, 1923-02-11
REVENUE COLLECTIONS IN STATE
AMOUNT TOS1,819,000I IN YEAR
Interesting Comparisons Shown Between Figures
Of Last Two Years in Discussion by Head Of
Department at State Capital.

triplicate. and mailing card for the
following year consumes only one
operation. a feature of the work
worthy of mention is hat one Elliot
Fisher bookkeeping machine takes
care Of the needs of the entire office.
There are many important and in
teresting changes in the revenue act
Of 1891, the purpose OF which was TO
reduce taxation, to correct objection
able features OF prior acts and to pre-
vent evasion of taxation. Some of.
the changes to reduce taxation have
already been mentioned. In addition
the surtax rates beginning with jan
uary /, 1922, are somewhat reduced.
particularly for those whose incomes
are IN excess of 500. 900. Among the
changes to reduce certain inequities
existing in the revenue act of 1918
is that covered by section 200 which
provides for q limited tax on profits
resulting from the sale Of capital
assets. This section, which is of par
ticulnr interest to tho individual, pro-
vides that where a taxpayer has capt.
tai net gain as the result OF the sale
of capital assets after December 81,
1921, he may compute the tax on such
capital net gain by taking 1914 per
cent OF his total net income. 1t was
expected that this option would be
effective in encouraging the sale of
capital assets held by individuals who
would otherwise be subject to exces-
sive taxation. The indications are.
however, that the desired result has
not been obtained. and h fact that
the deduction of losses on sales of
capital assets is one of the chief
methods used by taxpayers to reduce
the noun of income subject to taxa
ton may aus congress to amend the
act to limit the deduction of losses on
capital assets to 1914 per cent of such
loss. At least 1t IS certain that the
law will be remedied in some respect.
Another provision OF particular inter
est to taxpayers is hat contained in
section 204 with reference to net loss
es. Tho statute provides that the net
losses for my taxable year beginning
after December 81, 1920. are deduct
ible from the net income for the sue
ceeding taxable g to the extent Of
such net income and that h excess.
If any. of such net loss over such net
income of the succeeding taxable year
is deductible from the net income of
the next succeeding taxable year.
This feature OF the law will resul in
q great saving to the taxpayers. and
a considerable decrease in collections
in the calendar year 1929 will be the
inevitable result.
Certain other revisions of the law
are contemplated to eliminate methods
used by the taxpayers to reduce the
amount of income subject to taxation.
OF the methods used TO avoid taxation
that of investing in tax exempt Sc
curitles is the most common. Correc-
tom Of this evil would undoubtedly
result in greater benefits to the in
dustry than to the government. as it
would result IN putting funds into
productive rather than into unpro-
uctive channels. Tho consensus OF
opinion is hat adjustment Of the sur
taxes to a lower rate Will automatic
ally eliminate the necessity for seek
ing such investment.
In conclusion, the collector for the
district of Wyoming believes that the
late of intricate tax Legislation is
over; hat future legislation will look
toward a simplifcation Of existing
tax lnws. n tina tho general tend
ency will be toward more equitable
and lower taxation.