Muscatine weekly journal. [volume] (Muscatine, Iowa) 185?-1890, 1863-05-01

Excise Laws of the United States, will be il
accordance with section Is, as follows:
Sec. 15. And be it further enacted, Tha
the several assessors shall, on the first Mon
day of May next, and on the first Monday o
May in each succeeding year, direct and cause
the several assistant assessors to proceed
through every part of their respective dis
tricts, and enquire after and concerning al
persons being within the assessment districts
where they respectively reside, and liable to
license duty under the provisions Of this act
or of the act to which this is in addition, and
assess such persons as in said acts are required
And all licenses so assessed shall continue in
force until the first day Of May next sue
ceeding. And all licenses granted after the
first day of May in any year shall expire on
the first day of May following, and shall be
issued upon the payment of a ratable proper
ton of the whole amount of duty imposed
for such license; and each license so granted
shall be dated on the first day of the month
in which it is issued; Proutdsd, That any
person, firm, or corporation that on the hrst
day of May next shall hold an unexpired IL
cense, shall be assessed ratable proportion
for the time between the expiration OF the
license and the first day Of May, eighteen
hundred and sixty-four.
The income tax is to commence on all in
comes from January 1st, 1862. AS several
sources of income already taxed (viz: divi-
dends on railroad bonds and stock, insurance
stock, savings bank interest,) are not again
taxed, it becomes necessary to have clear
record of the sources of income, that there
may be no dispute with the assessor. The
income tax for the year 1862 is payable on
the first day of May, 1868. A person in
business must make up the net profits of his
business for the year, and pay the tax on the
amount, less six hundred dollars. A person
may, outside Of his business. spend all and
even more than his profits in business, never
theless he must pay tax on all net business
profits, except the six hundred dollars. So
with salary; all over six hundred dollars
must be taxed, although personal or family
expenses consume it all. Thus, to illustrate !:
One whose income in 1852 was one thousand
dollars, will be assessed at three per cent. on
four hundred dollars Of that sum on the first
of May next, and will have at least sixty days
in which to pay his tax; that is to say, a
man who received last year salary of one
thousand dollars must pay an income tax Of
twelve dollars ON or before the thirtieth day
of June next, with the privilege Of delay for
an additional thirty days. The income tax
is to cease absolutely at the end Of the year
1866. ft-t .t
The Commissioner of Internal Revenue has
just issued the following regulations for the
assessment of income tax: e. .E.J l-
The Assessor and Assistant Assessor of
each collection district will assess the income
tax on the first day of May next upon every
person residing within the district liable there
to. Each person will be required to return
his total income, so far specifying the sources
from which it is derived, as to enable the As
sistant Assessor to decide what deductions
shall be made therefrom. Persons whose in
come does not exceed $4,000, and who re-
side in the United States, will be subject to
duty of per cent. on such portion thereof
as is liable to taxation, provided, however,
that upon the income derived from interest
upon notes, bonds or other securities of the
United States, duty Of II per cent. will be
levied. 1.t a4
Persons whose income exceed $4,000 will
be subject to duty of per cent. on the por-
ton thereof subject to taxation; provided,
however, that upon the income derived from
interest upon notes, bonds or other securities
of the United States, duty of II per cent
will be levied. Citizens of the United States,
residing abroad and not in the employ of the
Government of the United States, will be SUBJ
ject to duty of per cent. on the income of
any property, securities or stocks owned in
the United States and not exempted from the
income tax; provided, however, that upon
the income derived from the interest upon
notes, bonds or other securities of the United
States, duty of j per cent. will be levied.
Every farmer or planter will be required to
make returns of the value of the produce of
his farm or plantation, without deducting for
the labor or services of himself and his fam
lily, or for any portion of such produce con-
sumed by himself and family. The follow
ing deductions will be made from the aggre-
gate income of each person, and the tax as
sessed upon the remainder, viz: State and
local taxes assessed in the calender year pre-
ceeding this assessment, to-wit: from Janua-
ry l, 1862, to December 81, 1862, inclusive !;
salaries Of officers or payments to persons in
the service or employment of the United
States, from which deduction of per cent.
has been made by the disbursing officers of
the Government; interests or dividends of
stock, capital or deposits in any bank, trust
company or savings institution, insurance,
bridge, express, steamboat, ferryboat, rail-
road company or corporation, from which in
terest or dividends duty Of 8 per cent. shall
have been deducted by the officers Of such
companies, corporations or associations.
Interest from any bonds or other evidences
Of Indebtedness Of any railroad company or
other corporation, from which duty Of 3 per
cent. shall have been deducted by the officers
of such company or corporation, and receipts
derived from advertisements on which duty
shall have been assessed and paid also, the
sum of 5000, except in those cases where the
whole or any part Of said $500 shall have been
deducted from the salaries or pay Of officers,
or persons in the service or employment Of
the United States the amount actually paid
for the rentof every dwelling house or estate
which is the residence of the persons assess
ed; and the amount paid by any farmer or
planter for hired labor and necessary repairs
upon his farm or plantation, including the
subsistence of the laborers. ~
Wheaever the total income of any person
exceeds $4,000, and deductions are made
therefrom, upon the ground that portion Of
such income has been subject to 8 per cent.
duty upon dividends or interest paid by COM
panies, corporations OF associations, as before
enumerated, such person viii be subject to .
tax of Q per cent. additional upon 50 much Of
his income as may have been previously SUBJ
jected to duty of three per cent by the off,
GERS Of the. company, corporations or associa-
tons before named. Guardians and trustees,
uzhether such trustees ara 50 hx xirfua of their