New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-07-02
THE INCOME TAX SCHEDULE
TEXT OF THE MEASURE AS AMENDED
IN THE SENATE
HOW THE NET EARNINGS OF CORPORATIONS ARE
TO BE ARRIVED AT-ALCOHOL USED IN
THE ARTS TO BE EXEMPT FROM

ND'NA
TO BE ARRIVED AT-ALcoHoL USED IN
THE ARTS TO BE EXEMPT FROM
TAXATION
Washington, July 1.-The income tax provisions
Of the Tariff bill, as reported to the Senate by
the Committee OF the Whole differ very materially
from the provisions as originally reported to the
Senate. The first section. which designates what
shall be taxed, reads follows:
That from and after the first day OF January,
eighteen hundred and ninety-fve. and until the
first day OF January. nineteen hundred there shall
be assessed levied collected ana pala annual ny
upon the gains, profits and income received IN me
preceding calendar year by every citizen OF the
United States. whether residing at home or abroad
and every person residing therein, whether SAID
gains. profits, or income be derived from any KIND
or from any profession, trade. employment ,s OF
vocation carried on In the United states or else
where. or from any other source whatever, a tax
Of two per centum on the amount so derived over
and above $4,000 and like tax shall be levied. col
lccted and paid annually upon the gains. profits
and income from all property owned, and OF every
business, trade. or profession carried on III me
United States
Another important change is found in Section %
"A new one substituted for Sections 50, GO and 81.
This matter reads as follows:
Section 81 That there shall be assessed, levied
and collected. except herein otherwise provided.
a tax of two per centum annually on the net pronts
or income above actual operating and business ex-
pensrS. losses ana interest on Dohuei anu vtnel
Indebtedness OF all banks banking institutions,
trust companies, savings Institutions IRE, marine,
life, and other insurance companies. railroad canal
turnpike, canal navigation. siackwater, telephone.
railway companies and all other corporations com
panies or Expectations doing business FOR profit IN
ganized bur not including partnerships
That said tax shall be paid on or before me nrst
day OF July In each year; and II the president or
other chief officer OF any corporation. company or
association. or In the case or any foreign corP'ra-
Collector Of the Internal revenue district in which
sal rrDr rat or
located or be engaged in business statement yeri-
shall be prescribed by the Commissioner Of IN
ternal Revenue with the approval OF the Secretary
or the Treasury showing the amount OF net profits
or income received by said corporation. company
association during the whole calendar year last
preceding the date % filing said statement as here
ISOLATION making default shall forfeit as penalty
the sum of one thousand dollars and two per
centum on the amount OF taxes due. for each month
unl the same is paid. The payment OF said penalty
AMI refusal to make return Of taxes under the IN
ternal Revenue laws.
companies or associations shall include the
amounts paid to shareholders or carried to the ac-
count of any fund or used Tor constructors en-
largemeut of plant. any other expenditure or
investment paid from the net annual profits made
or acquired by said corporations, companies or as
That 1othing herein contained shall apply to
states. counties or municipalities nor 20 corpora
tons. companies or associations organized or con
cioilcs orders or associations operating on the
lo lHr system ana browning II Inc pay hi'it "a
NJ. sick. accident ana other benefits 10 ne M M
h.rs IF such societies. orders Or associatons ana
dcpe>l"nts OF such members nor 70 the STOCKS,
shar.s funds or securities held by any hduclary
trustee for charitable. religious or eiucaupnal
purposes. nor 10 building and loan associations or
companies which make loans only ID thcr STARE
holders. nor 10 such savings banks. savings insti-
holders or members except '5epostors and capt
tai except deposits: secondly. shall not receive de-
nS1r , ~ l SHe t5onsand Goiars from the same
depos.tor, thirdly. shall not allow an accumuaton
ceedinx ten thousand dollars. fourthly, shall
actually divide md distri6u,e to Us , ae-
the necessary ard proper expenses OF such BANK.
Institution or society, except such "a shnl De APP
form surplus find 'eelug ten per centum OF rs
aggregate deposits ANA s!Tthly. nor to srcn say
posed 81 members Who DO not participate IN me
profits thereof and which pay interest on dvitenSs
e,,,iinr ossociafion ha2ns a capital stock that is
cnnlcted on The mutual plan solely for the benefit
o. ~ p,s - iis bwsinets Conducted on such
mutual plan separate and apart from its other ac
counts nor 10 any insurance company or asSo'la-
lion which conducts an ITS business solely upon
Stock and no stock Or Shareholders and holding ali
It's property In trust and in reserve for It's policy
holders members nor 10 that part Of business 81
AMI sfock and Shareholders which is conducted on
tn mutual plan. separate from rs stock pan OF
Insurance and solely for the benefit Of the policy
holders ami members insured on said mutual plan.
and holding all the property belonging TO and de-
trlist and reserve for the benefit Of its pocy-hod
ers ana members insured on said mutual plan.
Salaries due State. county or municipal officers
are exempted from the income tax The section
regulating the inspection Of banks was, after de-
bate modified - as to read follows
Tina, il shall be the duty of every corporation.
company or association doing business for pront
count, upon which al It's transactions shall be
entered from day 10 day. In regular order ana ana
trct IN which any corporaton. company or asso,
c.ati1u IS assembled snail believe that true ana
company association has not been made. he shall
make an affidavit Of such b..ef and OF the grounds
on which IL l. founded. AMI Ne the same with the
Commissioner of Internal Revenue and II said COM
missioner shall. on examination thereof. and after
.'ud. there s good ground FOR such belief. he shall
Issue request in writing to such corporation
ton Of the books Of such corporaton,, con-,
pany or association 20 be made, ana II such
to comply with such request. then the collector or
deputy-coect OF the district sha make from slch
Information az he can obtain an estimate ~ the
amount OF s4cn C.s, "u sbai tbsn he ne awful
assessment OF such income
TIL. only change OF Importance In the whiskey
schedule is that permitting the use OF alcohol In the
arts without the payment Of duty. II reads AZ FOL
lows:
Any manufacturer finding it necessary to use al
may use the came unle regulations TO
be prescribed by the Secretary Of the Treasury and
on satisfying the collector Of internal revenue for
the district wherein ne resides carries on business
that he has compiled wiki such regulations anu has
used such alcohol therein and exhibiting and de-
livering up the stamps which show that a tax has
been paid thereon shall De entitled to receive from
the Treasury of the United States rebate or repay
meHt ~ the tax 80 paid.
INTERSTATE COMMERCE. REPORT.
INTERESTING STATISTICS OF THE RAILWAYS
MORE EMPLOYEES KILLED. But FEWER