The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-01-22
RELATIVE TO CORPORATIONS
Two Cent Stamp Must Be Placed
On All Packs of Play
ing Cards.
Each Gallon of Distilled Spirits
Will Net the Government
One Dollar.

tee, was laid before the full committee at
this mornings meeting 1t was read in part,
but the committee adjourned before the read
ing was finished.
The bill provides a tax of two per cent.
upon all incomes of citizens of the United
States, either at home or abroad, from any
kind of property, rents, interest, dividends
or salaries on all amounts over and above
$4,000. The bill goes into effect january l,
1895
In estimating incomes there shall be in
cluded interest upon notes, bonds and other
securities 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 or within two years previous
to the year for which the income is esti-
mated: also on 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 if divided, whether di-
vided or otherwise, except the incomes re-
ceived from corporations whose officers, as
required by law, withhold a per centum of
the dividends and pay the same to the officer
authorized 10 receive it.
EXEMPTIONS.
In addition to the 81 600 exemption, all
National State and county taxes paid with
in the wear 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 values and losses on sales OF
real estate. No deduction shall be made for
improvements which may increase the value
of the property or estate. Only the deduc
ton of 81, 900 shall be made from the aggre-
gate income of the members of any family.
Every person having an income of more
than $500 shall make a return to the
Deputy Collector of the district in which he
resides, of the amount of his income, but
persons having less than 50 500 a year shall
not make such a report. These returns shall
be made on oath and the Deputy Col
1ector may increase the amount OF any list
or return if he has reason to believe that it
has been understated- As penalty
for refusing to make the list the Deputy
Collector may make up such list according to
the best information obtainable and add fifty
per cent to the amount In cases where
fraudulent list has been rendered penalty
of 100 per cent. shall be added.
APPEALS
The bill provides at some length the man.
ner in which persons dissatisfied with the
decision of the collector may submit their
case to the Commissioner of Internal
Revenue The tax shall be collected on or
ditional tax of five per cent shall be laid
on payment after that date, and interest at
the rate of one per cent. month upon the
amount of the tax.
All persons in the civil military, naval or
other service Of the United States includ-
ing Senators, Representatives and delegates
in Congress shall pay a two per cent. tax on
incomes above $1,000 year. This amount
shall be deducted from their incomes by the
disbursing officers making the payment.
PENALTIES FOR REVENUE OFFICERS.
The bill provides that when any revenue
officer divu1ges the operations of manufac
turer or producer, or the amount OF source
of his income, he shall be subject to fine and
imprisonment. That the deputy collector
shall make lists of persons owning property
subject to tax. That 1t shall be the duty OF
persons, firms and corporations, made liable
to any duty, special or other tax, and
not otherwise provided for, in case
of special tax on or before July 81, an
nually, in case of income tax, on or before
March l, annually, and in other cases before
the tax accrues, to 1urnish tne deputy col
lector complete lists of taxable property. In
case such person fails, but permits the deputy
to make up the return, such lists may be re-
ceived upon OATH
RELATIVE TO CORPORATIONS.
Section II of the bill relates to corpora
tions. 1t requires them to make return be-
fore the tenth day of the month following
the declaration Of dividends, under oath by
the principal officer.
Section IL requires the corporation to fur
nish, beginning 1896, on or before the first
Monday of each year, a statement showing
the gross profits, expenses, exclusive Of
interests annuities and dividends, net profits
without allowance for the same, amount
paid on account of interest, annuities and
dividends, amount paid for salaries, em-
ployes above and below $4,000.
Section IA levies taxes upon corporation
dividends, interest coupons and annuities
wherever and whenever payable to all par
ties whatsoever, and the corporation may
deduct or retain from all payments made on
account of such dividends, ETC., a proper
tionate share of the tax so paid
Section Is provides for the issue of re-
ceipts by collectors for taxes paid, and when
ever the payment is made otherwise than a
rate receipt for each tax paid by any debtor
on account of payments to separate cred
itors in such form that the debtor can pre-
sent them to his creditors in satisfaction of
their respective demands to the amount
specified in such receipts.