The chronicle=news., 1913-04-07

Washington. ApTil .s-lNc.nI'l
| In til. Democratic Tariff revision hili
| introduced in congress today u an
! in"om" tax section which would re-
nuir" every resident Of tn" United
| States who earn mur"i han $500" u
year to pay "a tax OF | percent on his
earnings Ia EXCESS of the exemption.
This would not require I'll" man
who earns Si."u" TO my a taN bat ~
would demand Tint IN" Individual
who earned st.i"" for example. pay
into III" government treasury nn an
nuni tax oi per cent, on sluu or
81, TIL. bIll also would prnvIi"
higher rates of taxation ior persons
with larger incomcf. adding u sur
tax of per cent. addition on earn
inIs In excess OF $4,000. f. per cent.
addition ON "arnings Ia excess of
100000 aud :: per cent additioHa!
ON earnings In excess OF sip".n"N.
Ind'r the sur tax provisions the
man who earns 320.oOo would nay
,o The government each year ~ tn"
rate of | per cent. on fiG.p"p, 81
obD exempt or aiGD. IN h" earns
s1r.""" II. would pay | per cent on
&lG."nu, Hlii and I: per cent on
Sin."nu, thus making his annual
tax siI" Tn" Icfson with y $50
1"D income would pa. I per cent ON
fl..u"" ana {. per cent. ON s5U.hu"
"a total 81 $3.50. Tn" man with an
Income Of tl"o.Oon would b. r"pu,r-
ID to pay I per cent. on Si., .,nuu. .
per cent. on s3n.00O and ! per cent
ON tio.v"". bringing his total In
Gene tax to s...6". Th. individual
with a net income OF i,poo 600
would pay this $s.2So on his fin,
sI""."no and III addition h" would
pay per cent On SJOD."oD which
would bring Ia tax total To sjS. 20"
TIL" bill also would rc-cnHc, tho
corporation tax ia~ imposing u per
cent. tax ON earnings Of corporations
stock companies. insurarc" rompan
les and tn" like. but II would exempt
aTiu"r.hip,. This IL "a nat tax. ihcr"
being no graduated sca'c a. the earn
ing, Increase. The few changes from
the present corporation tax net CON
..rn chiefly tn. time q! making Re-
turns and she time Tor collection
Tn. bil aiso includes under it's
!yrovlyi0ir LII" utonsriy and. &arriu., !,
In this toun'ry OF persons living
abroad. II - estimated 1y m.mhcrs
Of the ways AMI means committed
'La' approximately sioo.oro.ooo in
revenue may b- derived from thi.
new tax. including til. corporation
tax. that amount making nj for the
deficit In revenues TO h" derived
from Imports by yirtu" Of the great
" reduced tariff rates and the tfnns-
fer Ia III. free list Of Riici-s tina, AFRO
ciass.d bR u.ccssari.s oi living. nj
come, OF iaNHbi. pcrsons shall ,r-
clud" gains. profits and income de
rived from salaries. wages. or conf
pcnHation for personal scryic. OF
whatever Kind aud in whatever form
paid. or from profession. yocationr.
business. trade. commerce. sales or
dealings tn property. also from in
tarcst. rent. dividends. securities.
including income from property. in-
come from bur not tn" vHlu. OF prop
erty acquired by bcpucs'. dovisc or
descent. and also proceeds OF lilo in
surancU policies paid upon death oil
persons Insured.
The bill allows as deductions In
computing net income all necessary
expenses actually incurred Ia carry
ing on any business. not including
personal living or family expenses,
Interest accrued and payable within
the yer by u taxable person On in
dcb,cdncss: all national, state. coun- |
~, school and municipal taxes. not
including local benefit tdxcs losses
incurred In trade or from fires. |
storms or shipwreck not compensat- |
ed BY insurance or otherwise. debts, |
actually nsccrtainch as worthless and
charged off. also reasonable allow
ancc for wear and tear on property.