The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1863-05-15
The income Tax.

The first of May is the time designated b,
the tax law for the assessment of the tax oil
incomes, the present assessment being fo
the year ending December 3lst, 1862. Ever,
person, whether in business or not, including
those acting in fiduciary character as guar
dians, trustees and administrators, must re-
turn TO the assistant assessors statement o.
all the receipts of their business or property
of every kind and description, and the asses,
sors will decide what deductions are to be
made. This tax is annual, and the assess
ments will be submitted to examination and
appeals may be taken. If persons refuse 10
make a statement of their income, or tn,
statement is not deemed to be true, list viii
be made on the best Information the asses
sors can obtain, subject to the oath or affir-
nation of the persons assessed, as prescribed
by the law. IE taxing trust funds, the ex-
emption of 5000 will not be made, unless
oath is made that the minor or BENEFICIARY
has no other income from which the 5000
exemption can be made The following sue
cinct abstract of the law relating 10 this an
nual tax will be found useful in guiding
persons in making out statement of then,
incomes, and also gives the deductions to be
made by the assessors:
NJ
will return the whole amount of The avalls
or revenue of their business, and statement
of the expense of the same, for labor, mate
rial, &c. Co-partners will return their share
of interest in the co-partnership income
Corporators the amount of profits, whether in
the form of dividends or otherwise. Eviden
ces of debt, for adjusted accounts, will be
valued as if the person was making an lnven-
tory of the same un settlement of an esta,s.
Farmers will return the value of the pro-
duce of the farm. If a portion Of the same
has been " fed out =" to stock for sale, the
value of the stock tattened, &c, will be re-
turned also all sales of such stock. (This
viii avoid the payment of double tax, viz
both .or the product of the iarm,-grain,
hay &c, and the income from the stock fat
tened from the samel. No deduction will be
made for the labor or services of himself or
family. Expenses of hired help will be de-
Quoted also all payment for rent, insurance,
ordinary repairs, interest on mortgages, Sc-
No deduction will be made for any portion
of the products of the farm consumed In the
family. Produce on ha-d December 81,
1867 mist be valued at tie then market
price.
Salaried men will return the full amount
of the salaries they receive, whether fixed by
statutes or agreement, or derived from fees,
nc. Previous 10 September lst, 1862, no
deduction of ) per cent was made from sal
aries of persons in the employ of the United
States. Ii fellows that the gross amount
received between January /, 1862, aad Au
gust 81. 1862, inclusive, must be returned.
\ return must be made of the income or
dividends derived from stock in any bank.
insurance company, savings institution, trust
company, railroad. railroad boLds, steamboat
ferryboat or bridge. between January ], 1862
and August 81, 1862, inclusive.
The net gains or profits of manufactures
are to he taxed under section 80 of the law,
without regard to the fact that they have al
ready paid a tax The exemption contained
in the original statute was removed BY the
of March Sd. 1863"
All income received from bonds, mort |
cages, notes, stock in gas companies, or man.
ufacturing companies, during the whole year
lN62. i to be returned and taxed.
All Income received from elegraph or ex-
press companies, or profits made by express
men are to he taxed. if received between the
first of January, 1862, and SEPTEMBER 80,
1862, Inclusive.
Persons whose income does not exceed
$4,000 and who reside in the United States,
are liable II a tax of 3 per cent upon all such
part thereof as is non-exempt. Exceeding
$4,000. } per cent. Provided however that
income derived from United States securities
shall be subject to duty of II per cent,
only. Citizens of the United states residing
abroad, and not in the employment Of the
United States. are subject TO duty of per
cent upon their property, stock, or securities
owned in the United States, except govern
ment securities, and upon those II per cent.
The following deductions will also be made
from the aggregate income of any person,
and the tax levied upon the remainder, name
ly:
State and local taxes of the calender year,
January l, 1852 to December 81.
Salaries of Cnited States officials from which
has been already deducted by disbursing Of
fcers the 3 per cent tax of the statute.
Interest, dividends. &c, of stock in banks
and other monied corporations from which
the statute tax of ) per cent has already
been deducted or retained "a. e. since Au-
gust 81, 1862.
Receipts derived from " advertisements
on which duty shall already have been
paid.
The sum of $500, except in those cases in
which the 5000 has already been deducted
from salaries or pay of government officers
as aforesaid.
The reEt actually paid for rent of dwelling
house or estate, the residence of person as
sessed. The value of rent of house, occu-
pied by owner, is not dedueted.)
The amount of hired labor, and value Of
the board of such labor.
Persons receiving rent are entitled TO de-
duct the cost of repairs, insurance and inter-
est on encumbrance upon rented property
The cost OF extraordinary repairs, new struc-
lures, &c, will in no case be deducted.
Hon. j. :. Morrill,.