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Shreveport, Caddo County, Louisiana
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The new U.S. income tax law requires returns from March 1, 1914, covering incomes from March 1, 1913, for individuals earning over $3,000 (single) or $4,000 (married). Estimated revenue: $82,298,000. L. F. Speer of Bangor, Pa., appointed deputy commissioner with 22 years' experience.
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According to treasury experts about 425,000 American citizens are amenable to taxation under the new income tax law. The first returns to the internal revenue collectors do not have to be made until March 1, 1914, but when the returns are made they will cover the incomes of citizens from March 1, 1913. Every single person (citizen or foreign resident) whose annual income exceeds $3,000 and every married person with an income above $4,000 is expected to report his or her receipts in detail to the government agents on March 1 of each year. It is estimated that the tax will produce $82,298,000.
The garnering of this vast sum will be under the supervision of Mr. L. F. Speer of Bangor, Pa., who has been appointed deputy commissioner of internal revenue under the provision of the new tariff law providing for such an official to take charge of the collection of the new income tax. Mr. Speer's competency to handle the job is unquestioned, he having had twenty-two years' experience in the internal revenue department. Four years ago, when the corporation tax became effective through the enactment of the Payne tariff law, he was placed in charge of the collection of corporation taxes.
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Location
Bangor, Pa.
Event Date
March 1, 1913 To March 1, 1914
Story Details
New income tax law affects 425,000 citizens with incomes over specified thresholds; returns due March 1, 1914, covering 1913 incomes; expected to yield $82,298,000; L. F. Speer appointed deputy commissioner to oversee collection.