| Show IMPORTANT CHANGES IN 1922 INCOME TAX LAW the united states revenue act now in force contains two important pro vitious vit ions the first relates to the per bonal exemptions allowed married person persons and the second to the provi sidn requiring that a return be made of f gross income of or more the act provides that a married terson person living with husband or wife whose net income lor for 1922 was 1 oi or less shall he be allowed k personal ex ey emption of 2500 if the net income of such person was over tho the exemption is 2000 the normal tax rate is 4 per cent on the first of net income above th tha 3 exemptions and 8 per cent on the remaining net income in order that an income slightly in excess of shall not be bd subjected to an inordinately disproportionate tax became because of the reduction of the exemption to 2000 thereon the law provides that such reduction shall not operate to increase the tax which would be payable if the exemption were 2600 2500 bv more than the amount of the net income in excess of for example on a net income of the tax without this saving saying clause would be 40 which la Is 4 per cent on the amount of net income income lees less an exemption of 2000 the actual tax ie Is computed as follows from the net income of Is deducted 2500 leaving leav 2510 the 4 per cent tax on which amounts to to this is added 10 the amount of net income in excess of the personal exemptions allowed to married persons apply also to the head of a family that is a person who supports in one household one I 1 or more relatives by blood marriage or adoption under the law of 1918 a person whose net income was lees less than his exemption 1000 if single or 2000 if married was not required to file a return under the revenue act of 1921 however if it the gross income of an individual equalled equal led or exceeded or if he combined gross in come of a marred couple and that of dependent minor children eua equalled equal lle led d or exceeded 5 a return m must u t bt be filed regardless of the amount of nei net income the making of a return does not necessarily imply the liability to tax there are nontaxable non taxable as well a as tax able return returns 1 J fact to charge exorbitant bitant rents I 1 it it Is to escape thie this profiteering and put the government an in a sustaining self bails basis that postmaster general work ia Is the owning all buildings used for postal pur bosti i |
