Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1913-04-09

lowed for expense of restoration or inn
provements made to increase property
value
1t excerpts also in computing income,
amounts received as dividends on stock
of any corporation, joint stock compa-
ny, association or insurance company,
which is teCable upon its net income
under the corporation tax provision OF
the bill.
Pie Counter Boys Exempt.
The bill excludes the compensation
of the president of the United States
during his term, judges of the su-
preme and inferior courts of the United
States, and compensation of all officers
and employees of a state or any politi-
cal subdivision thereof.
1t establishes a system of collection
of the tax at its source, requiring all
persons, firms, o-partnerships, COM
panies, corporations, joint stock com-
panies, associations or insurance COM
panies, and all trustees, executors, ad-
ministrators, receivers, etc, and Off
GERS and employees of the United
States having the control or disposal
of salaries, wages, interest and other
profits and income of another person
All such persons or firms are made
personally liable for such tax.
Persons or corporations liable To
make return on incomes who fail to do
so at specified time, are made liable
to a fine not exceeding $500, and the
penalty for false of fraudulent returns
is fixed at $1,000 or Imprisonment not
exceeding one year, or both.
In formulating this additional i'm
post" said Chairman Underwood in his
report, "the attempt has been made to
provide not only a source of reven lie
but also a means of redressing in some
measure the unequal tax burden which
which results from the practice nt
placing the federal income entirely up
on customs and internal revenue
duties. This is a system of taxation
which inevitably throws the burden of
supporting the government upon the
shoulders of the consumers. 1t cor
respondingly exempts the men of
larger income, whose consumption of
the ordinary necessaries of life is SUD-
ject to tariff taxation in far less ag-
gregate degree than is that of smaller
income earners who expend the great
err proportion of their resources for
the ordinary necessities of life"
Speaking of the principle of taxa
ton laid down and the graduated sys,
tenn proposed, Mr.. Underwood de-
clared:
The progressive principle already
Las been sustained by the supreme
court in the inheritance tax cases and
there can be no doubt that the same
principle applies to the income tax in
cluded in this bill and will be fully
upheld should it ever be called into
question. Owing to the defects in
personal property taxation the larger
incomes in the United States have
for many years been able to escape
with less than their share of general
burden of taxation, and this inequity
will, it is believed, be in part overcome
by the plan proposed
The bill provides that all taxable
persons shall be notified of the amount
for which they are liable under the
law on or before the first day of June
CT each year and assessments be paid
On or before June 80
For delay in making payments, and
ten days after notice, there shall be
added the sum of per cent. on the
amount of tax unpaid and interest AZ
the rate of 1 per cent a month from
the time the tax fell due. The corpo-
ration tax provision, it is directed
shall be computed on the income year
ending December 81, 1918, and for
each calendar year thereafter. 1t IS
provided, however that corporations