The daily Green Mountain freeman. [volume] (Montpelier, Vt.) 1861-1865, 1861-08-08
The New Revenue Measure,

The bill passed at the recent session of Con-
gross to raise revenue by direct taxation, en-
acts as follows;
That direct tax of twenty millions OF dol
lars be, and is hereby, annually laid upon the
United States, and the same shall be, and is
hereby, apportioned to the States, respectively.
In this apportionment Vermont is to raise
$2ll ,0SS. Section 6 Of the act is as follows
Sec G. And be 1t further enacted, Tha, the
said direct tax laid by this act shall be assessed
and laid on the value of all lands and lots Of
ground, with their improvements and dwelling
houses, which several articles subject to taxation
shall be enumerated ana valued by the respective
assessors, at the rate each of them is worth in
money on the first day of April 1862; provided,
however, that all property, OF whatever kind !,
coming within any of the foregoing descriptions,
and belonging to the United States, or any State,
or permanent or specially exempted from tax
alton by the laws of the State wherein the same
may be situated at the time of the passage of this
act together with such property belonging to
any individual who actually resides thereon, as
shall be worth the sum Of five hundred dollars
shall be exempted from the aforesaid enumera-
ton and valuation, and from the direct tax
aforesaid and provided further, that in making
such assessment due regard shall be had to any
valuation that may have been made under the
authority of the State or Territory at any period
nearest to said first day of April.
A tax of three per cent is assessed on all net
incomes over $500. AS this income tax is an
important provision Of the bill we give the Sec
ton relating to it entire
Sec. Ga. And be it further enacted, That
persons earning or having profits, gains and in
comes, in their own right or in trust, and all
companies, Institutions, associations, corporate
or not corporate, and corporators, earning or
having profits, gains and incomes, which profits,
gains and incomes are or shall be derived from
sources other thun The property by this act sub
jected 10 direct tax, for the year preceding the
first day of April, Ammo Domlni eighteen hun
dred and sixty-two, and each year thereafter,
beyond the sum of eight hundred dollars, de-
rived from any source Of business, trade or vo-
cation, dividends Of stocks, interests of money
or debts, salaries, interest on legacies. annui-
ties or derived from any other source, within
or beyond the boundaries of the United States,
shalt be subject to and pay tax Of three per
centum, on the first day of April in each year
from and after the passage of this act and
in computing such profits, gains and incomes,
there shall be deducted, besides the sum of
eight hundred dollars as aforesaid, all local or
State taxes, the wages paid for labor. and other
charges incident to such profits, gains and in
comes, not including personal and family cxpen-
ses, IN such manner us to leave the annual net
income of each and every person, excepting the
deductions heretofore and hereafter mentioned,
subject to taxation under the provisions of this
act Provided, That no person. member or
corporator Of any company, institution, asso.
citation or corporation, charged or chargeable
with tax under this act, shall be required or
be subjected individually TO taxation for his or
her share of the profits, gains or incomes Of
such company, institution association or corpor
alton which shall have been taxed under the
provisions of this act, and paid in whole by
said company. institution, association or corpor-
alton but where the income tax is derived
from persons residing abroad, bnt drawing
money from their properly in this country, he
rate shall be five per cen, per anum.