Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1894-11-08

or the most important features OF tn
democratic tariff bill-the income Ia
clause. The measure gives detailed il
structions as to the manner of report
ing incomes, collecting the tax, etc
The measure in full is az follows:
Sec. y. That from and after Jan
uary 1, 1895, and until January ]
1900, there shall be assessed, levied
collected aud paid annually upon tn
gains, profit and income, received il
the preceding calendar year by ever,
citizen of the United States, whethe
residing at home or abroad, and ever!
person residing therein, whether SaiC
gains, profits or income be derived
from any kind of property, rents, in
tereSt, dividends or salaries, or from
any profession, trade, employment, OF
vocation carried out in the United
States or elsewhere, o" from any other
source whatever, Il tax of 2 per cent
on the amount so derived, Oyur and
above $4,000, and Il 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 witt 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 Ievying, collecting
and paying said tax.
Sec. 2S. That 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, except such bonds of
the United States, the principal and in
tcrest of which are by the laws of their
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 is eSti-
mated; interest received or accrued
upon all notes, bonds, mortgages or
other forms of indebtedness bearing in
terest, whether paid or not if good
and coliectible, less the interest which
has become due from said person or
which has been paid by him during
the year; the amount of all premium
on bonds, notes or coupons; the
amount of sales of i've stock, sugar,
cotton, wool, butter, cheese, pork, beef,
mutton or other meats, nay and grain,
or other vegetable or other productions,
being the growth or produce of the cs
tate of such person, less the amount
expended in the purchase or produc-
ton of said stock or produce, and not
including amy part thereof consumed
directly by the family; money and the
value of all personal property ac-
quired by gift or Inheritance; 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 civil,
military, naval or other service of the
United States, including senators, rep
reSentativeS and delegates in congress,
from which the tax has been de-
Quoted, and except that portion of any
salary upon which the employer is re-
quired by law to withhold. and does
withhold the tax and pays the same
In computing incomes the necessary
expenses actually incurred in carrying
on any business, occupation or profess
sion shall be deducted and also all i'll
terest 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 be 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 mortgagor
also loss actually sustained during the
year, incurred in trade or arising from
fires, stolms or shipwrecks, and not
compensated for by insurance or other
wise, and debts ascertained 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 est
mated:
Provided. that no deduction shall b.
made for any amount paid out for new
buildings, permanent improvements
or betterments, made to increase thu
value Of any property or estate:
Provided further. that only one de
duction of $1,000 shall be made fr0r
the aggregate income of all the mem
bers of any family, composed of on
or more minor children, or husban
and wife; that guardians shall be a
lowed to make a deduction in favo
of each and every ward, except tina
in case where two or more wards al
comprised in one family, and haV
joint. property interests, the aggregat
deduction in their favor shall not e.
coed $4,000. And provided furthe
that in cases where the salary or othe
compensation paid to any person in tt
employment or service of the Unite
States shall not exceed the rate {
$4,000 per annum, or shall be by fee
or in the time during which the san
shall have accrued or been earne
such salary or other compensate
shall be included in estimating the a
nual gains, profits or income of Il
person to whom the same shall ha7
been paid, and shall include that pc
ton of any income or salary up'
which a tax has not been paid by t
employer. where the employer is
CURED by law to pay on the exec
over $4,000: Provided also, that