Show I 1 new now income tax law effective after jan 0 due to the many inquiries have come to the office the new now tax law james 11 II andersen anderson collector of internal bevenue revenue issued a statement to the effect the law will not in any way the payment ift of taxes on 1920 sales or incomes many persons seem to be of the opinion said mr air anderson that as soon as the tax bill was en acted into law it becomes effective the majority of inquiries have come from merchants and druggists who were anxious to discontinue the col lection of the stamp taxes hofei however there have been some inquiries fr from persons liable hable to the income tax law the stamp sale will discontinue jan 1 18 19 1 9 and the change in the income tay law will become effective with the f rt r t payment in 1922 on 1921 incomes under the ne v law married per sons with incomes of 5 or less have their personal exemption in creased from 2 to 2 the exemption remains at 2 tor for in comes above aboe 5 in increased exemption instead of 18 1 allowed under the new law tor for each child under 18 years of age or other dependent these are practically the only changes in credits allowed india duals in determining their net in come the credits for personal exemption and the exemption tor for de pen dents are determined by the status of the taxpayer on the last aty of the period tor for which the re turn was made in case an dual dies during the taxable year such credits are allowed the survia ing spouse according to his or her status at the close of the per od tor for which the survivor makes the return under the new law there will be somewhat of a decrease in taxes to be paid by corporations |