Evening Republican, Volume 18, Number 57, Rensselaer, Jasper County, 7 March 1914 — INCOME TAX LAW PROVES BONANZA [ARTICLE]

INCOME TAX LAW PROVES BONANZA

Government Expects Revenue of 50,000,000 and Returns Yet to Report. Washington, March 6.—The income tax law bids fair to live up to the expectations of the administration by producing about $50,000,000 annually in revenue paid by dose to 425,000 individuals. Although treasury officials decided tonight not to make public report of internal revenue collectors on the income tax it became known that morethaii”4oo,oooindividuials had made returns in the 63 collection districts up to Monday midnight, when the time limit expired. From These individuals it was understood the government probably would collect more than $40,000,000. It has been the opinion among: officials that thousands of individuals would take advantage of the thirty days’ extension of time granted in ease of absence and sickness and they expect the final figures to show at least 25,000 more reporting than were given in the preliminary lists from collectors. If they are not mistaken in this view the actual results wll be close to the estimates made at the time the legislation was before congress. Including the corporation tax as amended in the present law, it was estimated that the annual revenue from this source would amount to about $85,000,000.