Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1863-05-20
THE INCOME TAX.

! The lNCUM6 IhA'
The first ofMay is the time designated
| by the tax law for the assessment of the
tax on incomes, the present assessment
being for the year ending December 81,
1862. Every person, whether in business
or not, including those acting in fiducia'
ry character as guardians, trustees, aud
administrators, must return to the assis-
tant assessors q statement Of all the re-
ceipts of their business or property OF ev,
cry 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 NAV be taken. If persons
refuse to make statement OF their in
come, or the statement is not deemed to
be true, list will be made on the best ms
| formation the assessors can obtain, subject
to the oath or affirmation Of the persons
assessed, as prescribed by the law. In
taxing trust funds the exemption Of 5000
will not be made unless oath is made tina.
the minor or beneficiary has no other in
come from which the 5000 exemption can
be made. The following succinct abb
stract of the law relating to this annual
tax will be found useful in guiding per-
sons in making out q statement OF their
| incomes, and also gives the deductions to
| be made by the assessors.
Mechanics, merchants, and manufaCtuN
rers will return the whole amount Of the
avails or revenue of their business, and q
statement of the expense of the same, for
! labor, material, &c. Co-partners will re-
! turn their share or interest in the co-part.
| nership income. Corporators the amount
of profits, whether in the form of dlv>
dends or otherwise Evidences Of Oebt,
! for adjusted accounts, will be Uahed AS ii
| the person was making an inventory OF
the same on settlement of an estate.
Farmers will return the value of the
produce of the farm. If a portion Of the
same has been fed out" to stock for
sale, the value of the stock for sale, the
value of the stock f0ttened, dc, will be
returned also all sales of such stock. -
| This will avoid the payment of double
tax, viz; both for the product Of the farm
grain, hay, &C., and the income from
the stock iattened from the same.) No
deduction will be made for the labor or
service of himself or family. Expenses OF
hired help will be deducted also all ray
ment for rent insurance, ordinary repairs,
interest on mortgages, &c. No deduction
will be made for any portion OF tue pros
ducts of the farm consumed in the family.
Produce on hand December 81 1862, must
be valued at the then market price.
Salaried Inen will return the full am
of the salaries they receive, whether fixed
by statutes or agreement, or derived rom
! fees, &c. Previous to September |, 1862,
no deduction of three per cent. vas made
from salaries Of persons in the employ of
the United States. 1t follows that the
gross amount received between JaDuary
|, 1862, and August 81, 1862. inclusive,
must be returned.
A return must be made Of the income
or dividends derived from stock in any
bank, insurance company, savings insti
tuition, trust company, railroad, railroad
bonds, steamboat, ferlyboat or bridge, be-
tween Jan. |, 1862, and Aug. 81, 1862, inN
elusive.
The net gains or profits of manufactu-
rers are to be taxed under section ninety
of the law, without regard to the fact that
they have already paid a tax. The ex
emption contained in the original statute
was removed by the amendment of"March
9, 1868"
Allincome received from goods, mort
cages, notes stock in gas companies or
manufacturing companies, during the
whole of the year 1862, is to be returned
and taxed.
All income received from telegraph or
express companies, or profits made 10y eX-
] g. l., hn-
! tween the first Of January, 1862, and SepN
tember 80, 1862, inclusive.
Persons whose income does not exceed
/ $4,000, and who reside III the United
States, are liable TO a tax Of three per.
cent. upon all such part thereof as is mons
exempt Exceeding $4,000, five per
cent Providing, however, that income
derived from United States securities
shall be subject to duty Of one and a
half per cent. only Citizens of the Uni
ted States residing abroad, and not in the
employment of the United States, are
subject to a duty of FIVE per cent. upon
| their property, stock, OF securities, aud
upon those one aud half per cent.
The following deductions will also be
made from the aggregate income of any
person, and the tax levied upon the reS
mainder, viz:
State and local taxes of the calendar
year, January |, 1862, to December 81.
Salaries of United States officials from
which has been already deducted by disN
bursing officers the three per cent. tax of
| the statute.
Interest, dividends, &C., of stock in
banks and other moneyed corporations
| from which the statute tax Of three per
cent. has already been deducted or retain
ed Il. e. since August 81, 1862.
Receipts derived from advertisements"
on which a duty shall already have been
paid.
The sum of 5000, except in those cases
in which the 5000 has already been de-
Quoted from the salaries or pay OF govern
ment officers as aforesaid.