The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1894-02-07
THE INCOME TAX BILL.
IT'S PROVISIONS MADE PUBLIC
..> BY THE COMMITTEE.


A Tax OF Two Per Cent. on Incomes
of Individuals, Corporations and
Civil and Military Officials Ex-
ceeding $4OOO-Tax on Whisky
81 Per Gallon.
Tho Interne: Revenue bill, including the
income tax. was submitted to the full Ways
and Means Committee and then made public.
The title is, "a bill 10 impose tax on cor.
poration and individual incomes, to increase
the tax on distilled spirits, and for other pur-
poses" The first section provides
That from and after January I, 1895, there
shall be levied. collected and paid annually
upon the gains. profits and incomes 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, interests, dividends or sala-
rles. or from any profession. trade, employ
ment or vocation, carried on in the United
States or elsewhere, tax of two per centum
on the amount so derived, over and above
$4,000, and like tax shall be levied, col
lected and paid annually upon the gains,
profits and incomes from all property and
OF every business, trade or profession, car
ried on In the United States, by persons re-
siding without the United States, and not
citizens thereof. And the tax shall be as
sessed and paid upon the gains, profits and
incomes for the year ending December u
next preceding the time for levying, collect
ing md paying said tax.
The definition Of profits isspecifled very
broadly, so to cover all incomes from
notes, bonds (other than United States
bonds), real estate. sales OF live stock, pork,
sugar, wool and other productions, "except
that portion Of the salary or pay received for
services in the civil, military. naval CT other
service Of the United States. including
Senators, Representatives and Dele
yates to Congress. from which the tax has
been deducted and except that portion OF
any salary upon. which the employer Is re-
Gu red by law to, and does, withhold the
TAX. and pays the same to the officer author
lied 10 receive it. ~ Provision Is also made
for deducting losses by fire, shipwreck and
by trade depression, from the aggregate Of
profits.
Section makes 1t the duty OF all persons
having an income Of over $500 to render o
return. All guardians, trustees, etc., must
make similar returns for their charges.
The return Is to be made to the Deputy
Collector of Internal Revenue for the Dis
f.,
the tax. The return is to be verified by oath
or affirmation. The bill further provides:
And In case any person having a taxable
income shall neglect or refuse to make and
render such list and return, or shall render
false or fraudulent list or return, 1t shall be
the duty of the deputy collector to make
such list, according to the best information
he can obtain, By the examination OF such
person, or his books or accounts, or any
other evidence, and to add fifty per eentum
as penalty to the amount OF the tax due
on such list in all cases OF willful neglect or
refusal to make and render list or return {;
aud In all cases of false or fraudulent list
or return having been rendered, to add 100
per centum as penalty to the amount OF
tax aseertained to be due. Appeal from the
decision of the deputy collector is provided.
The tax is payable July1 annually. and
after that ten per cent. Is immediately added
on sums in arrears over ten days, and also
one per cent. per month whlie the ta1 re-
mains In arrears ~ ....
section includes non-residents owning
property in the United States within the
laws provisions. .-
Section imposes a uniform tax OF two
per cent. on dividends of stockholders In
Insurance companies, banks, trust companies
and other corporations and associations.
The bill continues "And said banks, trust
companies, savings institutions and insur.
ance companies and other companies and
all other corporations shall pay the said
tax, and are hereby authorized and re-
CURED to deduct and withhold from all pay.
ments made on account Of any dividend or
sums Of money that may be due and payable
as aforesaid the said tax OF two per CEN
tum The corporation makes the return to
the deputy collector. verified by the oath OF
affirmation Of its officers. A corporation fail.
ing to make rsturn is subject to q penalty OF
$1,000. besides :he increase In its taxes.
Section provides for taxing d1vldends
from railroad, canal, turnpikes, telephone.
telegraph, electric light and gas companies,
water companies and street railway COM
panies.
= Section subjects to two per cent tax so
much OF any salaries, public or private, as
exceeds $4,000. Government disbursing Of.
fcers and private paymasters, cashiers or
employers ara compelled to deduct the tax
from salaries and pay 1t to the internal rev.
enpe collector. Stringent provision is
made against disclosing to the public any
detail of private business Or OF amount OF
income.
Elaborate provision Is made for assessing
the tax on those who fail to make returns
in special cases. Every corporation is com
pelled to furnish list. under oath or affirm.
ation. OF Information on the following points:
First-The gross prontS OF Sucn corpora
ton from all kinds OF business OF every
name and nature
sscond-Ths expense OF such corporation,
exclusive OF interest, annuities and divl
dends.
Third-The net profits OF such corporation,
without allowing for interest, annuities or
Dividends.
Fourth--The amount paid on account OF
interest, annuities and dividends stated
separately.
Fiith-The amount paid in salaries oi
$4,000 or less, to each psrson employed.
Sixth-The amount paid in salaries oimo
than $4,000.
Sections II and Is provide tas penalties oi
perjury for false returns. etc.
The balance Of the Internal Revenue bill
covers whisky and playing cards, etc.
Playing cards are taxed two cents per pack,
The tar Is payable by the manufacturer by
stamps. The tax on distilled spirits IL made
81 per gallon after the first day ofthe second
calendar month after the passage OF the bill.
The boSdi2s period !s axed at sIsat yeers.
PROMINENT PEOPLE.
JULES VERNE is sixty-five years old.
GoyERHoE PENHoYER, OF Oregon, is a rich