Income Tax Law Analysis And Comment

Author : UNKNOWN. AUTHOR
Publisher : Forgotten Books
ISBN 13 : 9781330224144
Total Pages : 57 pages
Book Rating : 4.2/5 (241 download)

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Download or read book Income Tax Law written by UNKNOWN. AUTHOR and published by Forgotten Books. This book was released on 2015-06-26 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Income Tax Law: Analysis and History In any consideration of the new Federal Income Tax thought should be given to the two distinct divisions of the tax, viz., the normal tax of one percent on all net incomes in excess of the specified exemptions and the additional, or graduated tax on incomes above $20,000 a year at increasing percentages. The normal tax is assessable against both individuals and corporations; the additional tax against only individuals. In the abstract of the new law herewith given this distinction is drawn, and should be kept in mind. For convenience the term Persons is employed to designate individuals as contrasted with corporate taxpayers. The latter are assembled under the term "Corporations," but in their number are included all corporations, joint-stock companies or associations, as well as insurance companies. Thus, the general reference to "persons" and "corporations" may be understood. Persons Affected. 1. Every citizen of the United States, whether residing at home or abroad. 2. Every resident of the United States, though not a citizen. 3. Every resident of a foreign country deriving income from the United States. Rates. 1. Normal tax of 1 per cent on all incomes in excess of $3,000 a year. 2. Additional tax according to the following scale: (a) One per cent upon the amount by which net income exceeds $20,000 but does not exceed $50,000. (b) Two per cent upon the amount by which net income exceeds $50,000 but does not exceed $75,000. (c) Three per cent upon the amount by which net income exceeds $75,000 but does not exceed $100,000, (d) Four per cent upon the amount by which net in come exceeds $100,000 but does not exceed $250,000 (e) Five per cent upon the amount by which net in come exceeds $250,000 but does not exceed $500,000 (f) Six per cent upon the amount by which net income exceeds $500,000. What Is Income? In general the law takes cognizance of the following as constituting the income of persons: 1. Gains, profits and income derived from salaries, wages, or compensation for personal services of any kind. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.