Abstract of reports of savings and State banks in the District of Columbia for each call since August 31, 1918. Abstract of reports of loan and trust companies in the District of Columbia for each call since August 31, 1918. Principal items of resources and liabilities of each savings and State bank in the District of Columbia on September 12, 1919. Principal items of resources and liabilities of each loan and trust company in the District of Columbia on September 12, 1919. Principal items of resources and liabilities of loan and trust companies in the District of Columbia on or about October 1, 1890, to 1919. Principal items of resources and liabilities of savings and State banks in the District of Columbia on or about October 1, 1906, to 1919. Summary of the condition of building and loan associations in the District of Columbia on December 31, 1918, and June 30, 1919. Abstract of reports of condition of State, savings, private banks, and loan and trust companies on June 30, 1919. Abstract of reports of condition of State banks on June 30, 1919, by States. Abstract of reports of condition of mutual savings banks on June 30, 1919, by States. Abstract of reports of condition of stock savings banks on June 30, 1919, by States. Abstract of reports of condition of loan and trust companies on June 30, 1919, by States. Abstract of reports of condition of private banks on June 30, 1919, by States. Abstract of reports of condition on June 30, 1919, by States, of State, mutual savings, stock savings, and private banks, and loan and trust companies. Summary of reports of condition on June 30, 1919, of State, mutual savings, stock savings, private, and National banks, and of loan and trust companies. Aggregate resources and liabilities from 1915 to 1919 of State, mutual savings, stock savings, and private banks, and of loan and trust companies. Summary of reports of condition of State banks on June 30, 1919. Summary of reports of condition of mutual savings banks on June 30, 1919. Summary of reports of condition of stock savings banks on June 30, 1919. Summary of reports of condition of loan and trust companies on June 30, 1919. Summary and reports of condition of private banks on June 30, 1919. 1919. Aggregate resources and liabilities of stock savings banks from 1915 to 1919. Aggregate resources and liabilities of loan and trust companies from 1915 to 1919. Aggregate resources and liabilities of private banks from 1915 to 1919. Resources and liabilities of the first Bank of the United States. Number of colonial and State banks, their capital circulation, deposits, specie, and loans, from 1774 to 1833. Number of State banks in the United States, with their principal resources and liabilities, from 1834 to 1872. Statement showing condition of the 20 chartered banks of Canada on September 30, 1919. Comparative statement, October, 1918, to September, 1919, relative to capital, etc., of the chartered banks of Canada. Comparative statement of New York Clearing House transactions for each year from 1854 to 1919. Comparative statement of the clearings, etc., of the New York Clearing House for the years ended September 30, 1919 and 1918. Exchanges, balances, percentages of balances to exchanges, and percentages of funds used in the settlement of balances by the New York Clearing House in each year from 1893 to 1919. Clearing-house transactions of the Assistant Treasurer of the United States at New York for the year ended September 30, 1919. Comparative statement of the exchanges of the clearing houses of the United States for the years ended September 30, 1919 and 1918. Number and liabilities of State, savings, and private banks, and of loan and trust companies which failed during the year ended June 30, 1919. Number of failures, capital, assets, liabilities, and dividends paid by State and private banks that failed in each year from 1864 to 1919. Number, assets, and liabilities of State, savings, private and National banks, and of loan and trust companies which failed by years from June 30, 1892, to June 30, 1919. Number of failures, together with number of National and all other reporting banks, including trust companies, by States. THE BUREAU OF INTERNAL REVENUE. The Office of the Commissioner of Internal Revenue was created in the Treasury Department by the Act approved July 1, 1862. The activities of the Bureau of Internal Revenue, as the organization is known today, were considerably expanded by the Revenue Act of 1918 (approved February 24, 1919). The Bureau is charged with the collection of the revenues derived from the income, war profits and excess profits, capital stock, estate, child labor, sales, spirits, tobacco, and all other Federal taxes except customs duties. The Bureau is also responsible for the enforcement of the National Prohibition and Harrison Narcotic acts. The statistical product of the Bureau of Internal Revenue is of course a derivative of its primary work of revenue collection and law enforcement, and the statistics which the Bureau publishes find their chief value in exhibiting the results of the application of the several classes of Federal taxes. In addition, however, to showing the amounts of Federal receipts under the internal revenue laws, the published statistics show also certain particulars with reference to the manufacture and sale of taxable commodities. The principal vehicle for the publication of the statistics compiled by the Bureau of Internal Revenue is the annual report of the Commissioner. Revenue Statistics. Each annual report of the Commissioner contains detailed tables showing, by States and by the 64 collection districts, the total moneys collected during the fiscal year under each of the various sections of the revenue laws. The tables show the aggregate collections from income and profits taxes and from the estate tax. Collections of taxes on distilled spirits and alcoholic beverages, including occupational taxes imposed on liquor dealers, brewers, rectifiers, manufacturers of stills, and the tax on stills or worms manufactured, are shown under 25 subheads, while those on tobacco and tobacco manufactures are shown under 24 subheads. Taxes on the manufacture and sale of oleomargarine are shown under 7 subheads, of adulterated butter under 4 subheads, of renovated butter under 2 subheads, and of mixed flour under 2 subheads. Grouped under the general head of taxes on legal and business transaction and documents, 4 classes of tax colections are shown, while 7 classes are shown under the general head of public utilities, and 4 under insurance. Excise taxes collected from manufacturers on account of sales are shown under 29 commodity groups, while excise taxes collected from