Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-04-09
EFFECT ON THE TREASURY.
The receipts From the Income Tax "Hi DC
Very Materially Reduced views OF
Prominent Persons.

The receipts From the Income Tax "iii Dc
Very Materially Reduced-Niews OF
Prominent Persons.
Washington, April S.-Treasury off,
cials are greatly dispirited over the in
come tax case, and while admitting
that they have no reliable data upon
which to form an accurate estimate,
they express the belief that the net re-
suit Of the decision will be loss OF al
least 50 per cent. in receipts from IN
comes. In some cities the loss will be
far greater than this, notably IN the
citv of washington, which, however
is exceptionally a renting city. The
DroDortion of rented houses in other
cities Of the country also Is very
large.
The total number Of rented houses
in the limited States in 1890, was 1,l2O,-
4S7. which during the last hve years
has undoubtedly increased very mater
ially. Dwelling houses, however rep,
resent only a small part OF the capltai
invested in buildings OF every charac-
ter. which produce enormous rentals.
COmDaratively little was expected
from interest on State, county anu
municiDal bonds. but the total loss, 1t
Is thought will not fall short OF Slo,-
OOO OOO or 500. .OOO. 600, for the first year,
and this loss is expected 70 increase
rather than to diminish in succeeding
wears should the law remain unre-
nealed. The loss of this revenue, how
ever is not the only cause Of regret
among the officials. The fact that the
court was evenly divided on the main
constitutional question, it is expected,
viii result in almost endless litigation,
tbns very materially adding to the eX-
pepse of collecting the tax. Never
theless. the internal revenue olhclais
will proceed at once to prepare sup
Elemental regulations to conform 10
to-day's decision, and from now on un-
nh next Monday, when the time e1-
nires within which returns may be
made. any returns in which incomes
from rents or bonds are deducted Will
he regarded as a full compliance with
the law. Persons who have already
made their returns and paid the tax
will he advised of the change in the
reeulations. and as soon as possible,
The DrOpOrtionate amounts Of tax PAID
bv each on rents and bonds will be re-
funded TO him under the general law.
which authorizes the commissioner Oh
internal revenue to refund taxes
vrongfully collected Attorney Gen
eral Olney was much surprised at that
mart of the decision which eXempts
Ants under the income tax. As to the
section Of the act relating to bonds,
the Attorney General rather expected
an adverse decision, but he regards
the action of the court on the rent
proposition as having been taken on
fechnicalities. which he believes Will
not stand the test of time, and cannot
remain the permanent law of the land.
ON all other points, the government,
he believes. has no serious cause Tor
complaint. 1t is universally regretted
mat there was not q full bench TO hear
the case. and should Justice Jackson
resign. there is very good reasons to
believe his successor wOuldalmost GER
tainlv be favorable to the law, IN
which event another test case very
soon would be brought to the court for
determination.