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Show SENATOR SOUTHWICK WOULD RAISE FUNDS THROUGH INCOME TAX v t - ' ! i i Utah County Senator Introduces Measure Mea-sure That Would Tax Incomes of Individuals, In-dividuals, Partnerships, and Corporations Corpor-ations in the State. Petitions Flood-phe Flood-phe Legislature From All Parts of the, State, Senator Edward South wick, tbo i democratic senator from Utah coun- y, has introduced a measure In tho i cglslotura designed to raise revenue ' through the taxing or net Incomes of ndividuals. partnerships and cor-oratloxu cor-oratloxu throughout tho state. The U1 Is a long ono covering forty-four mgus of printed matter und covers ill details connected with tho oases-jinnt, oases-jinnt, levy, and collection of tho tax. During the past week tho legislature las been flooded with petitions, the uajorlty being for the bill. The tax on net Incomes Is defined ,t the following rates: On-theflrst 11,000 of taxable l-iome" l-iome" or any part thereof, ono ,p-r cnt. On the second 1.000 o. any part hereof two per cent. On tho third 41,000 or any part hereof, three 'per' cent. - On tho fourth 1,000 or any part hereof, four per cent. On the fifth $1,000 or any part hereof, flvo per cent. Or nil taxable Income In excosn of J5.000 six per cent. In computing tho net Income demotions de-motions are allowed for "all tho or- Slnary and neewsary expenwa paid r Incurred during tho tax year lu corrj'lns on any trade or business," '"all interest paid or accrued within tho tax year," "taxes paid or accrued losses, worthluw debts, exhaustion, etc" In computing deductions, 'personal living or family expenses," arc not allowed as deductions. Amounts paid for nc'w buildings, permanent improvements or betterments, am oun.ts expended for restoring property, proper-ty, premiums paid on lire insurance pollclca covering Uvea or officers or employes, etc., aro not allowed. A single person has a stipulated exemption of $1,000. A married person per-son has Ian exemption of $2,000. Two hundred dollars for each minor dp-pendent, dp-pendent, is also Btipulated as exompt. A largrt number of organizations are nlBotdeflned aa exempt, the list followfng protty closely the federal law. Tho Stato Hoard of Equalization Is defined as tho machinery for tho operation op-eration of the bill should It becomo a law and tho sum of $10,000 Is asked for to pay the expense of administration. |