Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1912-02-07
PROVISIONS OF THE
NEW INCOME TAX LAW
Just What 1t Affects and to-
What Extent.
Applies to Incomes for the Year Ending
Dec. 81, 1911-What Inc ONES
are Exempt.

One of the most frequent topics Of
conversation just nov is the new in
come tax law. which has recently
been declared constitutional by the
Wisconsin supreme court, and which
is nov in effect The following sum-
narration from the law has been
made in order that the people may
familiarizu themselves with its pro-
Visions
WHAT INCOME" MEANS
Ali rent of real estate, including
the estimated rental of residence
property occupied by the owner
ithereof.
All interest derived from money
loaned or invested in notes. mort
cages, bonds or other evidence of
debt whatever.
All wages, salaries or fees derived
from services; provided that com
pensation to public officers for public
services shall not be computed as a
part of the taxable income in such
where the taxation thereof would be
repugnant to the constitution.
All dividends or profits derived
from stock or from the purchase and
sale of any property or other valuables
acquired within three years previous
or from any business whatever.
All royalties derived from the
possession or use Of franchises or
legalized privileges of any kind
And ali other income of any kind
derived from any source whatever
except such as is hereinafter ex-
empted.
RATE OF INCOME TAX
On the first one thousand dollars Of
taxable income or any part the reof
at the rate of one per cent:
On the second thousand dollars or
any part thereof. one and one fourth
per cent;
On the third one THOUSAND dollars
or any part thereof, one and cne-balf
per cent;
On the fourth one thousand dollars
or any part thereof, one and three
quarters per cent;
On the fifth one thousand dollars
or any part thereof, two per cents
On the sixth one thousand dollars
Or any part thereof, two and half
per cent.
On the seventh one thousand dollars
or any part thereof, three per cent /:
On the eighth one thousand dollars
Or any part thereof, three and one
half per cent;
On the ninth one thousand dollars
or any part thereof. four per cent;
On the tenth one thousand dollars
or any part thereof. four and one half
per cent;
On the eleventh one thousand
dollars or any part thereof, five per
cent;
On the twelfth one thousand dollars
or any part thereof, five and one-half
per cent;
On any sum of taxable income in
excess of twelve thousand dollars, six
per cent.
THE INCOME TAX
The first income tax shall be
collected upon income for the year
ending December 31st, 1911. There
after annually.
Within thirty days prior to March
1st, 1912, the state tax commission
shall appoint an assessor of incomes
for each assessment district in the state,
who must be a resident CT the district
The state tax commission and the
assessors of incomes shall annually.
on the first day of January, or as
soon thereafter as practical, proceed
to assess every income received during
the preceding calendar year liable to
taxation. In the performance Of such
duty the state tax commission and the
county assessors Of incomes shall
respectively possess all powers now or
hereafter granted by law to the state
tax commission or assessors in the
assessment of personal property and
also the power to estimate incomes.
Every guardian. trustees. executor.
administrator. agent or receiver and
every person who in the Judgment of
the assessor of incomes is liable to an
income tax is required to make re-
CONTINUED on % page.)