The weekly intelligencer. [volume] (Lexington, Mo.) 1891-1901, 1894-01-27
TAXING INCOMES.
A Bill to That Effect Is Agreed
Upon.
All Incomes Over $1,000 to BE Taxed
Summary of the Proposed New Law
-reckham for Associate
Justice.

Income Tax.
WASHINGTON, Jan. 23-The income
tax bill. as approved by the democratic
members of the ways and means COM
mittee, was laid before the full COM
mittee at yesterdays meeting. II was
read in part, but the committee ad-
journed before the reading was
finished.
The bill provides Il tax of per cent
upon all incomes of citizens of the
United States. either at home or abroad,
from any kind of property, rents, in
terest, dividends or salaries, on all
amounts over and above $4,000 The
bill goes into effect January l, 1899
In estimating incomes there shall be
included notes. bonds and other securi-
ties except such United States bonds as
are exempt from federal taxation. The
tax is laid on 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
the income is estimated; also on
sales of live stock and farm
products generally where grown
upon ones own estate; on all
incomes derived from any source what
ever and the share of any person of the
profits of companies, whether incor-
porAted or partnership, who would be
entitled to the same il divided, whether
divided or otherwise, except the in
comes received from corporations whose
officers, as required by law. withhold a
certain percentum of the dividends and
pay the same to the officer authorized
to receive it.
In addition to the $4,000 exemption.
all national, state and county taxes
paid within the year shall be deducted
from the person who actually paid
them, also losses sustained during the
year from fires, shipwrecll and other
causes not covered by insurance and
compensated for and worthless debts,
, but excluding estimated depreciation
of value and losses on sales of real
estate.
No deduction shall be made for i'm
, provements which may increase the
value of the property or estate. Only
one deduction of $1,000 shall be made
from the aggregate value of any one
family.
: Every person having an income oi
. !
to the deputy collector of the district
in which he resides of the account ot
his income, but persons having les:
than 81, 500 year shall not make suci
a report.
These returns shall be made on oath
and the deputy collector may increas'
the amount of any list, or return it i
I he has reason to believe that it ha
been understated. AS n penalty TO
refusing to.make the list the deput,
collector may make up such list ac
!, cording to the best information obtain
able. and add so per cent to tn
= amount. In cases where a fraudulen
list has been rendered, a penalty of 10
per cent. shall be added.
# Peckham Named.
y WASHINGTON, Jan. 23.-The presiden
L has sent the nomination to the senat
of Wheeler ii. PcclSham, of New York
to be associate justice of the suprem
court of the United States. Mr.. Peek
ham was delegate to the famou
= "anti-snapper' convention.
). Until 1890 Mr.. Peckham devoted hin
3 self entirely to his profession, but i
i the fall of 1890 he was made the chail
man of an independent organization {
citizens, designed to secure reform !
municipal administration. The effoi
was not a success, but he remained 9
II the head of the organization for som
g. time afterward He is about So yeai
s old, is social in disposition and has
- large list of personal friends.