The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1861-08-10
WHAT THE STATES MAY DO.

Section iG enacts that any State NAV as
sumo and ray into the treasury of the
United States its quota Of the Ia x in its own
way and manner, by and through its own
officers assessors and collectors that it
shall be lawful to use for this purpose the
last or any subsequent valuation made FOR
the purpose of State taxation and any
such State which shall give notice to the
Secretary OF the Treasury, on or before the
second Tuesday of FEBRUARY next, and in
each succeeding year thereafter, of its in.
tention to assume and pay the direct tax
imposed by this act, shall be entitled to q
deduction of fifteen per centum on the
quota apportionsd to such State: Pro,ided
however, That the deduction shall only
apply to such part of the same as shall be
paid into the treasury by the last day OF
juno in the year to which such payment
relates, and deduction of ten per centum
to such part as shall be paid BY the last
day of September.
Sections Al to 81 further regulate the
qualifications and powers Of collectors
THE INCOME TAN
Section SO relates to the income tax, and
we give it in full
And be Il. tartker enacted, That from and
after the first day of January next there
shall be levied, collected and paid, upon
the annual income of every person residing
in the United States, whether such income
is derived from any kind of property, or
form any profession, trade, employment,
or vocation carried on in the United States
or elsewhere, or from any other source
whatever, if such annual income exceeds
the sum of eight hundred dollars, tax of
three per centum on the amount of such
excess Of such income above eight hundred
dollars: Pfovidcd, That upon such portion
of said income as shall be derived from
interest upon Treasury notes, or other se-
curities of the United States, there shall
be levied, collected and paid tax of two
and onehalf per centum. Upon the in
come, rents, or dividends, accruing upon
any property, securities, or stocks owned
in the United States by any citizens of the
United States residing abroad, there shall
be levied, collected, and pa id, tax of five
per centum, excepting that portion of said
income derived from interest on Treasury
notes and other securities of the govern.
ment Of the United States, which shall
pay one and one half per centum. The
tax herein provided shall be assessed upon
the annual income of the persons herein
named for the year next preceding the
time for assessing said tax, to wit the year
next preceding the first of January, eight
cen hundred and sixty-two and said taxes
when so assessed and made public, shall
become lien or the property or other
sources of said income for the amount of
the same with the interest and other ex-
penses of collection until paid Provided,
That all local taxes assessed upon this
property from which the income is derived
shall be first deducted
Section So provides for the appointment
of assessrrs and collectors of the income
tax, and the details Gifts collection.
Section 81 makes the tax payable on or
before the thirtieth day of June, and au
thorizes the usual course of distraint in
case of Bon.payment
Section 90 provides that, in case the
provisions of this act cannot Be executed in