Holmes County farmer. [volume] (Millersburg, Ohio) 1857-1926, 1862-12-04
The Tax Law----What it re
Quircs.

|
quires.
The following convenient summary
of the Tax law is given in Thompson's 5
Reporters:
Bankers mot corporated banks) pay q
license Of 800. Bankers receive depos-
its, discount, and pay cnecks and drafts.
Brokers pay a license Of 800. Bro
kers buy and sell specie, uncurrent mon
ey, stocks and exchange.
Banks that do any brokerage business
as defined above; must take out broker
license, $50.
Land Warrant dealers pay a license of
S25.
Bond and Nortgoge Stamps are re-
quired for each instrument; Que Tor the
bond and one for the mortgage.
Income Tde:-This tax is to be paid on
the income of the year commencing Jan
uary l, 1861, so that on the evening of
tho 3lst of December everybody should
have very clear record of their income
gains or profits for the year. And as
many sources of income, such as dividends
and rail road bonds and stock, insurance
stock, savings bank interest, &C., (they
having already paid the income tax are
not again taxed, it therefore becomes nec-
essary to have a clear record of the sour
ces of income, that there may be no dis
put3 with the assessor.
The income tax for the year 1862 is
payable on the 1st of May, 1868.
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 Of his business,
spend all and even more than his profits
in business; nevertheless he must pay tax
on all net business profits except the
5000. And so with salary; all over
5000 must be taxed, though personal or
family expenses consumes it all.
Checks. drafts, aud orders for money,
whether at sight or on time, if for sums
Of $50 or under, are not required to be
stamped.
Notes of hand, due bills, &C., if for
sums Of $40 or under, are not required to
be stamped.
Certificates of deposit, for any amount,
require stamps; cents for 500 and un-
der; cents for all over 500.
Al checks and sight drafts for sums
over $40, require ouly 2 cents for any
amount.
Time drafts and notes require stamps
in proportion to the amount; 3 cents and
upward,
Foreign drafts, if single or solo,
whether at sight or on time, are on the
same scale us inland time drafts and notes
Of hand but if draws in sets, the first,
second and third must each be stamped
according to the STALE of foreign bills in
setts: 3 cents and upward.
The payer is required to stamp bills
made abroad at the time of accepting, if
on time; and at the time Of paying, if 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 is $50; but in
case he marker of the instrument omits to
cancel the stamps, the party receiving it,
or the payer, may cancel it. This, how
ever, will not relieve the maker from the
penalty.
After naming few certificates" such
as SHARES of stock, deposits, &c, the law
says, certificates of any other descrip-
ton than those specified, ten cents"
a great many papers in common use
will be necessarily charged in form, from
a certificate to an assertion OF fact. A
thousand lodges to avoid to the tax, will
be adopted; but, as a general thing. good
business men will pay the tax on their
money transactions rather than trust to n
dodge that may or may not stand in law