Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1863-05-09
THE INCOME TAX.

EScJI % Ooit5O0 " a1SSeSS tIlc iuCOiuS Ia
we publish for the benefit of our reader
The latest instruction furnished By the D
par.ment on this subject.
REGULATIONS FoR THE ASSESSMENT {
TUE INCOME TAX. MAY |. 1868,
The assessor and assistant assessors
each collection district will assess the
come tax, as on the first day OF MAY neg
upon every person residing within Il
district thereto.
Each person will be required to retu
h. total income, 80 far specifying
sources from which it is derived as to
able tie assistant Assessor to decide WI
deductions shall be m .Ie thereform.
Persons whose income does not exc.
the sum often Thousand dollars, and vi
reside in the United States, will be su
.,s. 70 q duty of three per cent. on sue
n.rt;on thereof rs is liable 10 taxatio
Pgoriled, ho;geyer, Thst on income
rived from int est, upon notes, bon
,r other securities Of the u uited States, q
duty OF enc and half per cent. will be
a,ied.
Persons whose income exceeds ten
thousand dollars viii be subject TO duty
ii Ave per cent. on the portion thereof
subject to taxation; ProyiGed, ho3sever,
That upon income dsgne 81 from interest
upon notes, bonds, and other securities
sf the United States. n duty OF oae ana
half par cent. viii be levied
Citizens Of tie United States residing
abroad. AMI not IN the employment Of the
Government Of the United 8is;es, will be
subiec; 70 duty Of FIVE per cent. on the
Income e suy property, securities or
stocas owned ia the L. 5 an not ex-
smptcd from the income tax. Provided,
howsycr. That upon iaccse derived from
iste,est upon notes. bonds or other securi-
t'as Of the I'm ted States, duty OF one
srI 3 LaIt per cent. viii be levied.
Evsry farmer OF planter will be rsquir-
81 L. make return d tie value OF the
Irolnee ~ his fnrrn or p ianIation, with
"a; deduction for the labor or servicices
81 himself and his family, or for any por
con ofsueh produce Consumed BY him
sell or family.
The following deduction will be made
fro.n tue aggregate income Of each per
soa, and the lax assessed upon tho re-
ma.ndtr, viz:
State snd local taxes assessed in the
calendar year preceding tbs assessment,
- Wit, from January l, 1882, to Deem
Ter 81, 18Go, inclusive.
Salaries of officers, or payments TO per
sons in the service Of empoyrnst Of the
United States, from which deiu, ton OF
three per cant. has been made by tbs dis
lursing officers Of the government.
Interests OF dividends on stock, capital,
- deposits in any bank, trust company,
CT saving institution, insurance, railroad
company, or corporation, fiom which in
tercst or dividends duty of three per
cent. shall have been deducted bv the
o!hcers Of such companies, corporations,
or associations; interest from any bonds,
or other e,idence of indebtedness, ofsnv
railroad company, or other corporation
from which daty of three per cent. shall
have been deducted BY the officers of such
company or corporation; and receipts de-
rived from advertisements on which a
duty shall have been assessed and paid.
Also, the sum of six hundred dollars,
except in those cases where the whole or
aay part of said six hundred dollars 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 rent of
any dwelling house or estate which is
the residence of the person assessed; and
The amount paid by any farmer or
plantor fer hired labor, and necessary re-
pairs upon his farm or plantation, inclu-
ding the subsistence of the labOrers.
Whenever the total income of any per-
son exceeds ten thousand dollars, and
deductions are made therefrom, upon
the ground that portion of such in
come has been subject to three POI
cent. duty upon dividends or interest laid
by companies, corporations or associa-
tons, as before enumerated, such persons
will be subject to tax of two per cent
additional upon SO much of his income
as mas have been previously subjected to
q duty of three per cent. by the officers
of the companies, corporations, or asso,
Citations before named.
Guardians and trustees, whether such
trustees are so by virtue of their Office, as
executors, administrators, or other fidu
ciary capacity are required to make re-
turs of the income belonging to minors
or otker persons which may be held in
trust as aforesaid; and the income ia,
will be assessed upon the amount return
ed, after deducting such sums as are ex
empted from the income tax as aforesaid
Provided, That the exemption of 81,
hundred dollars, under section 90 of Tho
excise law, shall not be allowed on &C
count of any minor or other beneficiary
of trust, except upon the statement o
the guardian or trustee, made under oatt
that the minor oil beneficiary has no eth
err income from which the said amount o
six hundred dollars may be exempted anc
Heducta1