Jasper County Democrat, Volume 21, Number 94, Rensselaer, Jasper County, 22 February 1919 — GENERAL ANU STATE NEWS [ARTICLE]

GENERAL ANU STATE NEWS

Telegraphic Reports From Many Parts of the Country. SHORT BITS OF THE UNUSUAL Happenings in the Nearby Citiea and Towns—Matters of Minor Mention From Many Places. THE INCOME TAX IS NOW DUE Returns Must Be Filed on or Before March 15—Heavy Penalty. Washington, Feb. 21. Work on the collection of $6,000,000,000 has been begun by the bureau of Internal revenue. This is the estimated yield of the new revenue bill. The income tax provisions of the act reach the pocketbook of every single person in the United States whose net income for 1918 was SI,OOO or more, and of every married person whose net Income was $2,000 or more. Persons whose net income equalled or exceeded these amounts, according to their marital status, must file a return of Income with the collector of internal revenue for the district ini which they live on or before March 15.

Here is what will happen .to them if they don’t: for failure to file a return on time, a. fine of not more than SI,OOO and an additional assessment of 25 per cent of the amount o*f tax due. For “willfully refusing’’ to make a return on time, a fine not exceeding SIO,OOO, or not exceeding one year’s imprisonment, or both. For making a false or fraudulent return, a fine of not more than SIO,OOO, or imprisonment for not more than one year, or both, together with an additional assessment of 50 per cent of the amount of tax evaded. -For failure to pay the tax on time, a fine of not more than sl,000 and am additional assessment of 5 per cent of the amount of tax unpaid, plus 1 per cent interest for each full month during which it remains unpaid. In addition to the SI,OOO and $2,000 personal exemptions, taxpayers are allowed an, exemption of S2OO for each person dependent upon them for chief support if such person is under eighteen years of age and incapable of self-support. Under the 1917 act this exemption was allowed only for each dependent “child.” The head of a family—one who supports one or more persons closely connected with him by blood relationship, relationship by marriage, or by adoption—is entitled to all exemptions allowed a married person.

The normal rate of tax under the new act is 6 per cent of the first $4,000 of net Income above the exemptions, and 12 per cent of the net income in -excess of $4,0(10. Incomes in excess of $5,000 are subject also to a surtax ranging from 1 per cent of the amount of the net income between $5,000 and $6,000 to 65 per cent of the net income above $1,000,000,. Payment of the tax may be made in full at the time of filing return or in four installments, on or before March 15, on or before June 15, on or beffore September 15 and on or before December 15. Revenue officers will visi| every county in the United States to aid taxpayers in making out their returns. The date of their arrival and the location of their offices may be ascertained by inquiring at offices of collectors of internal revenue, postoffices and banks. Failure jto see these officers, however, does not relieve the taxpayer of his obligation to file his return and pay his tax within the time specified by law. In this case taxpayers must seek the government, not the government the taxpayer.