides that when any revenue
officer divulges the operations of manufac-
turer or producer or the amount or source of
his income he shall be subject TO fine and i'm
prisonment The deputy collector shall
make lists of persons owning property
subject TO tax and 1t shall be the
duty of persons, firms and corporations
nade liable to any duty special or other tax
and not otherwise provided for, lin case of q
special tax on or before July 81 annually, in
case OF income tax on or before March l, annu-
ally and in other cases before the tax accrues,
to furnish the deputy collector complete lists
of taxable property. In case such person fails
but permits the deputy to make up the return
such lists may be received upon oath.
Section IL of the bill relates to corporations
| 1t requires them to make return before the
tenth day OF the month following the declara-
ton of dividends under oath by the principal
officer.
Section l2 requires corporations to furnish,
beginning 1895, or before the first Monday
of - leach year,, statement showing the
gross profits expenses, exclusion OF interests,
annuities and dividends, net profits without al
lowance for the same, amount paid on account
! of interest, annuities and dividends, amount
\
$4,000.
Section IA levies taxes upon corporation divi-
: dends, interest coupons and annuities where
ever and whenever payable to all parties
= whatsoever, and provides that the corporation
may deduct or retain from all payments made
on account of such dividends etc, proper
tionate share OF the tax so paid.
, Section 10 provides for the issue of receipts
: ! by collectors for taxes paid, and whenever the
. | payment is made otherwise than by corpora
Il
for each tax paid by any debtor on account OF
payments to separate creditors in such form
J. | that the debtor can present them to his cred
itors in satisfaction of their respective de
: mands TO the amount specified in such re
| ceipts,
Sections &C. IL and lS are not of public in
' formation, but are simply administrative.
= Section 10 provides that after u date in lS9
+ there shall be u tax of cents u pack on play
ing cards, payable by adhesive stamps.
l. Sections 20 to 2S Qnclusive) are explanator,
!, OF section 49, and provide penalties for viola
:. tion and evasion of the law.
:, Section 20 iiyeS the tax, on and after the sec
n ond calendar month after the passage of tn,
n act, on all distilled spirits produced i,
=, the United States on which the tax il
!. not paid before that day at one dol
a lar per proof gallon, to be paid b,
's the possessor before removal from
"a warehouse within eight years from TIT
date OF original entry for deposit in any distill
cry or bondeo warehouse, except in CAGES o
| withdrawal without payment of tax as nov
authorized by law,
Section 30 continues existing warehouse
bonds on distilled spirits in full force for tn,
q time named in the bonds When the tax Il
" paid, on and after that date, there shall b
- added 10 the present tax OF 90 cents suficien
q tax TO make the total equal TO 81. Bonds ma!
- be required for the additional tax.
q Section 81 provides for regauging of spirit
e | upon withdrawal limiting the allowance TO
, loss TO gallon for two months and li1s gallon
:, for twelve months.
!" Section 90, the last, repeals all iuconsisten
s. acts.
Prlaon for n RanLer.