The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1921-12-15
INCOME TAX DEMANDS
NEXT YEAR NOT CHANGED
Some Slight Changes In the New Law
But Not Enough 10 Make
Much Difference.


Much Difference.
The following statement is issued
by Collector Ct internal Revenue, r.
w McCuen, for the District of Yer
mont:
Enactment of new revenue legis.
laton has brought to the offices OF
Col ectors of Internal Revenue food
Of inquiries regarding various pro
visions, The Revenue Act OF 1921 be
came effective November 20, 1921
unless otherwise provided for"
To avoid error in the preparation
OF their returns and later difficulties
with the Bureau of Internal Revenue
taxpayers are advised to carefully
note the changes and when they be
come effective
The excess profits tax Is repeal
ed as OF January /, 1922 The rates
for 1921 are unchanged.
The surtaX rates for the calendar
year 1921 are unchanged and range
from per cent on the amount Of net
income between $4,000 and $4,000 10
65 cents on the amount of net income
in exceee Of 100000 For the calen-
dar year 1922 the surtaN rates range
from | per cent on the amount of net
income between $1,000 and $4,000 10
so per cent on the amount by watch
the net income exceeds 100000
The exemption allowed for a de-
pendent is increased from $500 TO
$500 Married persons living with
husband or wife and heads OF fami-
lies are allowed a personal exemption
OF $500 (instead OF $4,000 unless
the net income is in excess OF $4,000,
in which case the personal exemption
Is only $1,000. The act provides that
in no case shall the reduct on OF the
personal exemption from $4,000 to
$4,000 operate to increase the tax
tax which would be payable II the ex-
emption were $4,000 by more than
the amount of the net income IN eX-
cess of S. 600 This ~ TO overcome
the disparity in the case of two tax
PAYERS. one of whom Is Just within
ire lower $4,000 exemption and the
other lust within the N.gher $4,000
exemption
Single persons. and married PEI
sons not living with husband OF wife
are allowed an exemption OF <l,OoV.
nonresident aliens ara allowed
single personal exemption Of $1,000.
Persons having gross incomes Tor
1921 of $4,000 or over are required
to make a return regardless OF the
amount of net income
provision is made for tho repeal
as of January /. 1922 OF the tax on
stockholders of q personal service
corporation as such After that date
such corporations are to be taxed IN
the same manner as other corpora
tons.
THE income tax on corporations
for the calendar year 1922 and there
after Increased from 10 to II IL
uer cent. The $4,000 exemption here
tofore allowed corporations Is TO De
granted ony to those corporations
whose net income is $4,000 or less.
MANY persons are under the I'M
preston that the taxes on ice cream,
soft drinks, etc. monthly returns OIL
which are required. have been re-
nealed with the enactment OF the ne"
act These taxes remain In force un
III the end Of the calendar year 1871
mo change ia made n the tax on
admissions except that after Jahu'
arv 1922 there will be no tax where
Is 10 cents or less. Ef'ec-
live Januarv /. 1922 the following
taxes are also abolished On musi-
cal instruments, sporting goods
chewing gum. portable electric ians'
thermos bottles. fur articles, pieas
nro boats and pleasure canoes, tuh'
less sold for more than $l0Ol, toile'
ort.cles medicines and numerous ar
ticels of apparel. ,.oo -.
ION and after January !, W. the
tax ON various works of art Is re-
dnced from 10 per cent to D per CEN
the tax on candy from per cent 70
4 per cent and the tax on caTpeIs'
rigs. trunks. valises, purses rams
etc from 10 per cent OF sales PRICE
IN excess of specified amounts 10
nor cent of sales price in excess %
specified amounts.
"The tax on parcel post packages
is eliminated effective Januar! i
W. ~. - FAY
"The new act provides that no TAX TAX
paver shall be subjected 10 uhueO'
ressarv examinations or lhNesllSa'
lions. and only one Inspection OF nls
hooks of accounts sAa'l be made LOT
each taxable year unless the taxpay'
err requests otherwise, or the Com
missioner notifies the taxpayer ID
n,.it;nr that an additional inspection
IS necessary.
The period for fling returns on
The calendar year basis is from Janu'
ary / to March IS, 1922. This ye Ear;
as last, the tax may be paid in full
al the time of filing the return or IN
four equal installments, due on or Dc
FORE Marrh IS, June 10, Septemool
is and December is.
oCopies of the revenue act may be
had by application to this office
New Model Needed.