Hide Article Text (OCR)
JL 111juuj a xjiuvi tj►SDAY. OCTOBER 3, 1917NUMBER 7.0rrWW^w^WMie ^»h.KILLED^..w illMI* ■.mutmtk ■ -r. “-fT-T#CCIDENTCITYSUM»BIG WAR TAX BILL WINS IN SENATE TO WILSON TO IfLeft FromI$2mg700.000,000 Revenue Measure Will Be Signed by the President at Once.■ o City Council Service L)i-igineerWILL BECOME LAW TONIGHTith a big uiid I Scn2tof La Pollette Cast the Only Dis-t the session !i Mavor ItronWished to make stated that thlt; i street paving lis season had of the $63,000r approximate-vep the city.liraent to Serv-to in turn alsord of Control.was also highle mayor, whoitrh the fl'ortsand engineerwas made.ing contract ilt;-that the estied but in thi.jiat practically a- been savedsenting Vcte Against Bill, But Offered No Objection tofts Passage.I that some of in paving the'sled that esti the paving of r stated that done.reported fines last month a1?iven reportedfrom the saltSecond ward oney is to be5 fire depart:CFI BLASTin U. S. That-With tin* nr-illsts in Mediaa trial of fel-ii of the niys-lition eorpora-10, which costnerly of ibis ner of Thirly-ets, Phlladcl-ectors at the hi a charge of i 1-:. Heybnrn. loiuted by thebe one of the ; country, and 1 of the explo-ar witness in »'ssiu“ss of al-rlt; 111 hold in-kVder plant.MONSTERPET!IONFor New Wabash Depotin CirculationWashington, Oct. 3.—The $2,700,000,-0()0 war revenue bill passed the senatelate yesterday with the only annouiked dissenting vote coining from SenatorLa Follette. although the senator did not seek a roll call on the measure and offered no objection to its passage. The bill will be in the hands ofPresident Wilson this afternoon. It was engrossed an hour after it had passed the senate. At noon today it will be signed by Speaker Clark and Vice President Marshall. It becomes a law w hen approved by the president.Every professional man in the United Suites will be subject to the excessprofits iax in the war revenue bill, if his ncome is more than $6.lt;RM a year; this i:i excess of all existing taxes and proposed income taxes which will be effective when the war tax becomesa lawr.Simmons Explains.Senator Simmons explained why the conferees had reached agreement through compromises and spoke In justification of the newspaper and magp lines taxes, against which there had oeen a protest. lie had inserted In the record a long letter from Postmaster General Burleson defending the taxes as carried In the bill.Senator Simmons made the state-■/Bement that recapitulations of estimatedrevenues to be derived from the billshowed it would yield about $200,000,-fXH) less than was originally estimated. The losses would come from overestimations of the yields from the income and war profits taxes largely, but, he asserted, the bill was the most equit- j able and evenly distributed burden bearer that could be drawn. Senator Smoot of Utah, Republican leader, di*-#fended the bill as a fair and impartialmeasure.Fordney's Figures.Representative Fordney of Michigan, an expert on the tariff, explained by figures how Jhj* JjiJL Vi'ould operate onthe three Tofms of TiusTness organfra^ tlon. corporations, partnerships andA]** dlvlduals. ; iIn addition to showing how far into Incomes and profits the bill will reajch, Mr. Fordney’s tables indicate that tha task of figuring corporation, partnership and Individual taxes will bet a' gigantic one, and that an enormous amount of detail work will be exacted from both the treasury officials and the accountants of business housed.Representative Fordney gave to etfch of his three forms of business a capital of $100,000 and an income of $50.-(KH). In the pnrtnersl p lie allowied three partners, who wc aid be assessedfor Individual taxes ni well as standing the excess profits tax upon their 50 per cent return on the $100,000 capital.His* table, which follows, shows tjie total amount of income, corporationand excess profit taxes that would be paid (a) by a- corporation with a capital of $100,000 and a net Incomeof $50,000; (b) by a partnership of three partle: with a capital of $100,-000 :md a net. Income of $50,000; (c) by an Individual engaged in business with $100,000 capita’ and $50,000 ofnet profits. t(A) Corporation with capital of $100,-fXX) and net income of $50,000. Deducting from net income 9 per cent of the capital, the maximum