The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-24
Under Proposed System.

iaXes viii be levied as follows: Four per
Int upon income from buildings. $500.
80; land sl0.0O0000: income from securi-
lies. French. Sls250. 600: foreign. s.. go, 900;
ents, 50. 500 credits. deposits guaran-
tees for contracts. s6o0.oo0; three and
alt per cent ON the income from COM
ms-ce and industry, 32560o,000; agTicul
lure. 81, 10000. three per cent on wages.
alaries and pensions. s., GOO 001; liberal
fofessiOns. 81 .250,0o
IN addition to the taxes on incomes
rom these special categOries there Is to
De a supplementary graduated tax on in
comes Of over Sl.09. commencing with
one-fifth Of one per cent and increasing
four per cent on incomes OF S30,0aa and
rer. This Is estima ted TO produce S4.-
leo. while the five per cent on the rev.
nue. derived from securities. which Is to
place the old stamp and other transfer
'ues, IS estimated to produce 262500O0
Banks Must Keep Records.
The inquisitorial powers for the discov-
o ~ OF concealed revenue are extensive.
nd will greatly cohplicate the work of
he banks and other credit establish
ments. The banks must keep records of
'li transactions in bonds. stocks and bills
4 exchange for the inspection Of treasury
agents and must deduct the tax when due
from all coupons. stock dividends etc
'ttaching certificates showing that the
lax has been paid
As much money has already gone
he threatened income tax. considerable
mount to the United States ana as il
feared that much more will follow. the
Trainers Of the law have elaborated q
ioubie dragging method for bringing such
INVESTORS into the government net In the
first place the holder OF foreign securities
residing in France who receives or de-
ilnSils abroad, directly or indirectly. divi-
tends, interest, etc. must within three
months after Jan. | of each wear mako
declaration covering the preceding wear
Failure TO do this or fraudulent DECLARE
ton subjects the Offender to a fine equal
10 Ina, nan the amount not declared and tax
.dnai 10 triple the sum of which the
treasury has been deprived for each year
anterior To the discovery of the fraud
Penalty for Delay.
But, realizing the difficult or zecurin,.
q correct voluntary return. the bin aIs6
ADOPTS another method of prevenfin,r
.'iansestine operations. French hanks
win branches abroad. or foreign hanks
with branches i'm France are hound m
der the penalty Of $50 day for DELAY att
er oIficial information TO allow the treas
ury agents TO inspect conplefe Iist
brought up 10 date every six months III
the accounts Of their clients any or,;s
sion suDjecting the firm 10 a Fins ~ az,
- SAo- At the same time all such e.stab
nsnments must keep register of an sums
ana securities sent abroad for deposit or
investment. -
foreign private securities arr s,1bfscta5
TO signify heavier burdens than French
rentes and French stocks, undoubtedly
Win the idea of inducing French inves-
lois 10 Keep their funds at home The
tax on the Income OF rentes is four ner
ce 'l Wnlie thai on foreign government
securities totals five per cent exclusive
81 me inltlal stamp tax of two per cent
on me faee value 0p lieu of the old
a spotliiement dues. With a corresponding
increase II the stocks or bonds nIaca,1 -
me French market sell above par Pri-
sAte foreign stocks and bonds ON tbs
lt1cn market bear the same burdens as
loreiSn government securities Cora.
sponcing French private securities nav
only three per cent or four per cent -
cordfDg to their character ~
The only persons exemnt from, ~, -,
uateu income tax are amba ssa dors ss,s7
ptner dipiomstic ana consular offfcisis
, ~. Ssl.s Where the country which they
IspfesenJ grants similar fu1munifias :.
Z r reh diplomatic and consular officials
MS new scheme of taxation is Co.