Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1894-01-25
TAX ON INCOMES.
The Bill for Raising Revenue by
Income Tax Completed.
1t is a Far-Reaching Measure, and Is De.
signed, ii Enacted Into Law, to Take
Eject January 1, 1895 - Sum-
mary of Its Provisions.

1t is a Far-Reaching Measure, and Is De
signed, ii Enacted Into Law, to Take
Eject January 1, 1895 - SUM
| mary of It's Provisions.
| WASHINGTON, Jan. 1s.-The ways and
means committee has completed the in
come tax bill. The last work was done
to-day, and the bill is now in the hand:
| OF the I,blic printer. The substance
of the bill is as follows:
That from and after the LIST day OF January
| 1898, there shall be levied collected and PAID
annually upon the gains. profits and income Of
every person residing in The United States, o,
| any citizen of the United States residing
| abroad derived in each preceding calendar
| year. whether derived from any kind Of
salaries, or from any profession
trade. employment or vocation carried
on 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 territory, by means
OF which the liability OF the individual stock
holders Is in any wise limited. in cash. acrir
Or otherwise. and the net inc ONE OF all such
corporations in excess OF in cash. scrip OF
otherwise, and the net income from any other
sources whatever, tax OF per centum on the
amount SO derived over and above $4,000 and a
like tax. shall be levied, collected and paid an,
nually upon the gains, profits and income from
all property, and of every business, trade or
profession carried 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 paid upon the gains profits and
income for the year ending the 31st day of De-
cember next preceding the time for levying,
collecting and paying said tax.
A SWEEPING MEASURE
Sec 2. 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 as 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 income 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 becoms due from
said person during the year; the.amount of all
premium on bonds, notes or coupons: the
amount OF sales of live 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 the share OF any per-
son of the gains or profits OF all companies.
whether incorporated or partnership who
would he entitled to the same if divided.
the amount of income received from
institutions corporations whose officers are
required by law to withhold a 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. mill
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
CURED by law 80 and doe .withholi the tax and
pays the to the officer authorized to re-
ceive it.
And in addition to s. 900 exempt from income
tax herein before provided. all national,
Quoted from the. gains, profits or income Of the
person who has actually paid the same
whether such person be owner, tenant or
mortgagor; losses actually sustained during
the year arising from fires, shipwreck or i'll
Cured in trade and not covered by insurance
otherwise compensated for. and debts ascer-
tanned to be worthless but including all es-
tmated depreciation OF values and losses with
in the year; on sales OF real estate pun, hascd
two years previous to the year which income
is estimated: provided. that no deduction
shall be made foraay amount paid out for new
buildings, permanent improvements. or BETTER
ments, made to increase the value OF any
property or estate.
81 600 shall be made from the aggregate income
of .ll the members of any family composed OF
one both parents and one or mora minor
children of husband ,audiwlfe: that guardians
shall be allowed to make a.deduction OF $1,000
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
lhe aggregate deduction to their favor shall
aot exceed $1,000.
AS TO FEDERAL ENELoTEs
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 snail not exceed the rate OF
81 900 per annum orr shall be by fees,
or uncertain or irregular i'm the amount,
or in the time during which the
same shall have accrued or been earned, such
salary or other compensation.siiall be included
in estimating the annual gains, profits or in
come of the person to whom, the same shall
have been paid and shall inelsfse that portion
of any income or salary upen!w a tax has
not been paid by the employer where the
ployer is required by lawto pagan excess over
O. 900
Section 3 provides methods, and means for
the return or assessment of all incomes to be
taxed. Every person with anincoma, of more
than 50, 800 is required to render, on "a blank to
be furnished by the government 4 full state
ment of his income gains or profits for the
taxable year All guardians4- trustees, exec
utofs and receivers required
to make returns for the persons for
whom they act. Persons having less than
So 500 not required to mike report. All re-
turns have to he verified byoath. Where the
party to be taxed fails tai make return the
collector, who will be an agent of
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 a false or fraudulent returnais made a
penalty of 100 per cent. ia- added to the tax |
Right is given to take oath. that aa income is
not as much 81. 600, aud if the.deputy col
lector disagrees and assesses the income, ap-
peal is allowed to the collector Of internal rev.
enue of the district
Where. on this appeal s~decfsionaadverse to .
the applicant % reached r. final appeal to the
United State = commissioner of iMiernal reye-
nue. is provided for. Final provision of this
section is thaa due notice shall be given to de-
linquents befare official assessment OF their,
property is made and the penalty sax levied.
Sec. 4. Al.she income axes are to be due on
July of each year. To AL taxes as which due
notice has besn given, and which are not paid |
for ten days after july l. a penalty of 5 per |
cent of tf4sAnpaid amcAnt is added and theu |
after interest," at the rate of l Iter cent. per |
month fssSn the time the tax became dine. |
Estates ST. deceased, insane fhsolvent aer- |
sons areeaXfmpted from this pe.nlty.
NcN-REsIDENrS MUST PAY UP.
Sec. "a Every nonresident yerson or cor
porati sntowning property in the United States |
Or rec siYing an income from the United States