New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1916-11-27

PROSPERITY SHOWN
BY TAX RECEIPTS
LARGE Increase in Incomes Proves
U. S. Rolling in Wealth

Washington. Nov. 27-Prosperity
of the United States is reflected in
the report of the commissioner of in
ternal revenue for the last fiscal
year, made public yesterday. There
was an increase in the total receipts
from internal revenue in the year
ended June 80 last of $97,042,263, the
total amount collected being $751;
723,267
Increases in the receipts from the
income and corporation taxes, the di-
rect result of prosperity contributed
a large share of this. Corporation
tax receipts showed an increase OF
$1S,OOO,O00 over the returns of the
preceding year, while receipts from
the individual income tax showed a
jump of $27,0OO,O0o, amounting in
the year to $67,943,294. The increase
in the income tax for the first quar-
ter of the current fiscal year was
$4,000 over the same period last
year. :.
Over $i9.O0O.0O0 of the increase in
the income tax receipts came from
those with net incomes of $4,000 or
more. The amount received from the
tax on incomes from $4,000 to $50
coo showed u gain of about SO per
cent. over the preceding year and a
like percentage of increase obtained
as to incomes between $4,000 and
100000.
Are You One of These?
The amount derived from incomes
between $4,000 and $4,000, on in
comes between 100000 and $780,
900. on incomes from $25O,O00 to
100000 and on incomes exceeding
100000 doubled in the last fiscal year
over the preceding year, showing
there was an increase Of 100 per cent.
in the number of persons who enjoy
the larger incomes up to 100000 a
year.
A plea for more investigators is
made in the report as a result of the
disclosure that further tax was due
the government in 60 per cent. of
the returns investigated, an average
Of 5000 increase in the tax being de-
rived from each investigation.
Investigations of delinquents re-
suited in securing returns in SO per
cent. of the cases looked up with an
average yield of $50 in the tax col
1ected. These amendments to the
income tax law are urged:
To require returns Of annual gross
income of $4,000 or over instead of
annual net incomes of like amounts
To require that returns of income
be filed in the district in which the
person making the return or for
whom the return is made has his le-
gal residence.
To provide authority to enable
United States consular officers to
make under the direction of the COM
missioner examinations and inquiries
concerning the incomes of American !
residing within their respec- !
tive consular districts and compel at |
tendance and testimony within the |
power of the United States similar to |
the provisions applicable to eXamina- :
tons and Investigations provided to |
be made by internal revenue agents.
That the provisions of law requir-
ing the Withholding of the normal
tax at the source of the income be
repealed except as to the income of
nonresident alien individuals and
received from the
sources in the United States and that
provision for informtion at the source
be provided.
Total Returns 1857 100000
The commissioner estimates that
the total internal revenue tax returns
for the current year will yield 687,-
100000, of which 100000 will
come from the emergency or war rev.
enue taxes which include the adj
litional SO cents a barrel on fer
nented liquors, the tax on munition
and estate taxes.
The commissioner estimates that
he total returns from the income tax
will be s244,75O,0O0, Of which SILL
10000 will come from the tax on
Individual incomes and the remainder
rom the corporation taxes. He es-
Inmates that the total receipts for tho
fiscal year beginning June 80 next
will amount to $709, $50, 900, the prin-
,ipal increase being, as he estimates
It, from the emergency taxes.
It is interesting to note that of the
aggregate Of the internal revenue
taxes collected the State of New York
paid more than one-fifth and the
second district of New York con-
tributed one-twelfth.
New York AS Taxpayer.
New York paid one-fourth of all
the corporation income taxes, yield
ing more than twice much as
Penn SILVA mia nearly three times as