Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1894-05-09
VESTS INCOME TAX IDEA.
He Proposes Amendments to Relieve In
vestors In Corporations.

WASHINGTON, May 5.-Senator Vest
to-day offered amendments to change
the income tax clause of the tariff bill
SO as to relieve individual investors
in corporations of the charge where
their net incomes do not exceed
"a, 900, but to have the profits of the
corporations taxed and to eliminate
the inquisitorial features. Instead of
compelling the individual to exhibit
his books and papers, the assessor
may estimate the amount of income
and the person SO assessed may appear
and prove that he has been assessed
to high if such is the case. Sections
50, 60 and 81 are stricken out and the
following section substituted therefor:
~That there shall be levied and col
lected tax of two per cent per an
mum on net profits or income above
ordinary working or operating eX-
penses of all banks, banking institu-
tions, trust companies, savings, insti-
tutions, fire, marine, life and other
insurance companies, railroad, canal,
turnpike, canal navigation, slack
water, telephone, telegraph, express,
electric light, gas, water, street rail-
way companies, and all other corpora
tions, companies or associations doing
business for profit in the United
States, no matter how created or or
ganized. That said tax shall be paid
on or before the 1st day of July in
each year, and if the president or
other chief officer of any corporation,
company or association shall neg
lect or refuse to file with
the collector of internal rev.
enue for the district in
which said corporation, company or
association shall be located or en-
gagged in business, a statement GER
fled by his oath or affirmation, show
ing the amount of net profits or in
come received by said corporate tion,
company or association during the
whole calendar year preceding the
date of fling said statement as here
matter required, the corporation,
company or association making de-
fault shall forfeit as a penalty the
sum of 81, 900 and ten per cent of the
amount of the taxes due for each
month until the same is paid, the pay
ment of said penalty to be enforced as
provided in other cases of neglect and
refusal to pay penalties and taxes
under the internal revenue laws.
The net profits or income of all cor
porations, companies or associations
shall include the amounts paid to
shareholders and bondholders, or
holders of certificates of indie btedness
of any kind or carried to the account
of any fund or used for construction.
enlargement of plant or any other
expenditure or investment represent
ing the net annual profits made or ac-
quired by said corporation, company
or association.
That nothing herein contained
shall apply to states, counties or mu-
inequalities, nor to corporations, COM
panies or associations organized or
conducted solely for charita BILE, relig-
ious or educational purposes; nor to
the stocks, shares, funds or securities
held by any fiduciary or trustee for
charitable, religious or educational
purposes; nor to such building and
loan associations as are organized un-
der the laws of any state or territory
or of the District of Columbia which
make loans to their shareholders
which enable them to provide for
themselves homes.
1t was arranged this morning that
the tariff debate should be adjourned
until Tuesday, the interval being
spent by the senate in executive busi-
ness. Neither Democrats nor Republi-
cans care to debate the bill until it is
placed before the senate in the form
contemplated by the caucus agree
ment last night.
Mr.. Jones of Arkansas said to-day
that he hoped to be able to-mor.
row to follow up Mr.. Vests pre-
sentation of the proposed changes
in the income tax with amend
ments to be made TO the tariff
rates in the bill. The engineers of
the compromise have been especially
engaged to-day upon the wooden
schedule, and the indications now are
that it will have general overhaul