Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1909-07-03

should be continued and SIT ID Eitgh :
tai 1oBe related to- different institutions
already given Thefe IS 10
as to what disposition should bea ma ade
of the schiyely case, and there ffs 30
the slightest reference siinc the Q report;
to the Office State Land SScomi4Diss AZ
sioneri nRoss.j sphe COMMITTEES reports
thatoits Expenses have ,beena$ ss ssoo n
TAX ALL, OF, THE coRPoRATroNss
bsIiUpsI syoc A-as-l ll.l5 nioo blss sd 1sws
The Taft Plan ' III Income max s
10 s'G WIFI Be Presented pid s4So S5y q
Senate y gs .5q b1s s ID s' i9sa
President Taft s mucif shetsMeH cor
porationr tax 4plani has been presented
ito the senate BY Senator Aldrich, and
was ordered printed as a committee
amendment to the tariff bill.
The plan imposes, taxTof12 per cent
uponnthe net earnings, of severyaeorperas
tion, Joint. stock company or, aassocia3,
tiono organized for profit and having a
capital stoekorepresepted by shares, and
peyery insurance company organized
under, the laws dof the United + States
or .-,of any state, Territory OF. District,
or organized under the laws Of foreign
Countries, &hd engaged in business with,
in bghey Omitted States. s9nIs .ed3Gom xis ia
b Eyefy \ LATITUDE Is given, I'd concerns
fptg exemption expenses, cost of
maigtepance,o depreciation of property,
debts and the interest otherson,a other
ffpfms OF taxation and all, xpenditlTes
ustally9 taken from earnings accounts.
Every corporation is also given an ok,
enption 1f $4,000 Of Ed hhiih g iBetfYYFs
the tag shall happily. ~ 9 daoI,'o or }. III d
All machinery relating to the col
lection, remission sand refund of in
ternal revenue taxes is made applicable
to the corporation tax and the re-
sponsibility for the enforcement of the
proposed law rests with the commits
sioner of internal revenue in the same
manner as other internal taxes.
Corporations Subject to Tax.
Practically every character of in
corporated institution organized for
profit is brought within the provisions
of the tax. The provision defining the
concerns from which the tax will be
collected follows:
"That every corporation, joint stock
company or association organized for
profit and having capital stock repre-
sented by shares, and every insurance
harao 40 0aI
under the laws of the United States
or any state or territory of the United
States or under the acts of congress
applicable to Alaska or the District
of Columbia or organized under the
laws of any foreign country and en-
gagged in business in any state or ter.
ritory of the United States or in Alaska
or in the District of Columbia, shall
be subject to pay annually a special
excise tax with respect to the carry
ing on or doing business by such cor.
poration, joint stock company, associa.
tion or insurance company, equivalent
to 2 per cent upon the entire net in
come, over and above $4,000, received
| by it from all sources during such
year, exclusive of amounts received
by it as dividends upon stock of other
corporations, joint stock companies OF
associations or insurance companies
subject to the tax hereby imposed, OF
| if organized under laws of any for
eign country upon the amount of net
income over and above $4,000, received
| by it from business transacted and
capital invested within the United
States and its territories, Alaska and
the District of Columbia, during such
year, exclusive of amounts so received
by it as dividends upon stock of other
corporations, joint stock companies
or associations, or in such companies
subject to the tax hereby imposed"