The Shasta courier., 1863-01-03
The Tax Law and what il Requires.


/. The following convenient summary of the
Tax Law is taken from Thompson's Report.
er:
Bankers mot Incorporated banks) pay a
license of 500. Bankers receive deposits,
diseoun: and pay checks and drafts.
Brokers pay license of $50. Brokers buy
and sell specie, uncurrent money, stocks and
exchange,
Banks that do any brokerage business as
defined above, must take out a brokers' Ii
cense, $50.
epf s25.
Bond and Mortgage. are required
for each instrument; one for the bond and
one for the mortgage.
Income Tdr.-This tax has to be paid on
the income of the year commencing January
i, lSb2. so that on the evening of the 3lst of
December everybod should have avery clear
record OF their income gains or profits for the
year. And as many sources of income. such
as dividends and railroad bonds and stock,
insurance stock, savings bank interests, &C.,
(they having already paid the income tax,
are not again taxed, it therefore becomes ne
eessary to have a clear record of the sources
OF income, that there may no dispute with
the assessor.
The income tax for the year 1862 is payable
on the LIST 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 bust
ness nevertheless he must pay tax on all net
business profits except the 5000. And SC
with salary all over 5000 must be taxed
though personal or family expenses consume
it ALL
Checks, drafts and orders for money. whe.
ther at sight or on time. if for sums of $40 or
under, are not required to be stamped.
Notes of hand, due bills, &C.. if for sums
OF S2o or under, are not required to be
stamped.
Certificates of deposit, for any amount, re-
qui stamps; cents for 500 and under :
5 cents for all over 500.
All checks and sight drafts for sums over
$50, require only cents for any amount.
Time drafts and notes require stamps in
proportion to the amounts cents and up
ward.
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 the scale
OF foreign bills in sets; ) cents and upward.
The payer is required to stamp bills made
abroad at the time of accepting. if on time 4:
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 pen
atty Tor not doing SO is so; but in case the
maker OF the instrument omits to cancel the
stamps, the party receiving it, or the payer,
may cancel it. This, however, will not re-
ieve the maker from the penalty.
After naming few q certificates" ;" such
as shares Of stock, deposits. &C.. the law
says, - certificates of any other description
than those specified, ten cents.''
A great many papers in common use will
be necessarily changed in form, from a certi
fcatc to an assertion of fact A thousand
lodges to avoid the tax will be adopted but
as general thing, good business men will
pay the tax on their money transactions ra-
iher than trust to a dodge that may or may
not staud in law