The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1862-06-24

The Tax bill, which has been under conside-
ration for so long a time, passed both houses of
Congress, by decisive vote, yesterday after
noon.
Wo republish In another portion Of this morn
ing's issue our table Of the taxes imposed, with
the amendments made since tho bill was re-
turned to the House for concurrence in the
Senate amendments
The taxes imposed are Of the following differ
ent classes, Wis
Frsi-A tax on persons and corporations
engaged in certain pursuits, for licenses.
SecoSl-A tax on manufactured articles, pro-
ducts, &C., to be paid by the manufacturer or
producer when he sells such articles or pro-
ducts.
7Eird-A duty on incomes Of individuals,
railroad and steamboat companies, public
officers and others.
FJuru-Duties to be paid for stamps, which
the bill requires to be affixed to certain papers,
medicines, documents, DC.
Notwithstanding the publicity which has
been given to the provisions Of the Tax bill
since it Was first introduced in the House of
Representatives there still seems to be some
misunderstanding in the minds Of many con-
cerned relative to their duties and obligations.
For instance, we have heard it stated that
large proportion Of the manufacturers are
under the impression that the tax Of three
per cent on the value OF their fabrics
Ia 10 DO levied only on the amount
Of profit arising from the sale thereof.
&. ~ 10
ties are to be levied on tho entire value OF
the manufactured articles. The manufacturers,
in addition to this duty, are required to pay, in
common with ell other persons who receive
over SIX hundred dollars per annum, tax
on the amount OF income In excess Of that
sum, the rate Of tsxasion Increasing az The
amount Of income increases The former duty
VIII not, in reality, be paid entirely By the
manufacturer, but will be derived mostly from
the consumer, who will pay II in tho enhanced
price Of the article consumed. The msnufac-
turer will scarcely DO able 20 receive back,
under the present rules Of trade, all Of the taxes
he pays on The products Of HE mills and will
thus he required to contribute largely towards
the support Of the government.
II II tie custom for manufacturers 20 dispose
of their goods 10 customers who agree TO make
payment therefor a. the expiration OF three, six
or nine months But the taxes ara 10 be paid
to the government Al the time tho goods ara
sold or delivered for consumption or sale, and
hence the manufacturer will be deprived OF the
use Of the money expended for material and Of
that paid for taxes. In this Wow Of the subiec<
IL would appear that die burden Of taxation
will bear heavily on the class Of which we
have spoken. The effect Of The provision re-
curing payment Of the tax.s on goods at tic
time or delivery will be either 10 increase to
the consumer the price TO be paid BY an amount
considerably in excess Of that which Las been
paid for taxes, or TO work revolution in trade
by indneing manufacturers to sell only TO cash
Customers.
The Tax bill Il 20 60 into effect on the let
Of August A large portion Of the people Of
the Northern States win be called ON for the
income tax, concerning the payment Of which
an erroneous impression 10 prevalent. It is
net to be paid Immediately, on the income and
prests Of tho year already passed, but will be-
come due on the LIST Of May, 1868, and Is to
be levied on tho income for the year preceding
A limit Is placed TO the time in which the tax
shall be in operation, tbs date fixed for II 10
cease being 1865.
The Conference COMMITTEES agreed on most
Of the amendments proposed by the Senate.
Some questions in which the two hsuses of
Congress differed were settled By compromise.