Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1863-05-13
THE INCOME TAX REGULATION.

4
just issued the following regulations for the
assessment of the income tax. This portion
of the taxable interest of the people, it is an
| ticipated. will be among the most prolific
sources of income yet resorted to by the Gov.
ernment, as the incomes from salaries in tho
various public positions were never greater
than now. 1t is well then that the following
| regulations be fully understood;
| The assessors and assistant assessors of each
collection district will assess the income tax on
| the first day Of May next, upon every person
| residing within the district liable thereto.
Each person will be required to return his to.
tai income, so far as 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
comes do not exceed the sum of $40 900, and
who reside in the United States. viii. be sub
| ject to duty of per cent. on such portion
thereof as is liable to taxation: Provided ho,o-
| erer, That upon an income derived from in
| terest upon notes, bonds or other securities OF
| the United States, duty of IL per cent. will
| be levied. Persons whose incomes exceed
| $4,000 will be subject to duty of per cent
| on the portion thereof subject to taxation:
Prortded, hoWerer, That upon an income deriv-
ed from interest upon notes, bonds, or other
| securities of the United States, duty of one
| and half per cent. will be levied. Citizens
| of the United States residing abroad and not
| in the employment of the Government of the
| United States, will be subject to duty of five
| per cent on the income of any property. Sc
| curities, or stocks owned in the United States
and not exempted from the income tax Pro
| rided, ho,oeper, That upon the income derived
upon the notes. bonds or other securities of
the United States duty Of one and half per
cent. will be levied.
Every farmer or planter will be required to
make a return of the value of the produce of
his farm or plantation, without deduction for
the labor services of himself or family or
for any portion of such produce consumed by
himself or family.
The following deductions will be made from
the aggregate income of each person and the
tax assessed upon the remainder, viz: The
State and local taxes assessed in the caander
year proceeding this assessment, to wit ) from
January l, 1862, to December 81. 1862, incIu-
sive. The salaries of officers, or payments to
persons in the service employment OF the
United States, from which deduction of
three per cent. has been made by the disbur-
sing officer OF the Government. The interest
or dividends on stock, capital, or deposit in
any bank, trust company, savings institution,
insurance, bridge, express, steamboat, rail-
road company or corporation, from which
interest or dividends duty of three per cent.
shall have been deducted by the officers of
Interest from any bonds or other evidences of
Indebtedness of any railroad company or 9TH
corporation, from which duty of three 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, that
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 off,
GERS or persons In the service or employmen
of the United States. The amount actually
paid for the rent of any dwelling house es-
tate which is the residence OF the person as
sessed, and the amount paid by any farmer or
planter for hired labor. and the necessary re-
pairs upon his farm or plantation, including
the subsistence of the laborers.
Whenever the total income of any person ex-
ceeds SIC, 600. and deductions a:e made there
from upon the ground that portion of such
income has been subject to per cent. duty
upon dividends or interest paid by companies, |
corporations or associations, as before enumer- |
ated, such persons will be subject to a tax Of |
per cent. additional upon so much of his in |
come as may have been previously subjected |
to duty OF per cent. by the officers of the
companies, corporations; or associations be-
fore named.
Gardians and trustees, whether such trus- |
tees are so by virtue of their office or execu- |
tors, or other hduciary capacity, are required |
to make return Of the income belonging to mi |
nors or other persons, which may be held in |
trust as aforesaid, and the income tax will be |
assessed upon the amount returned, after de- |
Quoting such sums as are exempted from tho |
income tax as aforesaid Provided, That the |
exemption OF 5000 under section 80 of the ex-
else law shall not be allowed ,on account of any
minor or other beneficiary of trust, except |
upon the statement of the guardian or trustee,
made under oath that the miuor has no other /
income from which the said amount of 5000
may be exempted and deducted.
Whenever persons liable to assessment of
income tax shall neglect or refuse to make
lists required by law, as when the lists made
and rendered by such persons shall not be ac-
cepted by the assessor or assistant assessor
as just and proper, it shall be the duty of
such assessor or assistant assessor to make lists
for such persons according to the best infor-
nation he can obtain. Persons so assessed may
make oath or affirmation as to the amount of
income and deductions therefrom, agreeably
to section SO.
Persons receiving rent may deduct there
from the amount paid for necessary repairs,
insurance and interest on the incumbrances
upon such rented property. Tne cost of new
structures or improvements to building shall
not be deducted from the income.
The tax must be levied upon all dividends |
declared prior to September /, 1862, and up | I
On $500 of all salaries of officers, or payment
70 persons in the civil. military, naval or other
service OF the united SLates, I0r services rem |
lered prior to said date, as such dividends and
proportions Of salaries were not subject to de-
iuction or assessment.
Interest received from or due by trust CON-
,anies, savings institutions, insurance, bridge,
express, steamboat, ferryboat and railroad {
corporations or associations, prior
% the same date, must also be taxed. Inter- G
,st paid by him on membranes upon the {
lwelling house or estate on which the asses
ed person resides, may be deducted from the