The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-11-17

ca from customs SEE. 0oo. 900 during
Ios hrSt year. which Is So. 10000 in
eAcesS OF the estimates The pavra
law. III the last year OF its operation
pfoo1ced a revenue OF S~3IS.000.O 900 /
from customs.
Some Specific Figures.
= was Intended hy the Underwood
oiii 10 take the duties or certain ne
cessltles OF life and lower the duties
on others To make I'D the deficit |
caused by the loss of revenue from
customs so created. the Income tax
was devised as d part Of the Under
wood measure.
III was estimated that the income
tax ana the corporation tax together
would yield $4,000 900 during the
hrst fiscal year. There was only col
lected' however, from these sources.
Ior the year ending June 30. 1914.
the sum of 81. 3S6.l56.13 The tax
on individual incomes to
SZS.306 1860 and the tax on corpo-
ratlons amounted to $43,07e.S1a.44.
Ihat the Underwood bill not only
justified its estimates, but as a whole
produced, during its first year. even
more than the revenue, which il super
seeded, IS shown by the revenue figures.
The Underwood bill
produced through
customs for the year
ending June 80, 1914 S292.12S.5oI63
And through internal
revenue collections $50. 0CS.S93a6
A total of ........ $672,137, 421.59
The Payne bill produc-
ed through customs
IN the last year of its
operation :. .....S31S,S 91, $1,000
And through Internal
revenue collections. 3~44.424453.S5
a total of ......... S662,315.S4 9.S5
The collections for the months
while it was in operation demonstrate
the success of the Underwood bill.
There was collected during the first
nine months OF the Underwood bill,
from October 3, 1913, to June 80,
1914. the sum Of S2O6, 500, 900, or an
average OF So, 200, 900 per month.
For the last year of the Payne bill
there was collected an average Of
S26, 500, 600 per month.
Sources OF Revenue.
There was enacted, as a part of the
Underwood bill. the new income tax
the Underwood bill as any other fea-
ture OF it. There accrued through
the income tax provisions the sum Of
S31.344,539. AS this income tax was
in force for but 10 months it produc-
ed a monthly revenue of $2~,134.453.0O.
III III POI dlIOll ldA. WIllCI1 Was
changed and re enacted by the terms
of the Underwood bill. produced an
accrued income for the - months OF
S45,,S51,028 an average monthly
revenue Of s3,S04,269.
The monthly revenue. therefore
produced by the income tax and the
! corporation tax provisions Of the I'm
l derwOod bill together, is Sc, 938,722.90,
which, added to the monthly returns
/ from customs of the Underwood bill
gives an average monthly return
from the whole Underwood bill. iii
1 Guiding customs, internal revenue
and corporation tax of $29,S3S, 1890
The Payne bill produced. in the last
year of its existence, an average
Y monthly return of $26, 500, 900.
4 The excise tax on corporations de
rived by the Treasury under the
Payne law for the calendar year 1917
was S35,O06.z99, which gives a month.
Y ly return of s2.917,191.5S. This show:
an average monthly return of revenue
toms and the corporation a Of S29,
D 517,191.58.
@ Therefore, during the nine month!
q available under the Underwood bill
8 as compared with the last year Of tn
q Payne bill, the Underwood bill pro
r duced an average monthly revenue o
s321,531.32 greater than that Of tn
a Payne bill.
IS Thi would show an average yearl,
e increase under the Underwood bill 0
g $3,85S, 275.S4.
q Whcr Increase Is Likely.
g This revenue received may be fair
C ly added to, in estimating the revenu
p production of the Underwood bill. TIL
income tax law provides that tn
penalty for nonpayment Of taxes shall
# not accrue until 10 days after tn
e close Of the fiscal year. There wa
n due July l, 1914, the sum of $5,24O,
108.83 in taxes which had been as
l. sessed against corporations and indi
l. viduals under the terms of the Under
n wood bill and which should lave bee
paid before the close of the 1914 hsca
year. This amount may fairly be es
TT timated as having been under the Un
IL derwood bill.
% The income tax provisions Of tn
i Underwood bill also collected, in ii
Is first wear. an amount far abOv