The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1861-10-19
The Income Tax.

The Income Tax.
| The "Income tax" says the New York
Journal Of Commerce is levied upon the an
nua income of every person residing IN the
United States, wheher such income is de-
| rived from any profession, trade, employment
or vocation, if such annual income exceeds
$500 per annum. This tax is to be three
per cent upon all such excess of income
above $500 per annu,n, with the following
exceptions: Income from United States
securities will be taxed on ! 2 per cent:
income of non resident citizens to be taxed
per cent, except it is from investment in
United States securities, when it will pay
2 per cent; and income from property
otherwise taxed, will he allowed deduct; on
from the rates named Of the full amount OF
all such local taxes, which viii give income
from all taxable property nearly or quite a
! full exemption The income tax is, there
fore, to be levied amost exclusively upon
income from labor, income from property;
and as even in this department the excep-
ton of all below $500 will exclude nearly
all employed outside Of our large towns and
cities, the burden is chiefly levied upon saa
ried and business nlen earning an income by
tleT own lIeUtS anu llluStiy' III tHiS CoH'
nettion there is one feature which will bear
with grea; severity upon those who are likey
to suffer from The depression in business
The assessment is laid upon past income,
and it is easy to see that such past inc' me,
especially if only a salary, may provide no
present means for the tax proposed. thus,
the act provides that there shall be due and
payable du;iny the next year pilor to the
thirteenth day of Jane, a tax upon the sala
ry or income of the year 1861. 1t i, easy
to see that man with a family having an
income of $500 this year, mig not have
the $50 which will be required of him next
year. His income may have totally ceased;
he may have broken down in business; he
may have been clerk and lost bis place
through the failure of his emp" er; he may
have been a teacher, OF in any miar silua
,ion, and earned a good living in 1861, but
be broken in health, and have Il III
come or means in June, 1862 but IN either
case the law is inexorabe If he earned so
much in 1861, he must pay the tax on it
six months thereafter If he has not the
means, his personal effects are to be seized
and sold; and the hardest Of ALL If he have
no means or effects, the collector shall, "arrest
such person and commit him to prison. to be
held in custody until the same shall be paid (,
with - interest thereon at the rate of six
per centum from the time when the same
was payable as aforesaid, and all fees and
charges of such commitment and custody"
We think it is not too much to say that
there will be hundreds of persons in our
large cities who had liberal incomes during
the first half Of the current year, but who
will find it inconvenlent many instances
impossibIe-to pay three per cent on that
income at any time during the year 1862
This is carrying out the promises the leaders
Of The Republican party made to the people
during the campaign of 1860 with a ven
geance; they then told the people that the
Buchanan Administration was corrupt and
waseful in their expenditure, and should be
ousted from power in order to restore the
Government to its original purity-rigid
economy. The honest and we'll thinking
masses believed what these tlicksters and
demagogues told them; they brought about
change through the grossest misrepresen
ta,ions and basest falsehoods they could in
vent; and now, since their advent to power,
these very same men, do not only misuse the
trust committed to them by the people, but
also practice the grossest deception upon
them; tax them to death, first; and secondly,
if they are unable to pay throw them into
prison unit they have paid their debt. Fear
fu will be the day OF reckoning at the bal
lot box, when these worthless again ask the
suffrages Of the American people.
EE A circular dated Calcutta, July 22d,
states that the employment of American yes
sells for the present is about stopped, from the
irnpossbiIity Of shippers obtaining insurance,
as most Of the insurance companies have re-
ceived orders from home to avoid them aIto
eether until further orders, while the few
that will insure are so limited as to the exi
tent and direction as to preclude any business
of importance being done.
EE- The City Council of Canton Ohio, have
appropriated $4,000 to the proprietors of
the Stark County (Ohio) Democrat, for loss
sustained by the destruction of their office
by mob.
| s1w- A ,o,,, Jv;s;op of tho Sons Of Tanner