Saturday, September 28, 2013

1913 - 425,000 Americans will be Affected by New Income Tax Law

The Bisbee Daily Review
September 28 1913

All Who have Income of More than $3000
Must Contribute to Government.
Effective March 1, 1914

Washington, Sept 27--According to estimates today by treasury experts 425,000 American citizens must
keep such accurate account of their incomes this year that they may be able to report to the income tax collector next spring exactly how much they owe the government under the new income tax.

So far as the taxable American is concerned, the law is practically now in force against him.  The tariff bill, in which the law is embodied, will not be signed until next week.  First returns will not have to be made to revenue collectors before March 1, 1914, but when the returns are made they will cover incomes of citizens from March 1, 1913 to Dec. 31.

Every single person, (citizen or foreigner) whose annual income exceeds $3000 and every person whose income is above $4000 is expected to report their receipts in detail to government agents on March 1 each year.  Estimates completed today indicate income tax will produce $82,298,000 from the 425,000 persons taxed.  To this will be added $35,000,000 produced by present corporation tax which is continued as part of the law.

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