Philadelphia H. & P. R. Co. v. Lederer, Collector (242 Fed. 492) 208 Pollock v. Farmers' Loan & Trust Co. (157 U. S. 429; 158 U. S. San Francisco & P. S. S. Co. v. Scott (253 Fed. 854).... Southern Pacific v. Muenter (U. S. C. C. A. unreported; T. D. 2944) 578 .40, 358, 453, 480 660 United States v. Aetna Life Ins. Co. (260 Fed. 333)...... 608 United States v. Alpha Portland Cement Co. (242 Fed. 878; 257 United States v. Grand Rapids & Indiana Ry. Co. (239 Fed. 172 United States v. Guggenheim Exploration Co. (238 Fed. 231). 355 211). ..253, 323, 653 Von Baumbach v. Sargent Land Co. (242 U. S. 503).......390, 765 W Wilson v. Iseminger (185 U. S. 55) ..... 592 216 INTRODUCTORY Since the first edition of this book appeared, three years ago, the country has ceased to regard the income tax as a novelty and has accepted it as an institution. The American people have quickly accommodated themselves to the tax, have readily grasped the principles underlying it and have learned to perform measurably well the large part which is expected from them in its administration. On the whole, the tax is one which has commended itself as approximating the recognized standards of equity. Its productivity has been little short of astonishing. The federal levies on income and profits yielded more than three billion dollars in the fiscal year 1919, exclusive of the deferred instalments.1 The heavy governmental expenses inherited from the war insure the indefinite continuance of the income tax at least. 'Estimated revenue receipts for fiscal year ended June 30, 1919, (estimate published at time bill came from conference committee, Congressional Record, February 27, 1919, page 4738): Income tax: Individual Excess profits tax. $1,432,000,000 775,000,000 2,500,000,000 $4,707,000,000 "Internal revenue receipts for the year ended June 30, 1919, amounted to a total of $3,850,150,078.56. Of this amount $2,600,783,902.70 was an income and excess profits tax representing the first two instalments due on or before March 15, and June 15, 1919. The sum collected from income and excess profits taxes was $238,244,035.87 less than the entire collections from similar sources during 1918, when the full amount of all assessments was collectible within the fiscal year. "It may be stated confidently that the estimate of $6,000,000,000 as the yield from the first twelve months of operations under the Revenue Act approved February 24, 1919, will be closely approached if not fully realized. With the additional assessments resulting from the final audit and verifications of returns, this estimate unquestionably will be exceeded." (Extract from 1919 annual report of the Commissioner of Internal Revenue.) |