Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1913-10-09

/ F~H" W ~ S~"A - Ne~sbNe ets
the Exosss Above S5o0,o oo-Psnaltiss
| For Failing to Make Reports.
The income tax feature Of the new
tarin law. made possible by the adop-
don OF an amendment to the federal
constitution. marks a new feature In
tariff legislation. II Is expected to
yield an annual revenue exceeding
500, coo 900, which makes possible the
reduction OF tariff duties.
Under the terms Of the new law Q
tar Of per cent will be levied on ali
incomes In excess OF 5000 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 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 10000
and does not exceed, $4,000. 8 per
cent per annum upon the amount by
which the total net income exceeds
$250.OO0 and does not exceed $4,000
and 9 per cent per annum upon the
amount by which the total net income
exceeds $500. 900"
Individuals 70 Make Returns.
Every person subject to the income
tar must make a report Of his income
to the collector Of internal revenue In
the district in which be 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
owed. the net income OF a taxable
person shall include gains, profits and
income derived from salaries, wages
'r compensation for personal service
4 whatever kind and in whatever form
)aid. or from professions. vacations,
businesses. trade. commerce or sales or Il
IealinRs in property. whether real or /,
growing out OF the ownership
r use Of or interest In real or personal
also from. interest. rent divi- +
ends. securities or the transaction OF
ny lawful business carried on for gain
r profit or gains or profits and income
erived from any source whatever, in
Iuding the Income from but not the
alue of property acquired by gift, be-
uest, devise or descent. provided that
lie proceeds OF life insurance policies
aid upon the death of the person in
lred or payments made by or credited
the insured on life insurance. en-
'wment or annuity contracts upon
e return thereof to the insured at the
aturity OF the term mentioned in the
ntract or upon surrender Of the con-
act shall moi. be included as income"
The provisions of the bill for exemp-
ms, as finally agreed on are:
There shall be deducted from the
Mount Of the net income of each Of
Id persons. ascertained as provided
rein. the sum of $1,000 plus $1,000
dItionaI If the person making the re-
n be married man with wife.
ing with him and being herself not
table under the income tax law. or
Is the sum OF $1,000 additional il the
rson making, the return be married
man with a husband living with her
] being himself not taxable under
! income tax law, but in no event
III this additional exemption Of ST.
be deducted by both a husband
] a wife"
Foreign Residents to Be Taxed.
he bill contains provisions for the
alton Of the incomes Of citizens re-
ing In foreign countries on incomes
lived from property owned or busi-
s carried on in the United States.
2 bill also provides:
That If any person. corporation,
It stock company, association or in
ance company liable to make the
i'm or pay the tax aforesaid shall
Use or neglect to make a return at
time or times hereinbefore speci-
in each year. such person shall be
lie to a penalty OF not less than $50
more than $1,000. Any person or
officer of any corporation required
aw to make. render. sign or verify
return who makes any false or
Idulent return or statement with in
to defeat or evade the assessment
tired by this section to be made
! be guilty of misdemeanOr and
be fined not exceeding $1,000 or
Imprisoned not exceeding one year.
9TH at the discretion OF the court,
the costs OF prosecution
e iirst tax is to be levied and COL
d on ineomes from March !. 1913.
Zee. 81. 1913 Thereafter the in
; shall he computed for calendar
5 ending With Dec. 81
e bin also provides that the In
. Of states faFrffoFioa IN. y,nistf...A