The Dawson news. (Dawson, Ga.) 1889-current, 1921-12-20
|puNGES IN U. S, TAX
| THE COMING YEAR
urpNAL REVENUE COLLEC-
|nop ROSE MAKES IMPORT
mt ANNOUNCEMENT.

-,.,oes in the internal revenue act
( ,o3I have been announced by J. /.
~ collector of internal revenue Tor
SoE sa;a OF particular interest is the
eoIsed exemption allowed married
n perez in filing income reports. The
ef'O yn+;on has been increased from
RI taaG 70 $500 and each dependent
", go' 500 to $500: :,
fo OH on soft drinks will be discon-
ls1N after Jan. l, 1922. Taxes on
ln srting goods, chewing gum, thermos
po .ias toilet articles and medicines
po g h. discontinued after Jan LIST.
fE 1..s ~ will be no change in the thea
N aav other than that no tax will be
, '%Dd on admissions of 10 cents or
y The tax on parcel post packages will
Eliminated after the first OF the
XIV Year. ,.,o,.,oo,,,a,+ Of
Ranges follows:
l TSrH99ctment of new revenue legisla-
!. has brought to the Offices OF col
VI .4ors Of internal. revenue a flood OF
t. .";ries regarding various provisions.
ES GpI revenue act of 1921 became etfec-
H. Nov. q, 1921, unless otherwise
bnvided for"
W avoid error in the preparation of
~ returns and later difficulties with
A. bureau of internal revenue, tax
y ,r.rs are advised to carefully note
H. changes when they become ettec-
' The excess profits tax is repealed as
h January /, 1922. The rates for 1871
l. unchanged.
Income Exemptions.
The surtax rates for the calendar
.sr 1921 are unchanged, and range
|om per cent on the amount OF net
.,ome between $4,000 and $4,000 to 65
!, cent on the amount OF net income
eycess of 100000. For the cal
[sdar wear 1922 the surtaX rates range
I~m per cent on the amount OF net
name between 10000 and $4,000 to
\ oer cent on the amount by which
II net income exceeds 100000.
/ The exemption allowed for a de
lmdent is increased from $500 to $4OO,
Earried persons living with husband
h wife and heads of families are al
|wed a personal exemption OF SZ,oOO
Instead of $4,000 unless the net in
nme is in excess of $4,000, in which
Ep the personal exemption is only
EOOO. The act provides that in no case
Esn the reduction of the personal ex-
motion from $500 to $1,000 operate
4 increase the tax which would be
hyable if the exemption were 9Z,ooO
N more than the amount OF the. net
home in excess of $4,000. This is to
nercome the disparity in the case: OF
two taxpavers, one of whom is just
within the lower $1,000 exemption and
he other Just within the higher 9z,oOO
Single persons, and married persons
hot living with husband or wife, are
allowed an exemption of $1,000. Non
resident aliens are allowed a single
PERSONAL exemption Of 81 ,O0O: PERSONS
having gross incomes for 1921 OF 30
O00 or over are required to make a
Return. regardless OF the amount OF
net income.
Provision is made for the repeal as
b Ian. /. 1922, of the tax on stock
hders Of a personal service corpora
bn as such. After that date such cor
mations are to be taxed in the same
1anner as other corporations.
The income tax on corporations Tor
he calendar year 1922 and thereafter
increased from 10 to l21a per cent
NE $1,000 exemption heretofore al,
WED corporations is to be granted
nlv to those corporations whose net
lcome is $4,000 or less.
Many persons are under the impress