The Abingdon Virginian. [volume] (Abingdon [Va.]) 1849-1883, 1863-05-01

7. A tax upon all salaries, except OF per-
sons in the military or naval service, of one
per cent when not exceeding 81 500, and two
per cent. upon ON excess over that amount.
Provided, that no taxes shall be imposed by
virtue of this act on the salary ef any person
receiving salary not exceeding $1,000 per
annum, or at like rate for another period Of
time, longer or shorter.
8. Provides that the tax on annual incomes,
between $500 and $500, shall be five per
cent; between $1,5OO and $1,000, FIVE per
cent. on the first ST 500 and ten per cent. on
the excess; between $1,000 and $1,000, ten
per cent; between $1,000 and SlO,OOO, Ia
per cent; over $40, 1000, fifteen per cent, sub
ject to the following deductions: on incomes
derived from rents Of real estate, manufactur-
ing and mining establishments, etc., sum
sufficient for necessary annual repairs; on In
comes from any mining or manufacturing bn-
siness, the rent. (if rented, cost Of labor &C
tually hired, and raw material; on incomes
from navigating enterprises, the hire Of the
vessel or allowance for wear and tear OF the
same, not exceeding ten per cent; on incomss
derived from the sale Of merchandise or any
other property, the prime cost, cost Of trans
portation, salaries Of clerks and rent of build
ings; on incomes from any other occupation,
the salaries of clerks, rent, cost Of labor, ma
terial &C.. and in case Of mutual insurance
companies, the amount Of losses paid by them
during the year. Incomes derived from other
sources are subject to no deductions whatever.
All joint-stock companies and corporations
shall pay one-tenth Of the dividend and re-
served fund annually. If the annual earn
ings shall give profit of more than ten and
less than twenty per cent. on capital stock,
one-eighth to be paid; if more than twenty per
cent, one-slxth. The tax to be collected on
the LIST Of january next and Of each year there
after.
9. Relates to estimates and deductions, In
vestigatiops, referees, &c.
10. A. tax Of ten per cent. on all profits in
1862, by the purchase and sale Of fonr, corn,
bacon, pork, oats, hay, rice, salt, iron, or the
manufactures Of iron, sugar, molasses made
of cane, butter, wooden cloths, shoes, boots,
blankets and cotton cloths. Does not apply
to regular retail business.
IL. Each farmer, after reserving for his
own use so. bushels sweet and so bushels
Irish putatces, 100 bushels corn or so bushels
wheat produced this year, shall pay and deli
yer one-tenth of the grain, potatoes, sugar,
UOtdSS6S, cOGL0u, 'W0Ol &uu GUUdcCO pIUuuCcO.
After reserving twenty bushels peas or beans
he shall deliver one-tenth thereof.
J. IL. Every farmer. planter or grazier, one
tenth Of the hogs slaughtered by him, in cur
ed bacon, at the rate Of go pounds Of bacon to
100 pounds Of pork; one per cent. upon the
value Of all neat cattle, horses, mules, not
used in cultivation, and asses, to be paid by
the owners ofthe same; beeves sold, to be tax
ed rs income.
13. Gives in detail the duties Of postquar-
termasters under the act
IA. Relates to the duties Of assessors and
collectors.
Is. Makes trustees. guardians, &c., respon-
sible for taxes due from estates, &C., under
their control
16. Exempts the income and moneys Of
hospitals, asylnms, churches, schools and col
leges from taxation under the act.
II. Authorizes the Secretary of the Treasu-
ry to make'a all rules and regulations necessa-
~ to. the operation of the act.
Is. Provides that the act shall be in force
for two years from the expiration of the pre-
sent year. unless sooner repealed; that the tax
on naval stores, -four, wool, cotton, tobacco
and other agricultural products Of the growth
of any year preceding 1868, imposed in the
first section, shall be levied and collected on
ly for the present year.