Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1913-04-09
$4,000 600 IN REvENUE,
1t is Estimated, Will Follow Adoption
of New Income Tax.

tlouuCSu III SouBlSSS lO-udy Is al III |
come tax section which would require |
every resident Of the United States |
who earns more than $4,000 year |
to pay a tax of / per cent on his earn
ings in excess of the exemption.
This would not require the man
who earns $4,000 to pay a tax, but 1T |
would demand that the individual |
who earned $4,1O0, for example, to
pay into the government treasury an
annual tax of l per cent on 500 or
one dollar.
The bill also would provide higher
rates of taxation for persons with
larger incomes, adding a sur-taX OF ]
per cent addition on earnings in eX-
cess of $4,000; 2 per cent additional
on earnings in excess of $4,000 and
3 per cent additional on earnings in
excess of 100000.
Under the sur-taX provisions the
man who earns only $4,000 would
pay to the government each year at
the rate of l per cent on $4,000
($4, 900 eXempD, or $160.
If he earns $4,000 he would pay
/ per cent on $4,000 still, and 2 per
cent on $4,000, thus making his
annual tax $3.50 The person with
$4,000 income would pay l per cent
on $4,000 and 2 per cent on $780,
WV loldi vi , lOO. BS uldll wlJu
an income Of 100000 would be re-
quired to pay l per cent on $4,000,
per cent on 100000 and per cent
on $4,000, which would be $1,50O,
| bringing his total income tax to $2,-
260. The individual with net in
| come Of a million would pay $2,260
| on his first 100000 and in addition
he would pay per cent on 100000,
| bringing his total tax at $3S,260.
The bill also would re-enact the
present corporation tax law imposing
l per cent tax on the earnings Of
| corporations, stock companies, in
caiaace companies and the like, but
| it would exempt partnerships, This
IS fiat tax, there being no 8radu-
| ated scale as the earnings increase
| The few changes from the present
corporation tax act concern chiefly
the time of making returns and the
time for collection. The bill also
includes under it's provisions the
property and ca rnings In this cpun4s
try of persons who live abroad.
$1OO,OOO,OOO i'm Revenue.
1t is estimated by members Of the
| ways and means committee that APP
proximately $100,000,0 900 in revenue
may be derived from this new tax,
including the corporation tax, that
amount making up for the deficit in
revenues to be derived from imports
by virtue Of the greatly reduced tariff
| rates and the transfer to the free list
of articles that are classed as neces-
| saries of living.
"RevisiOn Downward"
Removal Of all tariff from many ar
ticles OF food and clothing; broad re-
ductions in the rates Of duty on all
| necessarieS of life; an increase of
| tariff on many luXuries, and a new in
come tax that would touch the pocket
| of every American citizen whose net
income exceeds $4,000, are the stril-
| ing features of the new Democratic
tariff revision bill presented to-day to
the House.
| Sugar would be free Of duty in
1916, the bill proposing an immedi-
ate 25 per cent reduction and the re-
moval OF the remaining duty in 1916.
Raw wool would be made free at
once, with correspondingly heavy
reduction in the tariff on all wooden
goods.
All these other articles are put OH
the free list, namely:
Meats, -four, bread, boots and
shoes, lumber, coal, harness, sad
! dlery, iron ore, milk and cream, po-
tatoes, salt, swine, corn, corn meal,
| cotton bagging, printing paper not
worth more than 2 " cents per pound,
| typewriters, sewing machines, type
setting machines, cash registers, steel
ails, fence wire, cotton ties, nails,
| ooD and band iron, fish, sulphur,
soda, tanning materials. acetic and
| sulphuric acids, bOraX, lumber pro-
ducts, including broom handles,
clapboards, hubs for wheels, aposts,
| laths, pickets, slaves, shingles.
While wheat -four Is put on tho
free list, duty OF 10 per cent Is i'm
posed against countries which levy a
duty on American flour This will
exclude -four from Canada and many
other countries.
These principal items are taken
from the free list and taxed
Diamonds and precious stones,
furs, coal tar products, 10 per cent;
volatile oils, 20 per cent; spices from
1 cent to cents per pound
Table Showing Cuts.
Chairman Underwood, OF the ways
and means committee, in his state
ment accompanying the new tariff
Dill, gave the following comparative
table to show reductions in tariff du-
ties, made upon necessaries. In each
item, both the present tariff and the
! proposed tariif had been reduced to
an ad valorem basis.
Present. Proposed
Articles Law. Law.
Cream of tartar .25.45 1855
Medicinal preparations 59.05 Bill
Castor oil 1919 1900
Wash blue ..2S,59 1906
Saltpeter ........ 9.27 6.87h