Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1894-11-08

democratic tariff bill the income ,aA
clause. The measure gives detailed in
structions as to the manner Of report
ing incomes, collecting the tax, etc
The measure In full IL No follows:
Sec. u. That from and after Jan.
uary ], 1895, and until January l.
1900, there shall be assessed, levied
collected aud paid annually upon the
gains, profit and income, received In
the preceding calendar year by every
citizen of the United States, whether
residing mt home or abroad, and every
person residing therein, whether said
gains, profits or income be derived
from any kind Of property, rents, In
terest, dividends or salaries, or from
any profession. trade, employment, or
vocation carried out In the United
States or elsewhere, o" from any other
source Whatever, ii tax OF per cent,
on the amount so derived, 0y,r and
above $1,000. and n like tax shall be
levied, collected and paid annually
upon the gains, profits and Income
from all property owned, and Of every
business, trade or profession carried
on In the United States by persons re-
siding will out the United States
And the tax herein provided for shall
be assessed by the commissioner OF in
ternal revenue and collected and paid
upon the gains profits and income for
the year ending December 81 next pre-.
ceding the time for lcvying collecting
and paying said tax.
Sec. ~. That In estimating the gains,
profits and income of any person, there
shall be included all income derived
from interest upon notes, bonds aud
other securities, except such bonds Of
the United States, the principal and In.
issuance exempt from all federal tax
alton; profits realized within the year
from sales of real estate purchased
within two years previous to the close
of the year for which income II est
mated; interest received or accrued
upon all notes, bonds, mortgages or
other forms of Indebtedness bearing In
terest, whether paid or not, II good
and collcctihl". less the interest which
has become due from said person or
which has been paid by him during
the ycnr: the amount of MI premium
on bonds, notes on coupons; the
amount of sales of I've stock, sugar
cotton. wool, butter, cheese, pork, beef
mutton or other meats, may and grain,
or other vegetable or other productions,
being the growth or produce Of the US
tate of such person, less the amount
expended In the purchase or produc
ton of said stock on produce, and not
including amy part thereof consumed
directly by the family; money and the
value of all personal property ac-
qurcd by gift or inhcritance; all other
gains. profit and income derived from
any source whatever except that por.
ton of the SALARY, compensation or
pay received for services In the rivil,
military, naval or other service of the
United States, Including senators, rrp-
resentativcs and delegates In congress,
from which the tax has boon de-
Quoted, and except that portion of any
salary upon which the employer Is ~
quired by law to withhold. aud does
withhold the tax and pays the same
to the officer authorized to receive II.
In computing incomes the necessary
expenses actually incurred in carrying
on any business, occupation ur proErS
sion shall bc deducted and also al In
tcrest due or paid within the year by
such person ON existing Indebtedness
And all national, state county, school
and municipal taxes. not including
those assessed against local benefits
paid within the year, shall y" de-
Quoted from the gains, profits or In.
come of the person who has actually
paid the same whether such person
be the owner, tenant or mortGngor;
also loss actually sustained during the
year, incurred In trade or arising from
fires, sto,ms or shipwrecks, and not
compensated for by insurance or other
wise, and debts nsccrtamcd to be
worthless. but excluding all estimated
depreciation of values and losses
within the year on sales OF real estate
purchased within two years previous
to the year for which income Is cst.
mated:
Provided. that no deduction shall he
made for any amount paid out for new
buildings, permanent improvements,
or bettcrments. made to increase the
value of amy property or estate:
Provided further that only one de,
duction of $1,000 shall he made from
the aggregate income of all the mem.
bcrs of any family. composed of one
or more minor children. or husband
and wife; that guardians shall be al
lowed to make a deduction In favor
of each and every ward, except that
In case where two or moro wards are
comprised In one family and have
Joint property interests, the aggregate
deduction In their favor shall not eN-
coed $1,000. And provided further
that In cases where the salary or other
compensation paid to any person in the
employment or service Of the lnitrd
States shall not exceed the rate Of
$1,000 per annum, or shall be by fees,
or In the time during which the same
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