Semi-weekly standard. [volume] (Raleigh, N.C.) 1853-18??, 1865-03-24
From the Richmond Sentinel. ]
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palmer phrase. weAre indebted for fne following
to gentleman who had an active part in the pas
sgoa Of the law: a.r
The tax law for the present session imposes for
the year 1855, taxes as follows3
l. Upon the value Of all property, real and per
sonal, not expressly exempted or taxed a. dtsr
ent rate, eight per cent The property to be as
sessed the basis Of the market value Of the
or similar property in the neighborhoOd where as
sessed In the year 1860 The property and psssts
Of corporations associations and joint stock comPa
Mes whether Incorporated or not taxed In the
same manner and TO the same extent AS the prop.
erty and assets Of individuals To be paid by the cor
pOratiops or joint stock companies. Banks not to
be taxed on deposits Of money TO the credit Of and
subject to the checks Of others. Stocks or shares
in corporations, associations joint stock compa
MES not to be taxed as property, but the dividends
to be taxed as income
Q. Upon the amount Of all gold or silver coin,
and upon the amount Of all moneys Seld abroad, or
bills Of exchange drawn therefor, promissory notes
rights, credits and securities payable In foreign
countries, aud upon the specie value Of all gold dust
or gold and silver bullion, twenty per cent.
.. Upon the value OF gold and silver wares
plate, jewels, jewelry and watches, ASSESSED upon
the basis Of the market value Of such property in
1860, ten per cent
4. Upon the amount of all moneys except those
held abroad, bank balls, Treasury AOtss and other
paper issued as currency, on hand or on deposit on
the day Of the approval OF the act, Eve per cent
D. Upon the -mUunt Of ali solvent credits, ex-
cept those held abroad Ave per cent Bonds and
stocks issued by the Confederate States or any
state, and all loans TO the government Of the Con.
iederate States exempted from taxation except
as to the interest theteou which is taxed as income
This income tax not TO apply 10 bonds or stocks ex.
empted by law from taxation.
O. Upon profits made by buying and selling
merchandise, effects or property Of any description,
or money gold silver stocks, credits or obliga-
tons Of any kind at any time between January ],
a,l q In al
to the tax on such profits as income. The profits
to be asccrtancd by the difference between the
price paid in Confederate treasury notes, including
all cests charges and the price realized in the
currency. II the objects Of the sale pur
chased at any time since January |, 1863 this adj
ditonal tax to attach on the profits realized or the
sale thereofn 1865.
7. Upon the amount Of profits exceeding 25'per
cent, made during the year 1865, by any bank or
banking company insurance or other joint stock
company, a tax oftwenty five per cent This tax
10 apply to individuals or partnerships as well as
rporAtions-ndivduals and partnerships that
have not been assessed, or have not paid for the
year 1854 the tax Of % per cent Imposed on the
Of profits % per cent for that year, to
pay the same in 1865.
, 8 The property, income and moneys Of hnspit-
ais, asylums churches, schools colleges and char.
table institutions exempted from tR1ation.-
Property within the lines Of the enemy IL exempted
from taxation so long Il remains within such
lines, but income derived therelrOm IS taxed as IN
1 come under existing laws.
0. The following are exempted from taxation
Property Of each head of family to the value Of
five hundred dollars for each minor child one hun.
| dred dollars for each son in the army navy,
who has died in the service, FIVE hundred dollars.
The property Of every soldier, a soldiers widow,
or orphan family Of minors to the value Of one
| thousand dollars Said exemptions not Ia apply
! where the property exclusive Of household fuTni-
ture, exceeds one thousand dollars in value.
| Household furniture, where the value does not
exceed $500 the basis Of the value Of 1860,
ing apparel goods nufacuired by any person for
the use aud consumption Of his family, including
slaves, poultry, fruit, and the products OF gardens
where said poultry, fruits and products raised
Tor tho family Of the producer and not for sale;
corn, bacon and other agricultural products which
were produced in 1864 and necessary for the tax
| payers family, including his slaves, during the
present year and in his possession the day Of the
approval of the act are exempted from taxation.
10. Taxes on property for the year 1865 are to
be assessed the day OF the passage Of this act
and TO be due and collected on tho LIST Of June
next or as soon thereafter as practicable The ad
dtiOnal taxes profits Tor 1866 to 1e assessed and
collected according to the provisions OF existing
laws All the taxes imposed by this act, as well AZ
the taxes on incomes and profits and the specific
taxes and taxes on isales 81 the existing laws,
10 be paid in Confederate Treasury notes. orin
tincats Of indebtness, provided that at least
half be paid In the notes.
IL. Any tax payer allowed under regulations to
be prescribed by the Secretary OF the Treasury, to
pay his taxes in advance.
10. The provision Of the act Of the 18th Feb
1864 which allowed the assessed tax on property
employed in agriculture to be credited by the tax
IN kind, is repealed that where income from prop.
erty was taxed the property itself should be eT.
empted, is also repealed.
IS. The Secretary Of the Treasury on the recon.
nendation Of boards Of police, county courts, or
other county, district or parish tribunals is author.
lied to suspend the collection Of taxes in those dis
lrcts where deprcdatons have been committed by
tue enemy in the case Of individuals whose resOur-
ces have been so seriously damaged destroyed as
to render the payment Of taxes impossible or op.
pressive.
To all the taxes above specified, an addition OF
one eighth Of the amount is made an each eass-to
be paid in Treasury notes and applied to the pIy.
ment Of the increased composition Of the soldier.
The taxes for 1865 may, therefore, DO summed up
as follows
On all property Except foreign credits. coin, &c }
per cent on the valuation OF 1860. On com and
foreign credits, go percent, and on bullion, plate,
jewelry, &c, 10 per cent
One tenth Of all the productions Of the SOIL as
established by the present law Of tax in kind.
On the income from property not employed IN
agriculture the rates prescribed by the existing
laws.
No abatement of the property tax in the case Of
Hgricuturiss because Of the 1.-THE tax and Abate.
ment in the Of other property. holders because
of the income tax. Agriculturists pay no income
tax.
The present taxes on incomes, salaries, &c, are
continued.
Exemptions as specified above.
Five per cent on all solvent credits, bonds and
stocks, the bonds Of States and the bonds, stocks
and loans to the Confederate States 70 b. taxed
upon the interest as income and not upon prin-
cipAL
Ten per cent additional to income tax on profits
made by dealing in property, money bond, stock s,