Show TARIFF CHANGES C H ANGES IN THE NEW REVISION MEASURE re ARE MANY special session of congress Conor has produced a bill which makes for reduction in a number of important duties dutle income tax to produce revenue washington Washing tom the democratic tar iff revision bill arrived at its last con gross lonal stage when it camo back to iho the house from tho the final conference committee with tho the unanimous in dorso ment of tho the democratic con feroci the measure of course ha DOB both its friends and enemies ono according to the ft it carries out four of tho the darty promises tariff reform reduction in tho high cost of living campaign against alha trusts in that duties have been taken off of many trust inada made article artl cio and the in come tax the measure consequently has a larger importance than that of a more tariff reform bill and its effect must bo be widespread both on business and industry and also in connection with politic politics democratic loaders leaders aro are con ildene that business will suffer no untoward effect that consumers will be boneO bonell ted tho bill 11 imposes an average ad nito rato of from 27 to 29 per cent cant tho the average for the present aldrich law ie ic per cent the average for the wilson german gorman act was per cent duties generady hare have been reduced on all of the art articles feles that enter into the necessaries of life including the products of the farm as well xe s manufactured products trust made products in many cases have been transferred to the free list cr the duties at present imposed have been substantially reduced the income tax feature of the bill Is expected to net not somo some it will call for a tax on net incomes of unmarried persons of and u upwards and on net not incomes at of married persona living together where the wife or husband Is in dependent of 94 4 and upwards experts estimates indicate a surplus of over all expenditures at the end of the present fiscal rear A rate rut of c 40 per cent Is imposed on lockings stockings and half tibne valued at not more than 70 cents a doin pairs for stockings between 70 and P dozen pairs a duty of 40 per cent was agreed upon the conferees eliminated the provision inserted by the senate denying entry into ho the american market of coode goods rid ld by ch children joder inder U 14 years of age the final agreement provided that any orson employed to collect th in ao 40 liae tax may be utilized by the secretary of the tre treasury au y in the general service of at the In internal reveau bureau agricultural product and provisions cattle sheep and other domestic animals suitable for use as food wheat and wheat products and eggs have been transferred to the free freb list reductions duct ions have been leen made on oats butter beets frozen eggs peas greenhouse stock zante currants cur mits chocolate and cocoa sweetened aiu arl extracts ot meats from the rates by the house the rates have been increased over those provided by the bouso on broken rice fish packed in oil and ground spices A rate of 20 per cont cent ad valorem valoree is placed on ground spices in addition to the specific rate provided by the house on the senate receded from the reduced rate placed on flaxseed flax aeed and its amendment placing a duty on bananas the house classification on lemons and other fruits Is to accepted aci aoi I 1 papers and book books the house rates have been reduced on common paper box boards papers partly covered with metal leaf or gelatine and plain basic papers for albumen izing toy for photographic printing the rates provided by the house tor coated papers suitable for covering boxes has been increased from 35 to 40 per cent the canate amendments placing specific rates graduated according to thickness and eize site have been agreed to with several reductions in the rates provided the rates agreed to are approximately equivalent to the ad valorem valoree rates provided in the house blu bill A specific rate has been on lithographic views of scenes and buildings located in the united states instead of the adva lorem rate provided by the bouse house this amendment results in an increase in the rate of duty cotton manufactures the senate classification of cotton e cloth according to the average number of the yarns yams contained therein wan accepted instead of the house provision for the too highest number this slightly decreases the rate of at some fancy weaves and novelty cloth but on the greater bulk of cotton cloth tho the rate Is not affected the rates on blean bleached bed and dyed colored yarns yams are increased and on cotton yarns and andi cloth mado made of yarn from numbers 79 to 99 tho the rates on handkerchiefs or not hemmed hommed have been deduced from 30 per cent as provided by tho the house to 25 2 per cent POINTS ABOUT INCOME TAX it has toen boen floured figured that a revenue of will be afforded by tho the imposition of tho the income tax of which the following Is in tho the schedule is to 1 per cent to 2 p per cent to per cent to 4 per cent to 6 per cent cant to 6 per cert cart more than 7 per c cert a r t so far as tho the taxable american Is in concerned the income tax law Is now practically in force against him while the tariff law in which the law Is in embodied will not be signed until 11 ast week the returns do not have to be made to tho the internal revenue col eat lectors before march 1 1914 but when the returns are made they will cover tho the income of at citizens from march 1 1913 to december 31 and the first payment of tax will be for money re celvid during this period every ei cry single person citizen or foreign resident whose annual income exceeds and every married person with an income above Is expected to report his or her receipts in detail to the government agents march I 1 of each year president wilson the federal adges of at the supreme court now holding office and avd employed emp loyes of a state or any political pol lUcil subdivision thereof are the only persons specifically exempted from the tax by the naw law the president and judges now in office made exempt to escape any questions of the constitutionality of the uw JAW and their successors in office will bo be compelled to pay the tax first burden Is on citizen the general public ie le expected to give close study to the new law in the next few months as the first burden of the tax payment rests with the individual citizen and his failure to report bis his income Is punishable by a fine line it in 1 admitted that when first returns are made many taxable persons probably will payments but with year tho the governments lists ot of persons with taxable incomes will be made moro nearly complete method methods of collecting tax methods of collecting two primary the tax itra contained etl in the law one la in that the individual return made by the tile citizen the other the return returns by corporations and ather employer employers who tahir employed emp loyes taxes at the thi puy un under der the law as it wi will 11 be fit ened by president wilson boxt week every ovary law large company compan y employing labor will bo be compelled to report ran any y regular it in excess of the salaries sa larlee pays and pay the taxes ng figures ures tor for its employed emp loyes and deduct the tax from their pay envelopes this pay payment ment at the source will apply to salaries rente rents interests roy albies il ties partnership profits and some other sources ot of income and persons persona rec receiving belying such incomes must be prepared to show that the money ha has paid itu tax at its source in figuring up his net income for or the taxpayer the american business man after deducting tor for himself or it if married will have the right light to claim the following additional exemptions necessary oppens n of carrying on busina bushings bu sings As not including personal living or family expenses interest paid out of indebtedness national state county school or municipal paid within the year trade losses or storm or fire losses not covered by insurance worthless debts charged off oft during the year A reasonable allowance for the depreciation of property dividends from comp companies antes incomes have already been taxed interest from stute municipal or government bonds must bo be entire net not income it Is a clear provision of the law however that the taxable person must make a return to the inte ruil revenue collector tor for bis his entire net income and exemptions claimed under the law must be submitted to the federal officers for them to deterra lne upon their reasonableness or legality ready to answer questions the treasury department is I 1 preparing tor for a flood of at question questions about the new income tax realizing that this feature of the tariff bill about to become law strikes more intimately at the tax paying citizen than do the indirect taxes collected through the customs duties for the first the citizen will make return to the loeu local internal revenue collector before march 1 1914 as a to his oarn earnings ings from march 1 1913 to the end of this year th collector will notify him june 1 how much he owes and the tax must be paid by june 30 after next year the tax will apply on the full calendar year |