The Portage County Democrat. [volume] (Ravenna, Ohio) 1854-1868, 1863-05-06
Income Tax.

on.the LIST of May, 1868, orsoon thereaf-
ter, the assessors must perfect and hand over
to the collectors the Income Tax List for the |
year ending Dec. 81, 1862.
The first $500 of PERSONS grain or in
come is exempt from the income tax; any !
amount over 5000, up to $4,000, is subject
to per ct. tax.
Incomes of $4,000 and over are taxed
per cenF. In all cases the $500 which is ex
empt can be deducted.
These general rnles are subject to the fol-
lowing notifications:
L. That portion of ones income that arises
from United States Securities (Stocks, Treas
ury Notes, or Certificates, is taxed only q
per Ct, even if the amount be- over $4,000.
2. That portion of ones income that arises
from investments in Corporate Companies
and j oint Stock Associations, can be deduct
ed, for the reason that the Companies or As
sociations have already paid the per ct. on
their dividends. We may say, then, that all
income from the following sources may be
| deducted:
Railroad Stocks and Bonds, B,nk stocks,
| Insurance Co.'S Stocks, Savings Bank Deposits,
Ferry stocks, Express Co Shares,
Steamboat Shares, Telegraph Co. Shares,
Manufacturing Co. shares, and all Joint Stock
shares where the Company has paid the tax
| on dividends.
This applies only to dividends, &C., that
have occurred since Sept. 1, 1862, all income
from such investments that accrued prior to
| Sept l, must be included in the statement,
and are taxable.
/ 8. $4,000 incomes if arising from any of
the above stocks or snares, are liable to 2
per Ct tax extra--the difference between
and per c.. The Company having paid 8
per ct, per cent. more is due.
4 4. Necessary repairs may be deducted, but
Improvements shall not be deducted.
Every farmer or planter will be required to
make return of the value of the produce of
his farm or plantation, without deduction for
the labor and services of himself and his
family or for any portion of such produce
consumed by himself and family.
The amount actually paid for rent of any
dwelling house or estate which is the resi-
, dence of the person assessed, and
The amount paid by any farmer or planter
for hired labor and necessary repairs upon his
farm or plantation, including the subsistence
of the laborers, may be deducted.
: Whenever persons liable to assessment O
income tax shall neglect or refuse to make the
lists reqred by law. or when the lists made
and rendered to such persons shall not be ac
, cepted by the assessor or assistant assessor a
I: Just and proper, it shall be the duty of sucl
: assessor or assistant assessor to make lists fo
such persons according to the best information
he can obtain. Persons SO assessed may TAX
oath or affirmation as to the amount of in
come and deduction therefrom, agreeably II
E Sec. 93
I Farm produce which the producer had Of
hand on the 31st day of December, 1862
must be appraised at its marketable value o.
that day.
Sec 80 of the Excise Tax Act define:
D more tritely, persons liability to the incom
tax, than can be put in any other language:
. SEC. 90. And be 1t further enacted, Tha
there shall be paid annually, upon the annua
e gains, profits, or income of every person re
e siding in the United States, whether derive
from any kind of property, rents, interes
dividends, salaries, or from any profession
: trade, employment or vocation carried on i
d the United States or elsewhere, or from an
t other source whatever, except as hereinaftt
mentioned, if such annual grains, profits, {
Income exceed the sum of six hundred do
lars, and do not exceed the sum of ten thou
n sand dollars, a duty of three per centum o
S the amount of such annual gains, profits
: income over and above the said sum of 81
hundred dollars; if said income exceeds th
sum of ten thousand dollars, duty of fiv
e per centum upon he amount thereof exceed
n ing six hundred dollars; and upon the annu;
gains profits; or income. rents and DIVIDEND
> accruing upon any property, securities an
9 stocks owned in the United States by an
IS citizen of the United States residing -abroat
e except as hereinafter mentioned, and not
e the employment of the Government of th
: United States, there shall be levied, collectet
. and paid a duty of five per centum.
|. With this as basis, and with the foregt
n ing explanations, any person can make up h
l. equitable amount of income tax Thonll
. sons Bank Note Reporter.