consumers through dealers are shown under 5 separate commodity groups. Tables are included showing the amounts collected from taxes on the capital stock of corporations, the privilege taxes paid by each of 4 separate classes of brokers, and each of 8 classes of public entertainment enterprises, the taxes paid on automobiles kept for hire, and the taxes paid on the use of boats. Taxes paid on admissions to places of amusement or entertainment are shown under 6 subheads. Taxes collected on narcotics are shown under 6 separate heads. Since certain Federal taxes are based directly upon quantities of goods sold, the Bureau of Internal Revenue is able to calculate from the monthly and annual collections of tax on a number of commodities the total quantity of each commodity sold during the period. A brief mimeographed statement is issued monthly, showing the number of gallons of distilled spirits, of rectified spirits, and of wines taxpaid during the month; likewise the number of each of six classes of cigars and of two classes of cigarettes, the number of pounds of manufactured snuff, of manufactured tobacco, of colored oleomargarine, and of uncolored oleomargarine; also the number of packs of playing cards. A supplement to the statement shows similar information for Philippine and Porto Rican tax-paid products. 1 Statistics of Income. The first Federal income tax was levied during the Civil War period. 1 An income tax was also levied by the government of the Confederacy. The Act of August 5, 1861, provided for a tax of 3 per cent on the excess over $800 of the "annual income of every person residing in the United States, whether such income is derived from any kind of property or from any profession, trade, employment or vocation carried on in the United States or elsewhere, or from any source whatever." This Act was never put in force. It was repealed by the Act of July 1, 1862, which introduced the principle of graduation. The tax was to be levied for three years or until July 1, 1866, " and no longer." As the war progressed, the need of more revenue was apparent. Accordingly, the far more comprehensive Act of June 30, 1864, was passed. This law served as a model upon which all subsequent income tax acts were based. It was amended by the acts of March 3, 1865, July 13, 1866, and March 2, 1867. The tax was limited by the Act of July 14, 1870, to the years 1870 and 1871 "and no longer," and was allowed to die a natural death. For almost two decades after its abandonment there had been no material demand for an income tax in the country at large. During the beginning of the nineties, however, the situation changed. The great decline in prices, the bad times among the farmers, the immense growth of large fortunes, and the appearance of "trusts " engendered several great political movements each of which registered itself in legislation. One of these was the demand for a progressive income tax which was especially strong among the farmers and which reflected itself in the Act of August 27, 1894. In the following year, however, this act was declared unconstitutional by the United States Supreme Court on the ground that it provided for a direct tax, which, under the Constitution could only be imposed if apportioned according to population. A constitutional amendment was obviously necessary as a basis for such legislation. Such an amendment was not ratified by the necessary three-fourths of the States until February 28, 1913. The ratification of the Sixteenth Amendment was followed by the enactment of the income tax law of October 3, 1913, which marks a new stage in the history of American finance.3 The tax was imposed by this law upon the entire net income of every citizen of the United States, whether residing at home or abroad, as well as upon that of every person residing in the United 1 Article 1, section 9, clause 4, of the Constitution provides that "No capitation, or other direct, tax shall be laid unless in proportion to the census or enumeration herein before directed to be taken." This (the sixteenth) amendment provides: "The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration." Strictly speaking, Federal income taxation may be said to have been continuously in force since 1909, for the Act of August 5 of that year imposed a "special excess tax" on the entire net income of corporations which, though held constitutional, was an income tax in fact, though not in form. States although not a citizen. In the case of noncitizens of the United States residing abroad, the tax is assessed upon the income from all property owned, and from every business, trade or profession carried on in the United States. The law applied to corporations as well as to individuals. The income tax was payable by every corporation, joint-stock company, or association, and every insurance company, organized in the United States, with few exceptions. Persons carrying on business in partnership were taxed only in their individual capacity. The law defined net income as follows: That, subject only to such exemptions and deductions as are hereinafter allowed, the net income of a taxable person shall include 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, businesses, trade, commerce, or sales, or dealings in property, whether real or personal, growing out of the ownership or use of or interest in real or personal property, also from interest, rent, dividends, securities, or the transaction of any lawful business carried on for gain or profit, or gains or profits and income derived from any source whatever, including the income from but not the value of property acquired by gift, bequest, devise, or descent: * * In computing the net income for the purpose of the normal tax the law allowed certain deductions, such as business expenses, taxes, interest on debts, losses, bad debts, depreciation and dividends of any corporation which is taxable upon its net income. The law also exempted the proceeds of life insurance policies, the compensation of all officers and employees of a State or any political subdivision thereof, interest upon the obligations of a State or any political subdivision thereof, and upon the obligations of the United States or its possessions, the compensation of the (then) President of the United States during the term for which he had been elected, and of the judges of the supreme and inferior courts of the United States then in office. The tax applied to individual incomes only when they exceeded $3,000. An additional exemption of $1,000 was allowed to married couples. The rates provided by the law were 1 per cent per annum on the entire net income (normal tax) and an additional tax on incomes exceeding $20,000.2 |