The Lemmon herald. (Lemmon, Perkins County, S.D.) 1912-1917, 1913-10-10
FEATURES OF THE
income TAX LAW
Minimum Exemption Is Placed
at $4,000 Annually.
$1,000 MORE FOR FAMILIES
Additional Taxes For incomes Above
$50 900. Increasing Until the Maxi
mum OF Per Cent Ia Reached or
the Excess Above $5oo, ,ooo-Penaities
For Failing to Make Reports

''Hf" w w Suft ~ ''@aSi'tA wv
the Escss. Above $500, ,ooo-Penalt,ss
Fer Failing to Make Reports
The income tax feature OF the new
tariff law. made possible by the adop
ton Of an amendment to the federal
constitution, marks a new feature in
tariff legislation. II is expected to
yield an annual revenue exceeding
$lNu. 100000, which makes possible tie
reduction of tariff duties
Under the terms OF the new law
tax Of per cent will be levied on all
incomes In excess OF $1,000 with Ger.
tain exemptions The bill provides
that there shall be IAN additional tax
OF ] per cent per annumy upon the
| amount by which the total net income
exceeds S20U1O and does not exceed
| $4,000. aud per cent per annum
upon the amount by which the total
net income exceeds $4,000 and does
not exceed $4,000, 3 per cent per an
mum npon the amount by which the
| total net income exceeds S75Oo and
does not exceed 100000. 4 per cent
per annum upon the amount by wh b
| the total net income exceeds 10000
and does not exceed $25O,OOO : per
cent per annum upon the amount 10y
| which the total net income exceeds
| $250.0O0 and does not exceed $500 600
and 6 per cent per annum upon the
amount by which the total net income
exceeds s5oo.ooa"
| individuals to Make Returns.
| Every person subject TO the income
| tax must make n report pf his income
| TO the collector Of internal revenue III
| the district in which he lives OF n
which his business is carried on
In defining what shall be considered
income for taxation. the bin says
Subject only f." such exemptions
aud deductions ~ are hereinafter al
| lowed the net income nf ta.Hh'e
person ahaI include gains profits and
income derived from salaries, wages
or compensation for personal scrFi .
| OF whatever kind and IA whatever form
| paid. or from professions. vo"ati"ns,
businesses. trade. commerce or sales or
dea ings in property whether real or
personal. growing out OF the owner~up
| or use Of or interest in real or personal
property: also from interest rent dtNi-
| dends securities or the transaction IT
any lawful business carried Oh fo gam
| or profit or gains or profits and income
| derived from any source whatever tn-
! cIuding the income from but not tie
| value of property acquired by gift h'-
quest. devise ct descent prov tdcd tlEst
| the proceeds Of iife Insurance policies
| paid upon the Death Of tn" person fl.
| sured or pa ymouts made 10y er credit !
! to the insured OH life Insurance "1-
| dowment or annuity contracts NJ" y
| the return thereof to the insured at = "
maturity of the term mentioned ~ b."
| contract or upon surrender OF the e"H
| tract shall not be included rs income
The provisions ~ the hill for "Hsmls
tons as finally agreed on are
There shall hp deducted from IT,"
/ amount Of tho net income ~ Zach II
said persons ascprtalued rs prnFih'
herein the sum VI S3opO plus ~ iHJ
additional If the person making the re-
turn be married man with wife,
living with him and being herself net
taxable under the income tax Ia" or
plus the sum Of 81 gpO additional II the
person making the return he 3 marie
woman with husband living with h."
and being himself not taxable nudtr
the income tax law. but IN 10 event
shall this additional exemption Of 81
600 be deducted by both a husband
and wife
Foreign Residents to Be Taxed,
The bill confirms provisions for t."
taxation If the inc"aaes of citizens RI
siding IN foreign Countries on ln' "tn"S
derived from property owned or bHS'
ness rarried On IN the United States.
The bill also provides.
That if an, pa~an. corporation,
Joint stock ouBRau. association "f IN.
surance cumraar lishie to MAX" the
return or pay rae tax aforesaid snail
refuse Of neglect to make return III
The time ol tuuce hcrcinhefore speci-
fed in each v"ar. ~ur Il person Shalt he
liable to n pruaIiy of not t"SS than $50
nor more thfu 5000 Any person or
any atficer of any corporation required
nv law to make render, sign or yefify
anv Fetn.n q hu makes any false or
fraudulent return or statement with IN
tent t. dete9t ~ eya De the assessment
REQUIRED ht this -, ton - i'e made
shal bc g1ii'ty n a misde tneanor ana
shall he fined not cy' eed1ng S2FRi or
he Imprisoned uat eN' eeedins "tie year,
! ar both st the discretion af the coHfl,
with the cost ot prose titi0n
The first tax Is to he levied and cob
,actad on incomes from March ], 1913,