Salt Lake Telegram | 1913-10-27 | Page 2 | Plan to Collect Income Tax at Source

PLAN TO COLLECT INCOME TAX AT SOURCE I V WASHINGTON Oct 27 Secretary Secretary McAdoo of ot the tho treasury department has approved regulations prepared by Internal Internal Inter Inter- nal Revenue Re Commissioner Osborne for the deduction of the tho income tax at the source on Interest maturing on bonds notes and other similar obligations of ot cOr corporations joint stock companies or associations and insurance companies The normal tax of I 1 per cent under the law Jaw Is 18 to be deducted at nt the tho source beginning begin begin- ning November 1 from all aU incomes accruIng ing and payable to every citizen en of ot the United States whether residing at home 01 or abroad and to every ery person residing In the United States although not a citi elti- zen en when that income is derived from interest on bonds and mortgages es deeds of ot trust or other similar obligations equipments receivers' receivers certificates of corporations cor- cor and Joint stock companies or associations s and Insurance companies al aJ- aJ though such interest toes does not amount t to the limit of or Income The collecting agent as must file with tho district collector of internal revenue a uS its Hat of or the taxable P persons the amount of ot the tax deducted ted and from what source col col- 1