New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-08-12
Txxn NEW lNTERNAL Re <BNUE
~ ~ LAW. .s %
vsuse. Of r.,ere.s to H,~eyybsdy.

fxaposta ant since the oTgaDs1Aton Of The Goyern-
.ruent. Involved in great war, the people looked
20 their chosen Representative to enact such laws
and to 40 shape public policy "a best TO subserve
the great end in view-ths suppression Of the Re-
Sslnon. No more important laws were passed than
those whose object is 70 furnish the ways and
sveAps necessary for carrying on the struggle TO 0
Hueeessful issue Among these the Tax and Tarin
laws prominent. possessing AL interest for every
enc, inasmuch they most scnsibly affect the cost
B Of living, enhancing the prices Of everything we
-, drink, or wear, sdding TO tho value OF sTuc'e'
Of both necessity and luxury. Tho Tax law
especially appeals directly to our pockets ana We
fsa that share OF our profits from manufacturing
any article, as we'll as proportion OF the income
which we annually receive, is due 70 the Govern
Gent.
We PROPOSE in this article, to point out some OF
fAe features Of the aw of most general interest
II il nsnifcstly impossible to give, in anewspaper
srticle all the points Of law which Nus over ioV
eaesely printed pages Of an ordinary pamphlet or to
~x.. rive synopsis thereof. But oil desire 70 know
Tho leading features " Law which demands Of
sbsm such large sums Of money-how much moge
their clothing will oost-how much OF their yearly
income the Government requires-how much more
hey will find it necessary to pay for their food, for
tAeir wines, their necessities and their luxories
Tug INCOME TAX.
Avery important portion of the TAX law 10 that
which imposes tax on incomes. Under the law
heretofore IN operation uniform tax IF three per
cent on the annual income in excess Of $500 was
ssvicd This tax has not only been greatly In
creased bat has boon graduated 20 a. to re-
surs Of rich man, receiving largo income,
slreer proportion than Of poorer man receiving
ssmaller income. This tar, under the Law now in
force, is as follows, "Thcrc shall be levied col
l.otrd, and paid annually upon the annual gains,
prof IS or income OF every person residing in the
United States. or of every citizen of the United
e,ates. residing abroad whether derived from any
hind of property, rents, interests, dividends, SAL
sries or from any profession trade, employment or
vocation, carried on in the United States or else
where from any source whatever, except as herein
after mentioned II sueh annual gains, profits or
Nncome, exceed the sum Of $500, . duty Of FIVE per
-oentam on the excess over $500 and not exceeding
.e5 900; and duty of seven and onehalf per centun
3er annum on the excess over 5000, and not en-
seeding 81. 0J0; and duty OF ten per centum on
the excess over 10000" II will be seen from this
daty are levied on incomes Via nve, seven and one
half, and ten per cent. Our readers will observe,
however, that the tax Of seven and half, and of
n per cent 10 not TO be levied on mans total in
come in case such income shall exceed 5000 or
$4,000.
The tax In these instances Is to be levied on the
sscea 900 in the case, and on the e1ces'
over $1,000 in the other. So that person receiv-
d, Ang an annual income Of $4,000 will pay three
several rates OF duty, as follows; First, on thai
part Of his income in excess CT $780, but not in cx
ssss OF 5000, he will be required TO pay q tax Of
fse per cent, which viii amount 10 se2oi secondly
On that part Of his income In excess Of 5000, eu
not in excess of 10000 he will DO required to pa,
tax of mren and 0se-half per cent, which viii
amount to 1915; thirdly, that part Of his income
In excess of $4,000, he viii be- required 10 pay Z
tar Of Ten per cent which will amount TO 500
making total of 81 O95 to be paid on income OF
tl5,G0O. The justice Of this plan of taxation will
be easily seen. 1t would not he right to require OF
rich man higher per ccntage or his total income
than that required of one receiving less for such
system would, in reality, be imposing penalty for
having been successful in business. The law, ss ii
now stands, imposes the same tax on the same
amount of income, go that an individual receiving
5000 per annum pays the name per eertose cx-
nctly on what no receives IS tho individual who
receives $l5, 900 per annum pays on the same por-
tien Of his income. Another point in this ccnnec-
fion is worthy oil passing notice. The Same tax
IL TO be paid by every person residing in the United
States whether citizen mott, ard by every citizen
of the United States residing abroad. Under the
former law, citizens Of the United States, reading
abroad, required to pay higher tax than per
sons residing in the United States. The income
TAI IL to be LEVIED each year tho LIST day Of May
on the income for the year ending the 3ist day o.
December next preceding, and ~ TO be payable OF
or before June 30. 90 ..
AUTHORIZED DEDUCTIONS.
Certain deductions arc authorized In ascertainine
tho profits or income Of any individual. They are III
follows All National, State, and Municipal taxes
either than the National Income tax, which have
been assessed during the year for which the tar IL
70 be collected; the sum of 5000, which was settled
on in Congress fair allowance for the sup.
port of the man whose income is TO be taxed; tho
salary pay received for services In the civil mil
itary, naval, other service of the United States
above the rate Of $780, inasmuch as the tax has
been already deducted in making monthly payments
70 them the income derived from dividends and
che interest on any bonds other evidences of In
s~debtedness Of any company, which shall have a.
ready paid tho tax imposed; the amount paid by
ANY person for the rent of the homestead used or
occupied by himself or his family, and the rental
I-sjua Of ,y homestead thue nccnniaH in bis o.r.