Show NEW INCOME BILL ENTERED Another answer to lo the Income tax tag Tuesday was laid before be fore the house of the Twenty first Utah legislature by Elliott Larson Larsen D. D SevIer The measure to a have bave the of ot raising raisin annually was given civen to the house as as- they were faced with the task of or considering S. S B. B 88 another income tax measure The house revenue and taxation committee refused to accept a senate te amendment to the bill that thai would allow elow a 50 property tax tl offset Terms of the Larsen measure provide pro pro- ide vide 1 Exemptions for a single person perron 1000 for or a married person perron for each dependent 2 Rate Kate of ot taxation Two and one- one half hail p per r cent of the first 1000 of taxable income 3 per cent on the next 1000 and continuation of the increase in the graduated scale until t the te e rate is 6 per cent Increase is made on 1000 units Registration Fee The bill provides for a a. registration fee that would be figured according to an involved accounting system After the taxable income is figured the registration fee then would be d de It would be Two per cent on taxable Income Of to 2500 3 per cent on 2500 to 2 per cent on to and end 1 per cent on to A property tax offset is provided in the section of the bill which would allow deduction of 75 per cent of the registration fee from any property tax paid Daid Representative Larsen claims that the measure if it were enacted into law would give relief relic to the property ta taxpayer However it still docs does not supply the answer answer for lor the problem of how the income tax should be assessed on wage earners who do not pay property taxes without making them bear what som claim would be an unfair share of the taxes Divide Revenue Revenue of or the tax would be divided di dl vided after 5 per cent is allocated toft to toa toa a ft fund to pay refunds 75 per cent to the schools and 25 per cent to the state general fund The measure would be effective January 1 1936 1935 and would collect collett income tax on mone money earned during the year of or 1935 Every single person earning more than would pay the registration fee according to Representative Larsen Larson Lar Lar- sen son as would every married person earning 1000 a yearTh year Th The rates are considerably higher than thos provided In the bill th that preceded the Larsen measure in the house and which came from the senate |