Newport daily independent., January 04, 1918, Image 2

About Newport daily independent. (Newport, Ark.) 1901-1929

Image provided by: Arkansas State Archives

                
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jlBKolllector—
istrict
the first
ill be notified
c tax due, and
by June 16.
to receive
,000 from income taxes be
1, including $066,000,000
dividuals and •$535,000,000
corporations. This is more
i one-third of the $3,400,000,000
estimated receipts under the war
revenue act passed by congress at
the last session.
From excess profits taxes, the gov
ernment expects to realize about
$1,220,000,000 before July 1.
The rate of tax for a married man
or the head of a family is 2 per cent
on the amount of his net income
exceeding $2,000, but less than $4,
000, and 4 per cent on the amount of
his net income above $4,000 but less
than $5,000. An unmarried person
not the head of a family will pay 2
per cent on the amount of net in
come above $1,000 but less, than $3,
000, and 4 per cent on the net in
come above $3,000 but less than $5,
000.
An extra levy, or surtax, in addi
tion to the normal tax, is imposed
on incomes above $5,000, so that the
amount of income between $5,000
adn $7,500 is subject to a total in
come tax, including both normal and
extra, of 5 per cent; and between
$7,500 and $10,000, 6 per cent. The
surtax further increases with higher
incomes, so that amounts of $1,000,
000 are taxable at 65 per cent with
one per cent additional for each half
million up to two million dollars.
All incomes over the latter amount
are taxable at 67 per cent.
Typical income tax ftwies on heads
of families are as follows: Income
of $2,600, tax is $10; income of $3,
000, tax is $20; income of $3,500,
an $6,
re ^jbject
income
lent of
This 8
individ
th only
’ssional
men with money invested in books,
dentist and physicians’ instruments,
or other equipment.
Another kind of tax is laid on
excess profits of businesses having
invested capital, n this basis, taxes
on net incomes or profits in excess
of certain deductions are at the rate
of 20 per cent of the amount of net
income in excess of the deduction and
not in excess of 15 per cent on the
invested capital. On this basis, taxes
amount in excess of 15 per cent and
not in excess of 20 per cent; 35 per
cent on the amount in excess of 20
per cent and not in excess of 25 per
cent; 40 per cent on the amount in
excess of 25 per cent and not in ex
cess of 33 per cent; and 60 per cent
on the amount in excess of 33 per
cent.
Before a tax is levied on excess
profits, for 1917, a business is per
mitted to make the same per centage
of profit on its invested capital that
it made on its invested captal during
1911, 1912 and 1913, the so-called
“pre-war” period, providing this is
not more than nine per cent, and $3,
000 additional for a corporation or
$6,000 for a partnership or individ- j
ual. These are the deductions
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 by Com
missioner Roper.
Excess profits axes and income
taxes may be imposed on the same
earnings, if they are sufficiently
high. The law specifies, however,
that the amount of tax payable under
the excess profits provision may be
deducted from gross income, before
determining the net income on which
income taxes are paid.
STOCKHOLDERS’ MEETING
The regular meeting of thesltock
holders of the' Bank of (\mblw will
be held Tuesday, January 8tV»n the
at Grubbs. I'M
W. A. Ford, Caftier.
S ONE WIRL BE
usefully^engaged by in
ependent of their labor; un
d farm laborers, unskilled indust
laborers, registrants by or in re
Jpect of whom no deferred classifica
tion is made or claimed, registrants
who fail to submit questionaires and
in respect of whom no deferred clas
sification is claimed or made, and all
registrants not included in any other
division of the schedule.
The plan would place upon the un
attached single men and married men
with independent incomes most of the
weight of military duty, for the aggre
gate number of men in the other di
sions of .Class 1 is very small.
General Crowder finds that the first
draft surpassed the highest expecta
tions.
General Crowder says that 9,586,508
men between the ages of 21 and 31
registered in the first draft. Up to
late in December only 5,870 arrests
had been made of those who
had sought to evade registration and
of that number 2,263 were released
after having registered and there
remain only 2,095 cases to be pros
ecuted. The report says it will be
shown that only .00026 per cent
of the men within the draft age evad
ed registration.
A rough figure of 8.2 per cent is
given as the number of registrants
who failed to appear when called by
their local boards, but General Crow
der says that most of the men al
ready are in Europe in the Ameri
can, British and French armies.
“The final data will undoubtedly
showT,” General Crowder adds, “that
the number of those who wilfully
failed to appear for examination is
insignificant.”
Of the total registration of 9,586,
508 the number called and examined
was 3,082,949 and of these 1,057,
363 were certified by the boards
for military service. Since the first
call was for only 687,000 men, there
remain 370,363 men awaiting sum
mons to the mobilization camps.
Of all men examined, 730,756, or
23.7 per cent, were rejected for phy
sical reasons. That, it is said, shows
an encouraging impiovement in the
physical condition of the young men
of the nation.
“What language! Leave the room!
Leave the room!” squawked Trenton,
(N. J.) parrot when negro burglar
broke into house. And the burglar
left.
^Vafe?
sion over its
nagement —
ich are most
strength of a
AND TRUST
00,000.00. It
rvision. It is
of integrity
ect its affairs
positors con
s bank unques
ings deposits. In
4 per cent com
ost prompt and
mes, regardless of
or small.
tCo
VAS1* PROFITS MADE
BY NAVIGATION COM
PANY OFF GOVERNMENT
Associated Press Dispatch.
Washington, Jan. 4.—Profits of
more than a million dollars were
made by the Clinchfield Navigation
Company in a deal involving govern
ment shipbuilding contracts, accord
ing to testimony before the senate
committee investigating the ship
building program.
DEPARTMENT OF
MUNITIONS WILL
BE FORMED SOON
Associated Press Dispatch.
Washington, Jan. 4.—The estab
lishment of a department of muni
tions under a new cabinet head to be
known as Secretary of Munitions,
was proposed today in a bill intro
duced by Chairman Chamberlain of
the Senate Military Committee, as a
result of its investigation of war
operations.
STOCK HOLDERS MEETING.
The regular meeting of the share
holders of the First National Bank of
Newport, Arkansas, will be held in
the banking rooms of the bank on
Tuesday, January 8th, 1918.
dtf. W. T. PARISH, Cashier.
Subscribe for The Independent.
Teacher who said “This is a hell
of a class” was justly fired, court de
cides.
Subscribe for The Independent.
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+ H. S. SIMMONS +
+ Public Surveyor ^
+ Office with Geo. M. ^
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Sink. Will answer calls
4 anywhere in Jackson +
+ and surrounding coun- +
^ ties. ^
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"" ■■ - ■ —g-i- ■ ■. -
The Season s Greetings
'THE R. J. Wise Grocery Com
-*■ pany trusts that everyone is
enjoying this holiday s'eason to
the utmost, and thanks its pa
trons for their liberal patronage
during 1917, and wishes them a
Happy and Prosperous New Year.
J. Wise Grocer Go.
leeting
P I wish to thank my many friends and ip
gp customers for the liberal patronage gp
Is accorded the firm of Hogue & Williams |g
during the past year, and may the New p
pj Year witness a continuance of these re- pj
H lations—and may we all witness the Ig
p day of an honorable and lasting peace afo
P throughout the world. ||j
gp I have assumed full ownership and gp
management of the store and am now IS
p better enabled to serve my customers, Sg
gp as I will give my entire time to the gp
business. Will be pleased to have my IS
p friends call on me. ip
I Jesse E. Williams J
Successor to Hogue & Williams