The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1862-11-08
The Tax Lxw.
The following convenient summary Of
the Tax Law is given in Thempson's r..

The following convenient summary OF
the Tax Law is given in Theu,psons H.
porter:
Bankers (Hot corporatsd Bonks pay
license OF. ....... .$lVV
Bankers receive deposits, discount, and
pay checks and drafts.
Brokers pay license Of. f............. 800
Brokers buy and sell specie, uneurrent
money, stocks and exchange
Banks that do any brokerage busines,
as defined adove, must take out
brokers' license of. .S3O
Land Warrant dealers must pay
license OF. 70
BoSD AND MoxraAGE.-Stamps are re-
quired for each instrument-one fer the
bond and one for the mortgage.
The income tax is to be paid on the in :
come for the commencing January !, 1862,
SO that on the evening on the 3lst of De-
center everybody should have a very
clear record oftheir income, ,!!cains or profits
Cor the year. And, as many sources of in
come, such as dividendsand railroad bonds
and stock, insurance stock, savings bank
interest, etc, (they having already paid
the income taxi are not again taxed, it
| therefore, becomes necessary to have a
clear record of the sources OF income, that
The income tax for the yeer 1862 is paya-
/ bic on the lst Of May, 1863.
A man in business must make up the
net profits Of his business for the year, and
pay the tax on the amount, less 5000.
A man may, outside os his busnes, spend
all and even more then mis- profits in busi.
ne-s nevertheless he must pay tax on all
net business profits, except the 5000 And
SO with a salary all over 5000 must be
taxed, though personal or family expenses
consume it all
Checks, RATS, and orders for money,
whether at shight or on time, if for sums
Of $40 or under, are not required to be
stamped.
Certificates Of deposit, for anv amount
rexuires stamps two cents for 500 and
under; FIVE cents for all ouer 800.
All checks and sight drafts for sums
over $50, require only two cents for any
amount ... .
Time drafts and notes require stamps in
proportion to tue amount; FIVE cents and
| upward.
Foreign drafts, if single or solo, whether
At sight or On time, are on the same scale
as inland time drafts and notes OF hand
but if drawn in sets the first, second and
third must each be stamped according to
thS eCaie LOT iOTc!su p4iIo III SetS q StiItS
and upward.
The payer is required TO stamp bills made
abroad q. the time of acceding, if on time
and at the time of paying, it at sight
The party attaching or first using the
stamp is required to cancel it, by putting
his initials and the date upon it. The
penalty for not doing so l. fifty dallars
but in ease the maker OF the instrument
omits to cancel the stamp, the party re-
ceiving it, or the payer may cancel it
This. however, viii not relieve the maker
from the penalty.
After naming few certificates" such
rs shares of stock. deposits, &c. &c, the
law SAYS, certificates of any other dcs
cription than those specified, ten cents
4 great many papers III common use
will be necessarily changed in form, from
certificate TO an assertion Of fact. In
other words:
4 ,hourand and one dodges to avoid the
stamp act will be adopted: but. as gene
RAJ thinn, good business men will pay the
tax on their money transactions, rather
than 10 dodge that may or may not stand
in law