Newspapers / Oxford Public Ledger (Oxford, … / Jan. 5, 1918, edition 1 / Page 2
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SATUBDAY, ijANUARY 5TH, 1918 n . .-n ' TTTr T T1 T.1?Tl3Wn. 7 - " i : ' I i ' ' - - -' '- : 1 X-. F 111 BIG TASK OF GATHERING IN COME TAX AND THE RE TURNS ON EXCESS PROFITS Government Expects to Receive $1,- 201,000,000 From This Source Be fore July 1 About . 7,000,000 Persons Will Pay. Washington, Jan. 1. The great task of gathering income tax and excess profits returns will begin .with the new year tomorrow. Every unmarried person earning more than $1000 during the last year and every married person or head of family who made more than $2 000 must file with the internal revenue collector of his district a re port any time between tomorrow and March 1. He will be notified be fore June 1 of the tax due, and pay ments will be due on June 15. Over Billion to Collect The government expects to re ceive SI. 201. 000. 000 from income taxes before July 1, including $666, 000,000 from individuals and $535,000,000 from corporations This is more than one third of the $3,400,000,000 estimated receipts under the war revenue act passed by Congress at the last session. From the excess profits taxes, the government expects to realize about $1,220,000,000 before July 1. What Rate Will Be. The rate of tax for a married man or the head of a family is 2 per cent on the amount of his net in come exceeding $2,000, but less than $4,000 and 4 percent on the amount of his income above $4,000 but less than $5,000. An unmarried person not the head of a family will pay 2 percent on the amount of net in come above $3,000 but less than $5,000. An extra levy or surtax, in addi tion to me normal tax, is imposed on incomes above $5,000, so that the amount of income between $5,000 and $7,500 is subject to a" total in come tax, including both normal and extra, or 5 percent; and between $7,500 and $10,000, 6 percent. The surtax further increases with higher incomes, so that amounts of $1,000, 000 are taxable at 65 per cent with one percent additional for each half million up to two million dollars. All incomes over the latter amount are taxable at 67 per cent. See Which Cap Fits You Typical income tax levies on heads of families are as follows: In comes of $2,500, tax is $10; income of $3,000, tax is $20; income of $3, 500, tax is $30; income of $4,000, tax is $40; income of $4,500, tax is $60; income of $5,000, tax is $80. Unmarried persons would pay an income of $1,500, tax is $10; income $2,500, tax is $30; income of $3000, tax is $40; income of $3,50,0, tax is $60; income of $4,00 tax is $60; in come of $4,500, tax is $100; income of $5,000, tax is. $120. Taxes may be paid in four in stallments between now and June 15, if this arrangement is preferred, but the Treasury will open a deter minnded campaign soon to encour age" persons to pay their tax in full immediately, and receive interest on -the advance payment. Accountants to Direct Work. -A small army . of accountants, especially trained for the work in school conducted by district collec tors for the past two weeks, will go into the field beginning Wednesday to assist persons in filing their re- turns, and will travel on pre-arranged itineraries for a month or more. In addition, federal agricultural agents, and representatives of state 1KB), NERVOUS HOUSEWHT vwo Now She is Strong and Well . Berkeley, Cal. "I was nervous, irritable, no appetite, could not sleep, and was always tired, so my house work was a great effort. After many other medicines had failed Vinol built me up and made me strong. I have a good appetite and sleep well. Every nervous, weak, ailing woman should try it." Mrs. N. Edmunds, 2107 Dwight Way, Berkeley, Cal. V We ask every nervous,' weak, run down, ailing woman in thistown to try this cod liver and iron tonic on our guarantee to return their money if it fails to help tliem. J. G. Hall, Druggist. and county councils of nationad de fense, have enlisted in the cam paign of education. By this exten sive campaign of education, Internal Revenue Commissioner Roper hopes to eliminate the chances of failure to file a return through ignorance of the requirements. In fact, officials in charge of the tax gathering machine expect to eli minate the usual grudging spirit of taxpayers. They have called this a "Liberty Tax," because, its proceeds go to the same war cause as the Liberty Bond issues, and every ef fort will "he made to encourage the spirit of willing giving among those on whom the tax falls. About 7,000,000 Will Pay About 7,000:000 persons will pay income taxes, it is estimated, and most will be subject to a direct fed eral tax for the first time, for less than 500,000 paid income taxes last year under the old law. Tax