Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1913-10-08
FEATURES OF THE
INCOME TAX LAW

The income tax feature OF the new
tariff law, made possible by the adop-
ton of an amendment to the federal
constitution. marks a new feature in
tariff legislation. 1t is expected to
yield an annual revenue exceeding
$100,0OO,O0O. which makes possible the
reduction Of tariff duties.
Under the terms of the new law a
tax of per cent will be levied on all
incomes in excess of $1,000 with GER
tain exemptions. The bill provides
that there shall be IAN additional tax
Of per cent per annum upon the
amount by which the total net income
exceeds $4,000 and does not exceed
$4,000, and 2 per. cent per annum
upon the amount by which the total
net income exceeds $4,000 and does
not exceed $4,000. 3 per cent per an
mum upon the amount by which the
total net income exceeds $4,000 and
does not exceed 100000, per cent
per annum upon the amount by which
the total net income exceeds 100000
and does not exceed $25O,OO0, 5 per
cent per annum upon the amount by
which the total net income exceeds
$500 and does not exceed $500, 600
and 6 per cent per annum upon the
amount by which the total net income
exceeds $4,000" ;.
individuals to Make Returns.
Every person subject to the income
70 y mo po RIO, ~ Of &c Inn
to the collector of internal revenue in
the district in which he lives or in
which his business is carried on.
: In defining what shall be considered
income for taxation. the bill says:
Subject only to such exemptions
and deductions as are hereinafter al
lowed, the net income OF taxable
person shall include gains, profits and
income derived from salaries, wages
or compensation for personal service
Of whatever kind and in whatever form
paid, or from professions. vacations,
businesses. trade, commerce or sales or
dealings in property, whether real or
personal, growing out Of the ownership
or use Of or interest in real or personal
property; also from interest. rent. divt-
dends. securities or the transaction OF
any lawful business carried on for gain
or profit or gains or profits and inc0me
derived from any source whatever in-
Guiding the income from but not the
value OF property acquired by gift be-
quest, devise or descent provided that
the proceeds Of life insurance policies
paid upon the death Of the person in-
sured or payments made by or credited
to the Insured on life insurance, en-
dowment or annuity contracts upon
the return thereof to the insured at the
maturity Of the term mentioned In. the
contract: or upon surrender Of the con-
tract shall not be: included as income. =
The provisions Of the. bill for exemp-
lions as finally agreed on are:
There shall be deducted from the
amount of the net income Of each of
said persons, ascertained as provided
herein. the sum sof So, 600 plus 900
additional II the person making the re-
turn be a married man with wife.
living with him and being herself not
taxable under the income tax #law..or
plus the. sum Of 81 .O0O. additi onal II the
person making the return be a married
woman with hnsb band living with her
and being himself not taxable under.
the income tai law, but in no event
shall this. addi tional exemption OF z$1,-
900 be deducted Eby both q husband
and q wife s.=..5
80 Foreign Il ssidsnts g Bs Taxstl.
The bin coonta ins proyisions for the
of the incomes of citizens res
siding Inf foreign count rtes on incomes.
ntiaasd or. g