deduction. plus $3,0:0, a total deduction of $12,000 shows the taxable Income to be £18.000.Tax on amount In excess of deduction and not over 15 per cent of capital, $3,000 at 20 per cent—$000.Tax on amount of profit in excess *f 15 per cent of capital and not ov*»r 20 per cent, $5,000 at 25 per cent— $1.250.Tax on amount In excess of 20 per cent of capital and not over 25 per cent, $5,000 at 35 per cent—$1,750.Tax on amount in excess of 25 jK*r cent and not over 33 per cent of capital. $8,000 at 45 per cent—$3,600.Tax on amount In excess of 33 p*r cent of capital, $17,000 at 00 per cent —$10,200.Total excess profits taxes—$17,400.Net Income—$50,000.Excess profits tax—$17,400.SEWELLGiven for Men Who Leftfor Cantonmentt ied Banners Paying Their CoI'lhncnts to Kaiser Bill—Real Patriotism Is ShownBy People.Carrjing cards reading:“Goodbye Defiance, Hello France We're Going Over To Mp;o the Kaiser Dance.”000partieinet in-MAWAm«nt Ic Rarl/nH R \y C*. r\ m m #» r r aNet subject to Income tax, at 0 per cent—$1,056.Total tax—$19,356.Partnership Tax.(P») A partnership of three with capital of $100,000 andcome of $50,000.Deducting from net income 9 percent of capital invested plus $6,000, a total deduction of $15,000, shows the taxable income to be $35,000.Tax on amount of income in excess of deduction and not over 15 per cent of capital—nothing.Tax on amount of Income In excess of 1 r» per cent but not over 20 per cent of capital, $5,000 at 25 per cent— $1,250.Tax on amount of income In excess of 20 per cent but not over 25 percent of capital, $5,000 at 35 per cent $1,750.Tax on amount of income in excess of 25 per cent but not over 33 per cent of capital, $8,000 at 45 per cent— $3,600.Tax on amount of Income wer 33 per cent of capital, $17,000 at 60 percent—$10,200.Total excess profits tax Net income—$50,000.Less excess protits tax Income for distribution Share of each partner—Tax for Each'* per cent—$191 34.cent-cent-cent-cent-800,Income$9,067 at$7,067 at$2,500 at$2,500 at$1,067 at-$16,800, - $33,200, $11,067. Partner.4W2 per1 per2 per 2 per$141 i. $25.$50.$32.01.“Kaiser Bill Says Sheman j Right,Help I s Show Him By Buying a Liberty Bond.”“The Kaiser Needs the Money,So We Are Sending Him a Draft’’the sixteen men constituting the third increment from Defiance conn tv to the select, army training campnt Chi Hit ot he marched proudly away this morning.They were healed by the East Defiance Citizens’ baud, city officials and police, members of the Commerce Club and Defiance County Exemption Board. Citizens in autosfolio wed.As they passed tb® Central and High s hool buildings the children line l the cirbs and gave them applause.At the Baltimore Ohio station the East Defiance ban! rendered several selections while their soloist sang several patriotic airs that made a big hit. President Ke’nnast of the Exemotion Board gave a short talk in which he said:“So long that flag shall bear aloft J»* glit tering stars, bearingthem amidst the din of battle andwaving them triumphantly abovo the storms of the ocean, so long shall the right of the American citizen be preserved safe and ui.m-tPaire I.”The Henry county delegation of c ine in on the Wabash whenHHHfMjl waiting for the localand the East £idti'special concertsixtythe crowd was boys to leaveban 1 gave themaand they were sent away from Defile ftance with cheers.When the Defiance quota over the B. O. the band played the Star Spangled Banner while the crowd stood with bared heads and cheered. It was the first real evidome of patriotism that has beeu shown in Defiance. Men from even wait’ of life were representedIn the parade.The following were the men who went from Defiance county: Louis Da oust, Alfred (Tr Tln'jaw, '***.1-Crab mi f- D. Stough, Wayne Hul’xrt. tAlbcrt K. Cusack, El*A.t e rftf. _______..... .dred Chapman, Arthur W. Bayllss, Victor C. Hoeffel, Clarence C. Garber. Floyd (1. Shong, Edw. Arcand, Milton J. Beard. Chas. W. Traxter. Virgil Hahn and Elza E. Peterson.Daoust lia 1 ‘-barge of tie*L. A..quota.Statement by Board.
Newspaper Details
The Crescent-News
Defiance, Ohio, US
Wed, Oct 03, 1917
Page 1
Full Page
Clipped by
Laura S.
USA 27 Jan 2020
Other Publications Near Defiance, Ohio
Defiance Evening News
Defiance Daily Crescent
Defiance Express
Defiance Daily Crescent News
The Crescent-News
