Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1913-10-09
FEATURES OF THE
income TAX LAW
Minimum Exemption Is Placed
al $4,000 ANauaaj.
$1,000 EORE FOR f aMILlES

Additional Taxes For Incomes Above
] $4,000, Increasing Until the Mast.
mum Of s Per Cent IL Rsa1hsd on
The Excess Above s5oO.oOo-Psnslt,ss
For Failing to Make Reports.
The Income tax feature uf the new
tarin law mnde possible by the ndup.
/ ton ~ ~ amendment 10 thu f,-iernl
constitution. marks new feature In
tarin legislation Il Is expected TO
yield an annual revenue exceeding
SlOV.t0OOuO. which makes possible tue
reduction % tarif duties
Under the terus OF the new law a
tnS ~ per cent will be levied on all
incomes In excess Of 5000 with Ger.
tain exemptions The bill provides
that there shall he IAN additional tax
" per cent per annum upon the
amount by which the total net incUme
exceeds s2OVUO and does not exceed
SJn.OUO, aud = per cent per unnum
upon the amount by which the total
net income exceeds $4,000 aud does
not exceed $1,000 per cent per m.
mum upon the amount by which the
total net income exceeds $4,000 aud
does not exceed $4,000. per cent
per annum upon the amount by which
the total net income exceeds $4,000
and does not exceed $4,000. per
cent per nnnum upon the amount by
which the total net income exceeds
s25O.OOO and does not exceed Si0OWO
and per cent per annum upon the
amount by which the total net income
exceeds $4,000"
individuals TO Make Rsturns.
Every person subject TO the in,pmc
tax must make report Of his Income
60 the collector of internal revenue In
the district In which he lives or In
which his bnsine-s h carried on
In defining what shall be considered
Income for taxation. the bin says.
Subject only 10 such exemptions
aud deductions ns ARE hereinafter al.
lowed. the net Income of y taxable
person shall include gains. profits aud
income derived from salaries. wages
or compensation for personal rsrvire
Of whatever Kind and IN whnteyer form
paid. or from professions. yOcHtiuns.
businesses. trade. commerce or sales or
dealings IN property. whether real OF
personal. growing out OF the ownership
or use OF or Interest In real or personal
property: also from interest rent dlvi.
denda. securities or the transaction 10
any lawful business Carried on for rnin
or profit or gains or profits aud lncom.
derived from any source whatever. In.
Guiding the income from but not the
value OF property acquired by gift. he.
quest. devise OF descent. provided TINT
the proceeds Of life insurance policies
paid upon the death Of the person In.
surcd or payments made by or credited
10 the Insured on life Insurance. rn.
dowmcnt or annuity contracts upon
the return thereof 10 the insured Nc the
maturity ~ the term mentioned In the
contract or upon surrender OF the con
tract shall not be included aa Income I"
The provisions OF the bill FOR exemp'
tons m finally agreed on are
There shall be deducted from the
amount of the net income OF each 81
said persons ascertnined NJ provided
herein the sum of 5000 plus SitsO
additional n the person making the re-
turn be- married man with n wife,
living with him and being herself not
taxable under the Income tns law. or
plus the sum Of $1,000 additional II the
person making the return he mnrried
woman with q husband living with her
and being himself not taxable under
the Income tax law. but In no event
shall this additional exemption OF ST.
O00 he deducted by both huslgnd
aud wife
Foreign Residents 20 Be Taxed.
The bin contains provisions Tor the
taxation ~ the inromes Of citizens ~
siding IN foreign countries on inromes
derived from property owned or bust
ness carried on IN the United states.
The bill also provides;
THAT N any person. corporation
lOlut stOrk company association ur M