The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-02-15
Incnme Returns for 1881.

Our eastern exchanges publish The
bill to amend the internal revenue law
and treat it as an accomplished fact
The Philadelphia Inquirer says it is very
different from the law Of 1863. The
exemptions, it says, are changed in
many particulars For instance, where
a family consisting of husband, wife
aud minor children, or of husband
and wife only, receives separate incomes
upon account of each member or some
Of them, six hundred dollars only are
to be deducted from the aggregate in
come of all the members. The deduc
ton Of dividends upon stocks Of cor
poratious and interests upon their
bonds and debts are sill to be allowed.
Also the rent Of the homestead Of a
family, and where it is not rented, but
occupied by the owner, a fair rental
value Is also TO be deducted All ma.
tiou,l, State and local taxes paid, ex-
capt the income tax, arc to be allowed.
The amount paid for hired labor in car
ryiog on a business, rents Of places Of
business, money paid for repairs
not exceeding the average of tie
preceding FIVE years, and money paid
for interest on membranes on real e.
tate may be deducted. But new build
ings, permanent improvements and
oetterments are not to be deducted
Advertisements are only exempted to
the extent Of six hundred dollars, and
a newspaper not having q circulation OF
two Thousand copies Is wholly ex
empt
The objects to be counted as incomes
are also extended. Income from inter
e,t upon notes, bonds and other securi-
ties of the United States is to be re
turned. Profits upon sales Of real es-
tates purchased within the year are to
be counted as income, and LOSSES upon
the same description OF property
bought within the same period are to
be deducted. Interest money due up
on notes, bonds, and mortgages, or
other forms of Indebtedness, if good
and collectable, is to be included as
part of the income. Gains upon pur
chases and sales of stocks or other pro
perty, real or personal, the increased
value Of live stock sold or on hand, and
O the value of agricultural or farmerf
productions of an estate, unsold, but
on hand on the 31stof December Of the
year to be accounted for, are to be est
mated and placed in the returns as
50 much income. Also, the gains
and profits of companies, incorpor-
atcd or not, which have not
paid a tax upon divideds, shall be res
turned, whether dividend or not A
deduction of six hundred dollars is al
lowed in all cases. The rate of duty
is increased also. Between 5000 and
$1,000 the tax is five per cent between
s. 600 and $4,000, seven and a half
per cent; over $1,000, ten per
cent A man, therefore, who
aas an income of $4,000 will
pay on the FIVE per cent rate S22U, on
the seven and a half per cent. rate 1915;
on the ten per cent rate S4000-tOtal
1885. The old rates were three per
cent on all amounts over 5000, and The
special war tax of FIVE per cent ad.
vanced the taxation for 1868 upon an
income Of $4,000 to S2.6I8. %. Our re-
turns Of the income for 1864, which
must soon be made cut, VIII increase
our burdens considerably, and we may
As well get ready to present them when
they are demanded by the United
States officers.