The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-06-21
new TAXES GO
IN Effect YOU
PAY AND PAY!
Most of Higher Federal
LevieS Being Collected,
Starting Today.
CONTINUED from Page One)


accredited newspaper news messages
exempt.
Cs6iv ard raGio messages, 10 cents
fiat each.
Admissions ! cent per 10 cents on
admissions over 40 cents.
Issues of bonds or capital stock,
10 cents per 500.
Transfers of stock, 4 cents per 500
par value; or 4 cents per share no
par value; per cent for shares
selling over $40; rates to apply to
loans Of stock.
Transfers Of bonds, 4 cents per
500 par value.
Conveyances, so cents on 500 to
$500; so cents per $500 in excess of
$500.
Sales of produce for future de-
livery, 5 cents per 800.
Oil transported by pipeline, 4 per
cent of charge.
Leases of safety deposit boxes, 10
per cent of rental.
Checks, cents each.
Electric energy, 3 per cent on sales
for domestic and commercial pur-
poses. Because it was impossible to
read all electric meters last night so
the tax may be accurately deter
mined as starting today, the bureau
of internal revenue has decided that
one-third of the entire tax for the
amount Of power used this month
will be considered as full payment
for June.
Thus, with the new taxes you start
paying today, those you will soon
assume, and those you are already
paying, you will pay your share of
the federal revenue bill for the fiscal
year, beginning July l.
Hope to Balance Budget
1t is during that year that the
government hopes to balance its
budget.
Six months and more ago, it was
discovered that federal revenues,
based chiefly on the income tax,
were dropping off severely. There
wasn't, and isn't, as much income as
before.
So at the administrators insist
ence, congress drew a new tax bill,
which levies more on income, and
great deal more on outgo.
The result is that in addition to
the taxes you have been paying for
years-those on tobacco, cigaretS,
cigars, pistols, revolvers, club initia-
ton fees, clubs dues, etc.-your in
come taxes have been raised, and
other stamp, miscellaneous and
manufacturers excise taxes have
been imposed.
These new taxes are estimated to
yield $1,119,000,000 next fiscal year.
With revenue coming in under exist
ing laws, including customs, the
total federal tax take" will amount
to more than $3,250000,OOO in the
next twelve months.
Then, if federal government ex-
penditures are sufficiently reduced
by $250,000,000 to $350,000, 000-the
budget will have been balanced on
June 30, 1898.
Exemptions Reduced
New federal income taxes that af-
feet all of your income this year,
and which you will have to start
paying next March Is, are as fol-
lows:
Individual income taxes:
Normal rates Of per cent on the
first $4,000 of net taxable income;
and per cent on all the remainder.
Exemptions, $4,000 for married per-
sons; $1,000 for single persons; $500
for minor dependents; Is per cent
earned income credit allowed last
year not operative this year.
Surtaxes start at l per cent on
net income in excess of $4,000, and
graduate upward to SIS per cent on
net income in excess of $1,OO00O0.
Corporation income taxes:
Normal rate, 1874 per cent. No
exemptions.
Consolidated returns, z of l per
cent.
Exemption of $4,000
Estate taxes range from l per
cent on net estates in excess of
$4,000 to As per cent on estates in
excess of $10000,00O. There is an
original $4,000 exemption. This
tax became effective June 6, after
p. m.
Gift taxes ranged from z of
per cent on gifts not in excess of
$4,000 to $685. per cent on gifts in
excess of $10,000,000. This tax was
effective June 7.
Postage Rates-The increase of l
cent on first class postage, and the
increases of l cent per zone on Sec
ond-claSs postage do not become eff
fective until July 6.
Tariffs-The tax tariffs on i'm
ported crude oil ana gasoline, coal,
lumber and copper become effective
today. but these PIE indirect taxes
which may not be lett for some little
time. Eventually. the prices you pay
for all these products may be in
creased in accord with the direct
tariffs, and the probable compensa-
tory duties on articles made of cop
per.
Boats-The new federal license
tax on boats, levied according to the
size of pleasure vessels, becomes ef-
fective July l.