The Globe-republican., 1894-01-26
TAXING INCOMES.
A Bin to That Effect Is Agreed
Upon.
All Incomes Over $4,000 to BE Taxed
Summary Of the Proposed New Law
-Peckham for Associate
Justice.



WASHINGTON, Jan. 23-The income
tax bill, as approved by the democratic
members of the ways and means COM
mittee, was laid before the full COM
mittee at yesterdays meeting. 1t was
read in part but the committee ad-
journed before the reading was
finished.
The bill provides tax of 2 per cent
upon all incomes of citizens of the
United States either at home or abroad,
FROM any kind of property, rents in
terest dividends or salaries, on all
amounts over and above $40 The
bill goes into effect January l, 1895.
In estimating incomes there shall be
included notes, bonds and other securi-
ties 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 pur-
chased within the year or within two
years previous to the year for which
the income is estimated; also on
sales of live stock and farm
products generally where grown
upon ones own estate; on all
ever and the share of any person of the
profits of companies, whether incor-
por ted or partnership, who would be
entitled to the same if divided, whether
divided or otherwise, except the in
comes received from corpora tiOns whose
officers, as required by law. withhold a
certain percentum of the dividends and
pay the same to the officer authorized
to receive it.
In addition to the 81 600 exemption,
all national, state and county taxes
paid within the year shall be deducted
from the person who 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,
bnt excluding estimated depreciation
If value and losses on sales of real
estate.
No deduction shall be made for inn
prOvements which may increase the
value of the property or estate. Only
one deduction of 81, 900 shall be made
from the aggregate value of any one
family.
Every person having an income of
more than S3, 500 shall make a return
to the deputy collector of the district
IN which he resides OF the account of
mis- income, but persons having less
than 50, 500 year shall not make such
a report.
These returns shall be made on oath.
and the deputy collector may increase
the amount of any list, or return it if
he has reason to believe that it has
been understated. AS a penalty for
refusing to make the list the deputy
collector may make up such list ac-
cording to the best information obtain
able, and add 80 per cent. to the
amount. In cases where fraudulent
list has been rendered, a penalty Of 100
per cent. shall be added.
Peckham Named.
WASHINGTON, Jan. 23.-The president
mas sent the nomination to the senate
Of Wheeler II. Peckham, of New York
to be associate justice of the supreme
court of the United States. Mr.. Peck
ham was a delegate to the famous
''anti-snapper" convention.
Until 1890 Mr.. Peckham devoted HIM
self entirely to his profession, but in
the fall of 1890 he was made the chair
man of an independent organization of
citizens, designed to secure reform in
municipal administration. The effort
was not a success. but he remained at
the head of the organization for some
time afterward. He is about SIS years
old, is social in disposition and has
large list of personal friends.