The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1913-04-25

] mat are claseef
| ries Of living.
Incomes Of TAXABLE
include gains. profits srs
rived from salaries 49,,
pensation for persona
whatever kind and IN
paid. or from professics.
business. trade. comme,cs
! dealings in property. ala,
est, rent. dividends. secu,s =
ing income from prone.
from but not the vsln,
acquired by bequest. a.
scent and also proceeds go
ance policies paid upon a.
sons insured.
Provision Made for p.s..
The bill allows as d. III
computing net income An
expenses actually incurred \
on any business. not Incl.
sonal living or family exps,,.
est accrued and payable -
year by a taxable person a, y
ness; all national. sta.s
school and municipal tara,
GLIDING local benefit taxes
CURED in trade or from Era,
or shipwreck not compens,,.s
surance or otherwise: dsbu !
ascertained as worthless ass !
off; also reasonable allox,.-'
wear and tear on property: -
duction will be allowed for y
Of restoration or improvensrh
TO increase property value
It excerpts also, in computirr
come. amounts received a. a.
upon the stock Of any cora.
joint stock company. assocIs..
insurance company which 4 =
upon its net income under 4.
poration tax provision OF IL =
The bill excludes the eomss,
Of the president OF the Unite :
during his term. that OF judrs :
Supreme and inferior courts =
United States. and compenu1-
all officers and employees ofar
any political subdivision there
System Of Collection Frs-s
II establishes a system Of eon.
OF the tax at its source. reQulr.
persons, firms. copartnershin
panies. corporations. joint s,oll
panies, associations or insurzna
panies, and all trustees. execu,w
ministrators. receivers. etc. aa'
GERS and employees Of the
States having the control or ca
Of salaries. wages. interest azl
profits and income Of another }
10 withhold and pay 20 the eel
Of internal revenue the amoua
come tax due from such perG
such persons or firms are ua1
sOnally liable for such tax
Persons or corporations "a,
make return on incomes wh0
90 so al a specified tine. srs
liable 10 a fine not exceeding 81
the penalty for false or fraudal.
turns is fixed al $1,000 or ri
ment not exceeding one year. q
IN formulating this oddities
post. said Chairman Undere,
his report. the attempt has
made 10 provide not only q s1l
revenue. but also a means 81 =
ing in some measure the unegu
burdens which result from TIE
tice OF basing the federal inoo'
tirely upon customs and inferaa
hue duties This Is a system
alton which inevitably throws z
den Of supporting the goveruni
on the shoulders Of the cons
Il correspondinEly eXempts Oh
OF larger income. whose consa.
of the ordinary necessaries 81
subject 10 tariff taxation IN a 2
aggregate degree than is thai o.
-eT income earners. who expel
greater proportion % their res
fer the ordinary necessaries q
Underwood Defends Plan
Speaking o. the principle g.
ton laid down and the graduate
ten proposed, Mr. Uuderwoo
clared:
The progressive principle
has been sustained rs the sl
court OF the United States IN
heritance tax cases and there
no doubt that the same prina
plies 10 the income tax inciu
this bill and will be fully
should il ever be called into gg
Owing TO defects IN personal =
taxation. the larger incomes
United States have for many
been able TO escape with les
their share OF the general bar
taxation. and this ineQuity vlll
is believed. IN part overcome
plan proposed
The bin provides that sii
persons shall be notified 81 the
for which they are liable ind
law on or before the lst dag 6
OF each year and assessments .
paid on or before June 50 Fo'
IN making payments and ten "a
er notice. there shall BE- add
sum OF per cent. o. the and
tax unpaid and interest st the
! per cent a month from the q
tax fell due.
The corporation tax provisio'