re turns forms "have been made as simple as possible, for those for in comes of free from technical fea tures or inquisitorial items. Based on Pre-War Years. Before a tax is levied on excess profits, for 1917, a business is per mitted to make the same percentage on profit oh its invested capital that it made on its invested capital dur ing 1911, 1912 and 1913,? the so called "pre-war" period, providing this is not more than nine percent, and $3,000 additional for a corpora tion' or $6;000 for a partnership or individual. These are the deduc tions which are not taxable. Definitions of terms, particularly the items making up "invested cap ital," have been made in a number of recent regulations issued byCom missioner Roper. Excess profits taxes and income taxes may be imposed on the same earning, if they are sufficiently high. The law specifies, however, that the amount of tax payable un 4er the excess profits provision may be deducted, from gross income, be fore determining the net income on which income taxes are paid. (6) IT 2E Hallow ffew YsiTr5 It 11 ZJ All 7 HERE AT HOME Oxford Citizens Testify and Confi dently Recommend Doan's Kidney Pills. It is testimony like the following that has placed Doan's Kidney Pills so far above competitors. When the people right here at home raise their voice in praise there is no room left to doubt. Read the public statement of an Oxford citi zen: S. E. Montague, farmer, 123 New College street, says: "Several years ago I hurt my back in a runaway and since then it has caused me more or less trouble. Whenever I have that dull pain across my kid neys, I take Doan's Kidney Pills and I am soon benefited." - Price 60c at all dealers. Don't simply ask for a kidney remedy get uoan s Kidney .fills tne same 1 that Mr. Montague uses. Foster Milburh o., Props., Buffalo, N. Y. To our Friends and Customers we extend the Season's Greetings and a hearty wish ior a Happy and Prosperous New Year. We return thanks for the liberal patronage given us the past year and assure you the continued confidence of our patrons will be steadily striven for. 3 MK v-1 Please Call when in need of Reliable Merchandise. Our Stock wiEl soon be complete again in all lines. 2 Big Stores 5 & 7 Main Street "The Quality Stores ' ' 2 Big Stores 5 & 7 Main Street i 1111 M",M'MgMMMB,"M',,,,''''',,, Pli m Eg u Terrible Suffering From Headache, Sideac&e, Backache, and Weak ness, Relieved by Cardsii, Says This Texas Lady. Gonzales, Tex. Mrs. Minnie Phil pot, of this place, writes: "Five years ago I was taken with a pain in my left side. It was right tinder my left rib. It would commence with an aching and extend up into my left shoulder and on down into my back. By that time the pain would be bo severe J would have to take to bed, and suffered usually about three days ... I suffered this way for three years, and got to be a mere skeleton and wa3 so weak I could hardly stand alone. Was not able to go anywhere and had to let my house work go... I suffered awful with a pain in my back and I had the headache all the time. I just was unable to do a thing. My life was a misery, my stomach got In an awful condition, caused from taking so much medicine. I suffered so much pain. I had just about given up all hopes of our getting anything to help me. One day a Birthday Almanac was thrown in my yard. After reading itrf testimonials I decided to try Car dui, andam so thankful that I did, for I began to improve when on the second 'bottle. ..I am now a well woman and feeling fine and the cure has been permanent for it has been two years since my awful bad health. I will always praise and recommend CarduL" Try Cardui todayA E 78 til On Monday, Jan. 7 the Tobacco Ball willjbegin to roll. All our buyers will be here, ready and anxious to get in the sale. It will give us both, buyers and warehouse men real genuine pleasure to meet our neighbors and friends on the warehouse floors with Tobacco. At the Banner Warehouse Mr. Mitchell and my self will be delighted to help you begin the New Year right, asf well as profitably. Bring Your Lo And you will find it to your interest to sell the remain- der of your crop with us. We Expect To See Good Sales and High Prices From Start to Finish. Come to see us, you shall have them. Having recent ly lost my Warehouse, The Minor, by fire, I will thoroughly appreciate the patronage of my old friends and customers at the BANNER Warehouse with theame guarantee for high prices and courteous treatment. j Sell At The BANNER, We Are Beth Acxious and Determined To Please You. 1 1 1 m -31 fese el r3i 15 m 3 r 1 m 4- I 1 ? 1 Carl 1 t v
Oxford Public Ledger (Oxford, N.C.)
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Jan. 5, 1918, edition 1
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