Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1862-05-30
The Federal 'Incon,e Bill"

WASHINGTON, May 22-The Tribune says
the friends of Senator Simmons tex bill are CON
fidsnt it will be adopted The following is the
section relating to income And be il further
enacted, that the act entitled an act to provide
increased revenue from imports to pay interest
on the public debt, and for other purposes, ap
proved August 5th, 1861, be, and the same is
hereby amended aud modified as follows
1st. After the first of July, 1862, there shall be
levied, collected, and paid annually, upon yearly
gains, profits or income, of every person residing
in the United States, whether derived from any
kind of profits, rents, interest, dividends or saa
ries, or from any profession, trade, employment
or vocation, carried on in the United States OF
elsewhere, or from any other source whatever
including the pay received by the officers of the
government of the United States, members and
delegates iD Congress, except as hereinafter
mentioned, if such annual gains, profits OF
incomes exceed the sum of $500, and does
not exceed the sum Of $4,000, a tax OF
three per cent. upon the amount of said
income above said sum of 5000; if said income
exceed the sum of $500, aud does not exceed
the sum of $1,000, tax Of five per centum on
such income above 5000, upon the income,
profits, gains rents, and dividends accruing upon
any property, securities and stocks owned in
the United States by any citizen thereof residing
and not in the employment of the United
CldlSS, Suu upon All luCDulcS WHICH, tACGCu tut
sum of $4,000 per year, a tax of u per centum
on the amount of said income over the said sum
OF $4,000, and there shall be added to the list Of
persons subject to the payment of income taxes,
in the 49th section Of said act all corporations
or societies for religious or literary pur-
poses, whose annual income exceeds the
sum of 5000; and upon their income above
that sum there shall be paid the same rates
of tax as are paid by individuals pro
vided, in corporations or societies, whose
incomes ore directed to the publication and
circulation of the Holy Scriptrfes. of religious
tracts, or for the support of religious missions,
foreign or domestic, or devoted solely to educa
ton, shall beexeludedi and provided, further,
that so much of the income of every person, cor
pOTatiOn, or society, subject TO be taxed by this
act, is derived from the interest or securities
of this government of the United States, shall
be taxed ! per centum, and no more; and pro
vided further, that there shall be no more than
three per centum levied on the income of any
person, unless such annual income exceeds
$4,000 if the ssIe or greater portion thereof
is derived from any profession, trade, or busi-
ness carried on in the United States or elsewhere;
nor shall any income tax be assessed on the sal.
ary of any officer of the government of the
United States, whose salary is forbidden to be di
minished during the continuance in Office by the
Congress of the United States.
The time fixed for the payment of the income
tax in the first section of the said act of August
s. 1861, is hereby extended to the 1st of October,
1862, when the same shall be due and payable,
and if not then paid shall draw interest there
after at the rate of 6 per cent. per annum and
after said year, said income tax shall be due and
payable on the Both day of June in each year,
as provided in said section.
So much of the 50th section of said act as
provides tor the appointment of assessors and
assistant assessors, collectors and assistant col.
lectors, together with their duties and bonds, is
hereby repealed