The Forrest City times., 1894-01-26
TAX ON INCOMES.
The Bill for Raising Revenue by
 Income Tax Completed.
fl is A Far-Reaching Measure. and is De- signed, if Enacted Into Law, to Take Effect Ja uary |, 1895 = sum
 mary of It's Provisions.

to-day. and the bill is now in the hands of the public printer. The substance of the bill is as follows:
 That from and after the 1st day of January ,sq, there shall be levied collected and paid annually upon the gains profits and income 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, interest. dividends or salaries, or from any profession, trade employment or vocation carried m in the United States or elsewhere. on All dividends, annuities or interest paid by corporations or associations organized for profit by virtue of the laws of the United States, or of any state or territory, by means of which the liability of the individual stock holders is in any wise limited in cash scrip or otherwise and the net income of all such corporations in excess of in cash scrip or o.herwisc, and the net income from any other sources whatever. a tax of ? per centum on the amount so derived over and above s4, ,000 and a like tax shall be levied. collected and paid an nualiy upon the gains, profits and income from all property. and of every business, trade or profession carried on in the United States by persons residing without the United States and not citizens thereof.
 The tax herein provided for shall be assessed, collected and pald upon the gains, profits and income for the year ending the 3lst day of De sember next preceding the time for levying, collecting and paying said tax.
 A SWEEPING MEASURE
 Sec. Q 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 profits realized within the year from sales of real estate pur- chased within the year or within two years fo tha for tvhi is eSti mated; interest received upon all notes. bonds mortgages or other forms of indebted ness bearing interest. whether paid or not. if good and collectable, less the interest which has become due from said person during the year: the.amount of all premium on bonds. notes or coupons; the amount of sales of Hive stock. sugar wool. but ter cheese. pork, beef, mutton or other meats hay and grain or other vegetable or other pro auctions being the growth or produce of the es tate of such person. not including any part thereof consumed directly by the family; all other gains, profits and income derived from any source whatever and tho share of any per son of the gains or rrohts of all companies. whether incorporated .or partnership. who would be entitled to the same if divided whether divided or otherwise. except the amount of income received from institutions or corporations whose officers are required by law to withhold per centum of the dividends, interest, gains. or profits and incomes made by such institutions, and pay the same to the officer authorized to receive the same; and except that portion of the salary or pay received for services in the civil. mili- tary naval or other service of the United States. including senators and representatives and delegates in congress, from which the tax has been deducted; and except that portion of any salary upon which the employer Is re- quired by law to and does withhold the tax and fn ha nft ftifsnr p,fh nriz zaf fn seiye 1t.
 And in addition to si. 900 exempt from income tax as herein before provided. all national. state, county and municipal taxes. shall be de- ducted from the gains profits or income of the person who has actually paid the same, whether such person be owner. tenant or nortgagor; losses actually sustained during the year arising from fires. shipwreck or in cured in trade and not covered by insurance CT otherwise compensated for. and debts ascer- tained to be worthless. but including all es- timated depreciation of values and losses with In the year. on sales of real estate purchased two years previous to the year which income is estimated; provided that no deduction shall be made for any amount paid out for now buildings, permanent improvements, or better ments. made to increase the value of any property or estate.
 Provided further that only one deduction of A,DO0 shall be made from the aggregate income Of all the members of any family composed Of one or both parents and one or more minor children. of husband and wife: that guardians shall be allowed to make deduction of si.0oO in favor Of each and every ward. except in case where two or more wards are comprised in one family and have joint property interest the aggregate deduction to their favor shall not exceed S4.0o)
 AS TO FEDERAL ExPLoYEs
 Provided further that in cases where the salary or other compensation paid to any per son in the employ or in the service of the United States shall not exceed the rate of G,OOO per annum, shall be by fees, or uncertain or irregular in the amount, or in the time during which the same shall have accrued or been earned. such salary or other compensation shall be included In estimating tho annual gains. profits or in come of the person to whom the same shall have been paid and shall include that portion or any income or salary upon which tax has not been paid by the employer where the em- pioyer is required by law to pay an excess over s4.0O0
 Section provides methods and means for the return or assessment of all incomes to De taxed Every person with an income or more than $500 is required to render, on blank to De furnished by the government. full state ment of his income gains or profits for the taxable year. All guardians, trustees, exec utors and receivers are required 70 make returns for the persons Tor whom they act Persons having less than $500 are not required to make report. All re- turns have to be verified by oath. Where the party to be taxed fails to make return the designated collector. who will be an agent or The United States commissioner of internal revenue, is required to make out the list from such facts are available, and, after the tax IS assessed, to add 50 per cent. as a penalty Where false or fraudulent return Is made penalty of 100 per cent. is added to the tax Right is given to take oath that an income IS not as much as 5000, and if the deputy col ieetor disagrees and assesses the income. ap-