State Taxation of Personal IncomesExpands on the author's paper titled "Fiscal Aspects of State Income Taxes," which appeared in the American Economic Review for June, 1920, along with a description of the background of these taxes. |
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Page 18
... interest to students of taxation was not so much one of the possible success of state income taxes , for their elimination seemed only a question of time , but the underlying reasons for the con- sistency of the failures . In the light ...
... interest to students of taxation was not so much one of the possible success of state income taxes , for their elimination seemed only a question of time , but the underlying reasons for the con- sistency of the failures . In the light ...
Page 20
... interest in the device which were not to be disregarded . Moreover , the amendment to the Wisconsin constitution permitting the passage of an income tax law had already been adopted . Mr. Kinsman restated his position as follows : 1 A ...
... interest in the device which were not to be disregarded . Moreover , the amendment to the Wisconsin constitution permitting the passage of an income tax law had already been adopted . Mr. Kinsman restated his position as follows : 1 A ...
Page 26
... interest in improved legislation and administration was already demonstrated . Professor Bullock of Harvard was made chairman . The entrance of the United State , into the world war seriously interfered with the work of the committee ...
... interest in improved legislation and administration was already demonstrated . Professor Bullock of Harvard was made chairman . The entrance of the United State , into the world war seriously interfered with the work of the committee ...
Page 29
... interest on indebtedness . The large amount of federal bonds exempt from local taxation introduces a com- plication . The interest deduction should therefore be limited to an amount proportional to the income which the taxpayer derives ...
... interest on indebtedness . The large amount of federal bonds exempt from local taxation introduces a com- plication . The interest deduction should therefore be limited to an amount proportional to the income which the taxpayer derives ...
Page 37
... interest , wages , profits , royalties , and " all other gains , profits or income of any kind derived from any source whatever " ( except those specifically exempted ) . 1F . E. McGovern , “ A State Income Tax , " Proceedings of the ...
... interest , wages , profits , royalties , and " all other gains , profits or income of any kind derived from any source whatever " ( except those specifically exempted ) . 1F . E. McGovern , “ A State Income Tax , " Proceedings of the ...
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Common terms and phrases
administration adopted allowed amendment assessment bill Carolina Committee on Model comptroller deductions distribution dividends double taxation earned excess exemptions federal income tax federal law federal tax fiduciary fiscal funds gross income imposed income derived income tax law income taxation incomes of non-residents increase individual incomes intangible Laws of Massachusetts legislation levied ment method Mexico Mississippi model personal Model Taxation National Tax Association net income North Carolina North Dakota offset Oklahoma one-half operation payment personal income tax personal property tax present proceeds progressive tax provision question rates of taxation real estate recommendations repeal Report result salaries Seligman sonal Statistics of Income tax commissioner tax receipts tax system taxable income taxation of incomes taxation of non-residents taxation of personal taxes paid taxpayer three per cent tion unearned income Virginia Wisconsin income tax yield York income tax
Popular passages
Page 221 - Gross income" includes gains, profits, and income derived from salaries, wages, or compensation for personal service, of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in such property...
Page 240 - If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 225 - In the case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance for depletion and for depreciation of improvements, according to the peculiar conditions in each case...
Page 224 - Whenever In the opinion of the Commissioner the use of Inventories is necessary in order clearly to determine the Income of any taxpayer, Inventories shall be taken by such taxpayer upon such basis as the Commissioner, with the approval of the Secretary, may prescribe as conforming as nearly as may be to the best accounting practice In the trade or business and as most clearly reflecting the Income.
Page 224 - ... rentals or other payments required to be made as a condition to the continued use or possession, for purposes of the trade or business, of property to which the taxpayer has not taken or is not taking title or in which he has no equity...
Page 223 - When property is exchanged for other property, the property received in exchange shall for the purpose of determining gain or loss be treated as the equivalent of cash to the amount of its fair market value, if any...
Page 225 - ... based upon cost including cost of development not otherwise deducted: Provided, That in the case of such properties acquired prior to March 1, 1913, the fair market value of the property (or the taxpayer's interest therein) on that date shall be taken in lieu of cost up to that date...
Page 219 - ... shall be construed according to the method of accounting upon the basis of which the net income is computed under section 212 or 232. The deductions and credits provided for in this title shall be taken for the taxable year in which "paid or accrued
Page 224 - ... (e) LOSSES BY INDIVIDUALS. — In the case of an individual, losses sustained during the taxable year and not compensated for by insurance or otherwise — if incurred in trade or business ; or if incurred in any transaction entered into for profit, though not connected with the trade or business...
Page 224 - Losses sustained during the taxable year of property not connected with the trade or business (but in the case of a nonresident alien individual only property within the United States) if arising from fires, storms, shipwreck, or other casualty, or from theft, and if not compensated for by insurance or otherwise...