Perth Amboy evening news. [volume] (Perth Amboy, N.J.) 1903-1959, 1924-06-03
TAX
CUTS ASLAN
IS IN FORCE
New Federal Statute on Books
but Fight Is Not
Ended
"
ADMINISTRATION MOVE
At Next Session of Congress
Is LikeIy-Bill Signed
by President

N
directions were issued today by the
treasury department covering the
process the taxpayer should go
through in determining how he
should pay his taxes under the new
revenue bill.
"If at the time you filed your fed
eral income tax return you paid
three-fourths of the amount of the
tax reports, no further payments
will be DUE" the treasury said.
"If at the time you filed your re-
turn you paid one-half of the amount
of tax reported, no payment will be
due until September Is.
..If at the time you filed your re-
turn YOU paid only one-fourth OF
the amount of tax reported. you
must pay on or before June 10, one
half of the amount paid by you when
you filed your return.
.The main point to be borne IN
mind is that one-haf of the tax due
from you this year must have been
paid on or before June 10.
s'The usual notices have been issu-
ed by internal revenue collectors re-
minding income taxpayers that the
second installment of tax is due
June Is. OF special interest to tax
PAYERS is the provision carried in the
new revenue law to the effect that
the tax incomes received by individ-
uals in the calendar year 1928 will
be reduced by rs percent. This
means that every individual. who is
subject to income tax will be re-
lieved of one-fourth of the tax liabil-
ity which he reported on the return
filed on or prior to March Is. or If
the tax was paid in full that he will
receive a refund of one-fourth of
his payments.
President Coolidge served notice
in statement issued coincident
with his signature of the tax reduc-
toin bill yesterday that he would
bend all of his energies to obtain
passage at the next session of bill
iIess political and more economic.
Despite its "obvious defects" the
President said in his statement. ne
had signed the bill as serving the
best interest of the country because
of "its advantages as temporary
relief and a temporary adjustment
of business conditions" adding that
a correction of its defects may be
left to the next session OF congress.
The bill. which the President de-
clared represents merely tax reduc-
ton, not tax reform cuts federal
revenues by an amount estimated at
1851, 100000 for the next nscal
year and decreases tax rates gen
orally to the lowest level since 1917.
Almost every federal tax payer
shares in the tax relief afforded.
Although the tax payers pocket
book will not feel the actual bene-
fit of the reductions in income taxes
to incomes of this year
until he pays them in 1879, ne is
granted the immediate relief of 20
per cent. decrease in income taxes
for the current year now due. The
repeal many excise taxes. such as
those on telegraph and telephone
soft drinks. candy. and
theatre admissions of fifty cents or
less also will be felt within thirty
DAYS.
Preparations for administration
of act went forward today in the
treasury, and "a formal estimate of
$40, ,OO0,0 900 for refunding the twen-
ty-five per cent retroactive reduc-
ton to those who paid their 1928 in
come taxes in full March Is was be-
fore Director Lord of the budget.
These refunds, for which congress
must make the necessary appropria-
ton are to be paid as quickly as
possible, without application from
.axpayers to whom they are due.
The Presidents criticisms were
chiefly at the measures
failure to make greater reduction
in surtaxes or forbid further issu-
ance of tax exempt securities, at the
increase to a maximum of forty per
cent in the estate TAX, the publicity
features and action of congress in
.educing the salaries recommended
,or members of the board of tax ap-
peals and affecting their terms OF
,ffice. He also minated he might
,all a conference prior to the next
session of congress to work out
scheme for division of taxes between
he federal and state governments.
Secretary Mellon announced that
of the Board of Tax
Appeals would be started immedi-
,tely, but. since nominations proba-
bly, could not be made in time for
under pending plans for
of congress, he would
,slx for a resolution removing re-
trictions making the payment OF
members given recess appropriations
upon senate approval at
he next session.
Cars washed day or night. Louis Solo
ron. rear sae jefferson street