The Leavenworth echo. [volume] (Leavenworth, Wash.) 1904-current, 1913-10-24

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 $250000, 8 per
cent per annum upon the amount by
which the total net income exceeds
S250,000 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 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 ana
income derived from salaries, wages
or compensation for personal service
of whatever kind and In whatever form
paid. or from professions, vocauons,
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, divi-
dends. securities or the transaction or
any lawful business carried on for gain
or profit or gains or profits and income
derived from any source whatever, in
GLIDING the income from but not the
value of property acquired by gift, be-
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 the
contract or upon surrender of the con-
tract shall not be included as income"
The provisions of the bill for exemp-
lions as finally agreed on are:
There shall be deducted from the
amount of the net income of each OF
herein. the sum of $1,000 plus $1,000
additional If the person making the re-
turn be a married man with 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 a husband living with her
fo
the income tax law, but in no event
shall this additional exemption of ST.
900 be deducted by both a husband
and a wife"
Foreign Residents to Be Taxed.
|. The bill contains provisions for the
taxation of the incomes of citizens re-
siding in foreign countries on incomes
derived from property owned or busi-
ness carried on in the United States.
The bill also provides:
THAT if any person, corporation,
Joint stock company, association or In
surance company liable to make the
return or pay the tax aforesaid shall
refuse or neglect to make return at
the time or times hereinbefore speci-
fed in each year, such person shall be
liable to a penalty of not less than $40
nor more than $1,000 Any person or
any officer of any corporation required
by law to make. render. sign or verify
any return who makes any false or
fraudulent return or statement with in
tent to defeat or evade the assessment
required by this section to be made
shall be guilty of a misdemeanor and
shall be fined not exceeding $1,000 or
be imprisoned not exceeding one year,
or both. at the discretion of the court.
with the costs of prosecution"
The first tax is to be levied and COL
lected on incomes from March |. 1913.
to Dee 81. 1913. Thereafter the in
come shall lie computed for calendar
years ending With Dec. 81.