Author: James Milton O'Neill

Publisher: Theclassics.Us

Published: 2013-09

Total Pages: 44

ISBN-13: 9781230221410

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ... appendix C (A student's brief, outline, and speech) 1. A student'S brief By E. A. Moffatt Resolved: that the federal income tax exemption limit should be lowered by at least one thousand dollars. introduction (Affirmative) I. The question of lowering the federal income tax exemption limit has recently been agitated. A. Many people feel that the present system has not been a financial success. B. Others believe that the principle of the high exemption is wrong. ii. The following historical facts are of interest in considering the present system: A. A federal income tax was in operation during the Civil War. B. An unsuccessful attempt was made in 1894 to revive the income tax. C. The present law went into effect in October, I9I3. iii. The following features of the present income tax should be understood in order to discuss the proposition: A. A tax of one per cent. is levied on all incomes over $4,000, in the case of married people. B. The exemption is $3,000 for unmarried people. C. An additional tax is levied on incomes ex ceeding $20,000: 1. A tax of 1% is levied on incomes be-tween $20,000 and $50,000, 2% be-tween $50,000 and $75,000, 3% between $75,000 and $100,000, 4% between $100,000 and $250,000, 5% between $250,000 and $500,000, and of 6% on all incomes exceeding $500,000. (Political Science Quar-terly, March, 1914, p. 16.) D. A person's taxable income is obtained by de ducting from his income from air sources the following items: Taxes, interest on indebtedness, losses sustained in business, bad debts, expenses of carrying on business, a reasonable allowance for wear and tear on property, and dividends from the stock of corporations. iv. Certain facts will be ignored as being irrelevant to this discussion: A. Provisions relating...