Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1894-01-25
INTERNAL REVENUE.
Synopsis of the New Measure to
Secure Funds
Incomes of $4,000 and Over Must Pay .
Tax of Per Cent.-Playing Cards
Taxed Two Cents q Pack and
Spirits 81 a Gallon.
TAX ON INCOMES


WASHINGTON, Jan. 2a.--The income
tax bill, as approved by the democratic
members of the ways and means COM
mittee, was laid before the full COM
mittee- 1t was read in part, but the
committee adjourned before the read
ing was finished A synopsis of the
bill is as follows:
To Tax Incomes.
The bill provides a tax OF per cent upon
all incomes Of citizens Of the United States
either at home or abroad, from any kind Of
property rents, interest dividends or aal-
aries on all amounts over and above 1900
The bill goes into effect January l. 1895
| In estimating incomes there shall be
included notes. bonds and other secur.
files, except such United States bonds
as are exempt from federal taxation The tax
| In laid on profits realized within the year from
sales OF real estate purchased within the year
or within two years previous 70 the year for
which the income Is estimated: also on
sales Of live stock and farm products
generally where grown upon one 8 own estate;
all other incomes derived from any source
whatever and the share Of any person Of the
profits OF companies, whether Incorporated or
partnership, who would be entitled 10 the same
II divided whether divided or otherwise, except
the incomes received from corporations whose
officers, required by law, withhold a per
centum Of the dividends and pay the same 70
the officer authorized 70 receive f.
Some Deductions.
In addition 70 the 1900 exemption, all ma
tional state and county taxes paid within the
year shall be deducted from the profits OF the
person who has actually paid them; also losses
sustained during the year from ares shipwreck
and other causes not covered By insurance and
compensated for, and worthless debt but
excluding estimated depreciation Of value and
[ m al NJ NJ
shall be made for improvements which may
increase the value of the property or estate
Only deduction OF &, 900 shall be made from
the aggregate income OF the members OF any
family.
How Returns Are to Be Made.
Every person having an income OF more than
IS, 500 shall make a return 10 the deputy col
lector OF the district in which he resides Of the
amount OF his 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 il If he has reason to believe
that II has been understated AS a penalty
for refusing 10 make the list the deputy col
lector may make up such list according 70 the
best information obtainable and add 50 per
cent TO the amount In cases where fraudu-
lent list has been rendered penalty Of 100 per
cent. shall be added.
The bill provides at some length the manner
in which persons dissatisfied with the decision
of the collector may submit their case 70 the
commissioner OF internal revenue The tax
shall be collected on or before the LIST day OF
each July, and an additional tax OF 5 per cent
shall be laid on payment after that date and
interest at the rate Of per cent month upon
the amount Of the tax
All persons in the civil military, naval or
other service of the United States including
senators, representatives and delegates IN con-
gress. shall pay per cent tax upon incomes
A ft.s
Quoted from their incomes BY the discussing
officers making the payment
Information Must BE Kept Secret.
The bill provides that when any revenue
offleer diyulges the operations of q manufsc-
turer or producer or the amount or source OF
his income he shall be subject 10 fine and i'm
prisonment The deputy collector shall
make lists of persons owning property
subject to tax and it shall be the
duty of persons, firms and corporations
made liable TO any duty. special or other tax
and not otherwise provided for. in case of
special tax on or before July 81, annually in
case OF income tax on or before March !, annu.
ally, and in other cases before the tax accrues,
TO furnish the deputy collector complete lists
OF taxable property. In case such person fails
but permits the deputy to make up the return
such lists may be received upon OATH
Liabilities of Corporations.
Section II OF the bill relates TO corporations
II requires them to make return before the
tenth day of the month following the declara.
ton OF dividends under oath by the principal
officer
Section IL requires corporations to furnish
beginning 1895, on or before the first MONDAY
of - leach year,, statement showing the
gross profits, expenses, exclusion of interests,
annuities and dividends, net profits without al
lowance for the same, amount paid on account
of interest, annuities and dividends amount
paid for salaries, employees, above and below
$4,000
Section IA levies taxes upon corporation divi-
bends, interest coupons and annuities where.
ever and whenever payable, to all parties
whatsoever, and provides that the corporation
may deduct or retain from all payments made
on account of such dividends, etc. a propor
tionate share OF the tax so paid.
Section 10 provides for the issue of receipts
by collectors for taxes paid and whenever the
payment is made otherwise than by a corpora
ton the collector may give q separate receipt
for each tax paid by any debtor on account of
payments to separate creditors in such form
that the debtor can present them to his cred
itors in satisfaction OF their respective de-
mands 10 the amount specified in such re-
ceipts.
formation, but are simply administrative.
Tax ON Playing Cards.
Section 10 provides that after date in 1894
there shall be tax of cents a pack on play
ing cards. payable by adhesive stamps
Sections 20 to % GnclusiveJ are explanatory
OF section 10 and provide penalties for viola
ton and evasion Of the law.
Spirits Taxed 81 Gallon.
Section % Axes the tax, on and after the sec
ond calendar month after the passage of the
act on al distilled spirits produced in
the United States on which the tax is
Tot paid before that day at one dol
lar per proof gallon. TO be paid by
the possessor on or before removal from
warehouse within eight years from the
date Of original entry for deposit in any distil-
cry or bonded warehouse, except in cares Of
withdrawal without payment Of tax as now
authorized by law.
Section 80 continues existing warehouse
bonds on distilled spirits In full force for the
time named in the bonds When the tax Is
paid, on and after that date, there shall be
added 70 the present tax Of % cents q sufficient
tax 70 make the total equal to 81 Bonds may
be required for the additional tax