Evening journal., 1917-12-01
PUT on YOUR STAMP:
/. IT'S TAX TIME TODAY
Life Documentary StickcrS
Expected to Scoop Up
Millions for U. S.
ORDINARY CHECKS
ARE NOT INCLUDED

Documentary stamp taxes Of the war
tax bill went into effect today Revenue
stamps must be affixed to bonds Of
indemnity or indebtedness, capital
stock issues. stock transfers, produce
sales on exchanges, drafts, promissory
notes. conyeyances and deeds, custom
house entries, steamship tickets, proxies
assignments Of power of attorney play
ing cards and parcel post packages.
None Is required on checks.
All stamps are sold by postonlces eX-
cept those for stock transfers and pro-
duce sales, which are distributed
through revenue collectors. Millions
Of dollars in receipts is expected to
reach the Treasury from this source.
The taxes are similar to those i'm
posed during the Spanish War and by
the emergency revenue act Of 1914
On capital stock transfers from
which the government expects TO de-
rive a large revenue, and which will
fall heavily on stock exchanges, the tax
is ? cents for each 500 or fraction Of
the face value. stamps are to-be affixed
to the stock books, not TO the certlil-
Gates of sale or exchange.
For produce sales on exchanges the
tax is 2 cents for 500 Of value of the
merchandise covered by the agreement,
and stamps are TO be fixed on the mem
orandum or bill Of SALE The Law covers
transferred or scratch sales and sales
for future delivery.
Bonds Of Indebtedness are taxed
cents for each Si00 Of face value or
fraction and renewals are taxed as new
issues.
Indemnity and surety bonds are sub
iect to a tax Of 30 cents, or 1 per cent.
I Of the premium charged for the exc
cution Of the bond. Bonds or policies
Of reinsurance are exempt.
A tax Of cents is levied on each orig
inal issue Of certificates Of stocks, either
on organization or reorganization, Of face
value Of 800 or fraction To meet the
practice in some States of issuing stock
without face value, It. is specified that
the tax shall be laid on the actual value
If there is no face value.
For drafts or checks payable other
than at sight or on demand and for
promissory notes and their renewal the
tax is 2 cents for each 500 or fraction.
This levy will lay a burden particular
ly on the banking business. Ordinary
bank checks are not taxable.
Realty conveyance and deeds are tax
ed 90 cents where the value Of the in
terest conveyed is between 500 and
$500 or fraction. Deduction may be
made of only a lien or encumbrance
remaining on the property at the time
of sale.
Before any parcel post package may
be accepted by postohlce it must bear
in addition to the regular postage, reve-
nue stamps amounting TO 1 cent for
each 25 cents postage or fraction
The entry OF goods at a custom
house for consumption or warehousing
Is taxable 25 cents when the value is
not more than $780, 80 cents when th'
value is between 500 and $500 and 81
when the value exceeds 500.
Passage tickets TO transatlantic
South American or other ports not in
the United States, Canada or Mexico
are taxed according to sliding scale
running from 81 on tickets costing be-
tween $40 and $50 TO 50 for tickets cost
ing more than 500.
Proxies for voting at any meeting
except Of religious. charitable, fraiern-
al, educational or literary organizations
must bear i0-cent revenue stamps. For
a power Of attorney the tax is p cents
In addition 10 the old tax Of cents on
playing cards, a new levy Of cents
pack is imposed.