Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-10-03

mum Of 8 Per Cent 10 Reached on
the Excess Above $500. ooo-Psnastiss
For Failing TO Make Rsports.
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 10 expected to
yield an annual revenue exceeding
SOC. 100000. which makes possible the
reduction Of tariff duties.
Under the terms Of the new law .
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. 8 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.OOO. 5 per
cent per annum upon the amount BY
which the total net income exceeds
$25O.OOO and does not exceed 100000
and per cent per annum upon the
amount by which the total net income
exceeds 100000"
individuals TO Make Returns.
Every person subject to the income
tax must make q report Of his income
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 income
derived from any source whatever, IN
GLIDING tho income from but not the
value Of property acquired by gift. DO.
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 tho
contract or upon surrender Of the con-
tract shall not be included as Income"
The provisions of the bill for exemD-
lions as finally agreed on are:
'"rhere shall be deducted from tho
amount Of the net income Of each of
said persons. ascertained as provided
herein, the sum OF $1,000 plus $1,000
additional II the person making the re-
turn be a married man with a Wife.
living with him and being herself not
taxable under the income tax law. or
plus the sum Of $1,000 additional II the
person making the return be married
woman with husband living with her
and being himself not taxable under
the income tax law, but in no event