The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-01-01

In fact, officials III charge OF the TAX
gathering machine except To elimln-
ate the usual grudging spirit of tnx-
peyers. They have called THIS LID
erty Tax" because its proceeds go 10
the same war cause as the Liberty
Bond issues, and every effort will De
made to encourage the spirit OF willing
giving among those on whom the tax
falls.
About 100000 persons will pay
income taxes, it Is estimated, anu
most will be subject to direct tax Tor
the first time, for less than 5OO.0OO
paid income taxes last year under
the old law. Tax return forms nave
been made as simple as possible. those
for incomes OF less than $4,000 being
especially free from technical features
or inquisltoria items.
Corpora lions will pay taxes also,
but on a different basis. Their net IN
come Is subject TO n tax OF percent
under the new war revenue act. anu
certain technical deductions are al
lowed. Corporation returns are due be-
, tween Jan. l and March l. for The CAL
endar year 1917. and companies oper-
ating in a fiscal year must report
within so days after the end OF the
fiscal year.
Beginning tomorrow also excess pro-
| fits returns for the year 1917 will be
received from corporations, partner
ships and individuals. The last date
for the filing OF these is March l.
the same as on income returns. ana
payment muse be made also before
June Is. except under The fiscal year
arrangement.
individuals making more than &c..
| 900 during the year also are subject
TO an percent tax on their income
above that amount independent OF
, the regular income taxes. This S per-
cent levy is imposed on individuals
with no capital. or with only nominal
capital, such as professional men
with money invested In books. DEN
list and physicians instruments, OF
other equipment.
Another kind OF tax is laid on eX'
cess profits Of businesses having In
vested capital. On this basis, taxes on
net incomes or profits in excess OF GER
! tain deductions are al the rate OF ~
percent OF the amount OF net income
! in excess OF the deduction and not in
excess OF Is percent on the invested
, capital, % percent on the amount IN
excess OF Is percent and not in excess
OF 20 percent; IS percent on the
amount in excess of 20 percent and not
in excess of Is percent: 40 percent on
| the amount in excess Of rs percent
and not in excess o! SO percent: and
| so percent on the amount in excess or
SO percent.
Before a tax is levied on excess prof
it's. for 1917. a business is permitted
to make the same percentage OF prot
II on It's invested capital that 1t made
on It's invested capital during 1911,
1912 and 1913. the so-called pre-,
war period. providing this is not more
than nine percent, and $4,000 addI-
uonal for a corporation o. $4,000 for
partnership or individual. These
are the deductions which are not tan
able.
Definitions Of terms. particularly
the items making up Invested capt
tai, have been made IN number or
recent regulations issued by Commits
! sioner Roper.
Excess profits taxes and incomes
may be imposed on the same earnings,
II they are sufficiently high. The law
specifies. however. that the amount
of tax payable under the excess prof.
! Its provisions may be deducted from
gross income, before determining the
net income on which income taxes are
paid.