People's voice. [volume] (Wellington, Sumner County, Kansas) 1890-1917, 1895-01-03
Who Will Paw II?


How MANY Sumner county people
will pay an income tax? How many
uf Them ought to pa? Does it catch
state banks? The law went into
effect vest erday. All those whose
ncOme for the year 1898 exceeded
3,j00 are required to make a sworn
retIrn t the internal revenue cullec-
r,r before the first Monda, in March;
but only thnse whose income exceeded
$1,000 are required TO pay tax. The
rate is two per cent on the excess
over $1,000.
Will The law allows an exemption
of $1,000 to individuals, the same grace
is not extended to corporations and
they must pay the tax on all their
net proceeds. Natl nal officers are
all taxed in cases where their salary
exceeds $1,000, but the salaries OF mn-
nicipal, county and state officers are
exempt from the tax. This makes no
differencein Kansas, for there is not
a single public officer in Kansas who
draws salary of $4,000 a year.
Savings banks, building and loan
associations and mutual insurance
companies are also exempted from
this tax. Every state bank in Kansas
is chartered as a savings association
or savings bank. There is no law
in the state for the chartering of any
other kind of a bank. Are these
banks exempted under this clause:
We are inclined to the belief that
they are.
There are only three national
banks in the county, those in yelling
ton. Judging from their recently
published statements each one OF
them has made more than $1,000 dur.
ing the past year. But the law per,
mitS certain deductions from the
gross profits. The following is com.
plete statement of them, although
some of which do not apply to banks
or corporations;
l. Four thousand dollars exempt
by law
2. Interest due and paid within
the year.
3. National, state, county, school
and municipal taxes paid, not includ.
ing assessments for local benefits.
4. Amount expended in purchase
or production Of live stock or produce
sold within the year.
5. Necessary expenses, specified by
items, actually incurred in carrying
on any business or trade.
| 6. Losses actually sustained during
the year specified.
I. Actual losses on sales Of real
estate purchased within two years.
| s. Debts contracted and ascertain
ed in the year to be worthless.
8. Salary or compensation over
$4,000 from which the tax of two per
centum has been withheld by disburs-
ing officers of the United States gov
ernment.
10. Dividends included in the eSti-
maze of gross profits from corpora
tiOnS in which the two per cent tax
has been paid by such corporation.
The following are included in the
exemptions for the operating expenses:
l. Interest paid or accrued within
the year on bonded or other indebted
ness Of such corporation.
.. Losses actually sustained during
the year, which must be separately
stated and fully described as to The
cause, date and amount.
3. All taxes actually paid.
1 Salaries and pay of officers and
employees actually paid during the
year.
5. Rents and necessary repairs.
6. All other necessary expenses
must be itemized and fully explained
in the return.
The net profits shall include:
l. All amounts paid to StOckhold-
ers or shareholders.
2. The amount Of undivided profits
on hand or carried to surplus or any
other fund.
| 3. Amount of net profits used for
construction, enlargement or improve
ment of plant.
1. All other expenditures or invest
mentS from the net profits.
1t is probable that the Hunter
Milling company and the Etna Mill.
ing company will both be called upon
to contribute their share toward re.
plenishing Uncle Sans depleted
treasury. Is there Sumner county
corporation outside of these two and
the banks that would be even suspicion.
ed of having cleared 81, 1000 during the
past year?
When you come to individuals, who
is liable to pay and who will pay:
We can think Of about twenty-five
people IN Sumner county that we
would require statements from were
we the internal revenue collector:
but we are not in the employ of that
department and will not publish the
names. How many of these people
will pay an income tax?
Their Future Occupations.
On January 14th silent procession