, 1861-08-07

likely 10 happen IL more LQaQ q 16H cases,
since the States are privileged, besides the re-
duction OF Is per cent, to offset any claims
they hold against the General Government for
raising and equipping volunteers 1or army
service or claims Of any other nature. And;
ss The tax will by no means be 30 burdensome
IS has been represented, and is, moreover, one
of apparent absolute necessity for maintaining
the credit Of the Government by pledge OF
specific revenue to meet interest, the States
should come up to the work Of sustaining 1t
with VIgor and promptitude-
As 10 quota can be expected from the dis
loys1 States, the net amount which will
be realized from this tax may be estimated at
about $12,000,000:
The share Of this direct tax which falls to
the allotmen: Of Illinois is S1,146, ,551 S5 100.
Taking the valuation IF 1850 as basis, this
tax, if levied by the State upon all property
alike, Will amount to only kars mills on The
dollar Of valuation, or s.. 90 for each thousand
dollars worth of property listed for taxation.
The total real and personal property Of ILL
nois was s390, ,000, ,000 in round numbers, in
1860.
Even On the hypothesis that the Federal
Government itself Is to levy aud collect the
tex, in which case 1t will be laid upon real
estate alone, it will amount to -four mills
Oh the dollar Of valuation, or $500 for every
thousand dollars worth Of real estate owned
By any citizen Of Illinois. The same may
be said approximately Of all the neighboring
States Of the Vest.
Now, when it is considered that by the pro-
visions Of the same act, d heavy income tax OF
hTee per csak Is laid upon all capital, salaries
and profits, Of whatever nature, over and
above eight hundred dollars per annum, it
| will hardly be objected that the agricultural
| interest Is disproportionately buraened By the
| provisions Of this law Moreover, all homs-
| steads of $500 or less in va1ue, a:e entire'y
| exempted from taxation-
2 The income tax taxes all annual incomes
exceeding $500 per annum, Arse pr cesst. on
! the amount Of such crccss. Thus, an income
Of 81 600 per annum, Will pay tax Of &c 90 tc
| the Government. An income OF $1,000 pc,
| snnuna, will par $500, aad 80 on. This Is az
alteration from the bill which passed ths
Houee, which taxed all incomes il excess o
5000 per year. Five per cent. is levied ;nstea6
n +1,e 11n;tea s.,tcc vh;c,, ,ra al and a.
;a,ea ~. fo~a;gn conn,riaa NJ a~e,,nt,on{ w
80 rnsd. r. ne aot a~eort ~ ra,ann os der;1a;
e~a,a ~ ,na - ~a,,t ~ - ,.o,1 ast.ta wh;ah , ha-;s,
hsa1 ~ $50 ta~sa , ~ = snea;a11r 's ~
s,nn.nd fIo-a +ha o,er.t;on ~ tba inn ,as +s~ ~
-, 49, s,,;.s3 - ~: 49,. sa ~, -
-asaz..a 49, ee $3.50 ~, sit,.aa .s -
aeoo go ~ 80 , ,..s,. 49, ,:1as 49, pl1s"nSo
S'0o Pe. a s"e.. @'' ''""Ao
loe onfoenS o. 1As a'4stuneu'' ,.,
ihas aes' eo"sse1''nAe me o,.eee taS q"
does NOT go 1nIo oPe1atioa ,"'neu'a1e'y. III
income, 'noeeo' Is TO D. feekonea Tor tne cu1
rent year. aaa Is % DC rendered 1eom 1ne IL
o. Apsas' 1eol, 20 aps1s l. tso3s AZ sae iasse
date, inc statements ere 70 DC eaieo 1os' an
the tax collected within fhtrty Gays.
1 This measure although IT wlu doubtless aI
pear 20 aan's sssneen1 ano severe ohe, VII
10 !nofe " estno1lsn alu aseule our na''on.
s,el "o,. .4z 10y .ulte ne Sou4o poss
ets w. ~ WE a1ao euo.ay po Ill tne nai Ae'
ol Loauoa. fa1i7, at.o "esn''>ns, ioR roAo
sNooovo~. Aes ~ oleee 20 eecn 11as :, .os pe'
PIE ei t1e oalsea e1Ales a1e ie8o3' HI etasst