The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1894-01-26
TAX ON INCOMES.
Tho Bin for Raising Revenue by
Income Tax Completed.
IL IL n Tar-Resching Measure. ana 10 10
signed. " Enacted Into Law, To Take
Effect January I. 1919 = sum-
mary Of lite Provisions-

WASHINGTON. Jan. ls.-The waysand
means committee has completed the in
come tax bill. The last work was done
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 ist day OF january.
1885. there shall be levied collected aud paid
annually uron 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 OF
salaries. or from any profession.
trade. employment 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 or territory by means
OF which the liability of the individual ssock-
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
otherwise. and the net income from any other
sources whatever. a tax OF per centum on the
amount so derived over and above ss.0oO and
I like tax shall be levied collected aud paid an
nually upon the gains. profits aud income from
all property. and Of every business. trace 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 paid upon the gains. profits and
income for the year ending the 3ist day OF De
cember next preceding the time for ievying.
collecting and paying said tax
A SWEEPING MEASURE
Sec 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
previous TO the year for which income Is estf-
mated: interest received upon all notes. bonds.
mortgages or other forms OF indebted
ness hearing interest. whether paid or
not IL good and colieetable. 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 live stock. sugar. wool. hut
ter. cheese. pork beef. mutton or other meats.
hay and grain or other vegetable or other pro
duetions being the growth or produce Of the cs-
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 81 the gains or profits OF all companies
whether incorporated 'or partnership. who
would - entitled TO the same II divided
whether divided or otherwise. except
the amount OF income received from
institutions or corporations whose officers are
required by law TO withhold n per centum OF
the dividends. interest gains. or profits and
incomes made by such institutions. and pas
the same to the officer authorized TO receive
the same ana except that portion OF the salary
or pay received for services in the civil. mill
iary naval or other service OF the Untec
States. including senators and representatives
and delegates in congress. from which the Ia,
has been deducted: and except that portion Of
any salary upon which the employer Is re
qulred by Law TO and does withhold the tax and
pays the same 10 the o1icer authorized to re
ceive IL.
And in addition to a. 900 exempt from income
tax as herein before provided. all national
state. county and municipal taxes. shall be de
Quoted from the gains profits or income Of thu
person who has actually paid the same
whether such person be owner. tenant OF
mortgagor: losses actually sustained durinf
the year arising from fires. shipwreck or In
Cured In trade and not covered by insurance
or otherwise compensated for. and debts ascer
tanned 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 he made for any amount paid out for new
buildings permanent improvements. or better
ments nsade to Increase the value OF AM
property or estate
Provided further that only one deduction o
1000 shall be made from the aggregate income
OF all the members Of any family composed o
one or both parents and one or more minor
children OF husband and wife. that guardian,
shall he allowed to make deduction Of tl0p
In favor OF each and every ward. except II
case where two or more wards are comprises
in one family and have Joint property interest,"
the aggregate deduction to their favor shall
not exceed A.vO.
As TO FEDERAL ENPLoyEs-
Provided further that in cases where th'
salary or other compensation paid 10 any per
son 10 the employ or in the service OF tho
United States shall not exceed the rate Of
aOD per annum or shall he by fees
|, or uncertain or irregular in the amount
or in the time during which tn
same shall have accrued or been earned. sucl
salary or other compensation shall be includes
in estimating the annual gains. profits or in
come Of the person to whom the same shall
have been paid and shall include that portion
OF any income salary upon which tax ha
not been paid by the employer where the EN-
} picyer Is required by Law TO pay IN excess owe
, t4vs0
section provides methods and means 10
the return or assessment OF all incomes to b
taxed Every person with an income OF more
than $500 il required 20 render. on q blank 4
he furnished by the government. full state
ment Of his income. gains or, profits for thu
7 taxable year All guardians. trustees. exec
| utors and receivers are require
10 make returns for the persons 70
whom they act Persons having less tha
ss 500 are not required TO make report All r,
turns have TO he verified by oath. Where III
party TO be taxed falls 10 make return tn
designated collector. who will he agent @
the United States commissioner Of intcrna
revenue il required To make out the list fror
such facts a. are available. and. after the "a
is assessed TO add 80 per cent as penalty
) Where false or fraudulent return Is made
! penalty OF 10 per cent Is added 10 the tn,
Right is given 10 take oath that an income
not 40 much as 1000 and II the deputy co
lector disagrccs and assesses the income nj
pea. is allowed TO the collector Of internal re,
, cnne Of the district
, Where on this appeal. q decision adverse 1
the applicant is reached lnai appeal 10 tn
United States commissioner Of internal rcys
. nue. Il provided for. Final provision OF hi
I section Is that due notice shall lie given 10 IL
lInqucnts before an oficiai assessment Of thei
property Il made and tho penalty tax levied
( Sec 4 All the income taxes are TO he due o
I. July OF each year To all taxes o. which du
4 notice has teen given. and which are not pal
for ten dnys after July !. a penalty Of ~
cent OF the unpaid amount = added and thers
!. after interest al she rate OF per cent. ~