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 12
... property only . Seven years later , in New Plymouth , “ faculties and personal abilities " were distin- guished from visible property for the purposes of taxation , a distinction which was apparently maintained in the actual assessment of ...
... property only . Seven years later , in New Plymouth , “ faculties and personal abilities " were distin- guished from visible property for the purposes of taxation , a distinction which was apparently maintained in the actual assessment of ...
Page 13
... tax dropped out of ex- istence before the outbreak of the Revolution . In ... tax failed to appear at all . The first indication of an attempt in the middle or ... property developed the faculty taxes appeared increasingly arbitrary , and ...
... tax dropped out of ex- istence before the outbreak of the Revolution . In ... tax failed to appear at all . The first indication of an attempt in the middle or ... property developed the faculty taxes appeared increasingly arbitrary , and ...
Page 16
... property tax which were being made throughout the United States . The personal property tax in particular , because of its inadequacy and its increasingly unjust and pernicious results , was receiving more and more criticism . The ...
... property tax which were being made throughout the United States . The personal property tax in particular , because of its inadequacy and its increasingly unjust and pernicious results , was receiving more and more criticism . The ...
Page 19
... tax has been very unsatisfactory , often not appealing to the taxpayers ' sense of justice and furnishing excuses for the conceal- ment of property , nevertheless laws have been passed repeatedly which , if properly administered , would ...
... tax has been very unsatisfactory , often not appealing to the taxpayers ' sense of justice and furnishing excuses for the conceal- ment of property , nevertheless laws have been passed repeatedly which , if properly administered , would ...
Page 23
... tax . We have now gotten people , and especially business people , accus- tomed to an income tax ; and while there are ... property were taxed , under a proper classification , at its situs , we should have the simplest , most logical ...
... tax . We have now gotten people , and especially business people , accus- tomed to an income tax ; and while there are ... property were taxed , under a proper classification , at its situs , we should have the simplest , most logical ...
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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...