Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-01-30

tion, adequate to produce Revenue cores
ponding TO that relinSpished.
As TO the manner and extent TO which
this reduction may be carried out, and al
same time insure to the government reve-
nue. adequate to its expenses, the report
says that as an average of the present tariff
is understood to be upwards of 40 per cent
upon the invoiced value of those importa-
tions upsn which duties are levied, the Com
mission after making all due allowance for
possible reduction of some duties and an
increase of the free list, think it safe to esti-
mate the amount of revenue derivable from
customs for the fiscal year of 1867 to be at
least one hundred and thirty millions OF
dollars.
The Commission recommended that the
tax on distilled spirits be reduced to one dol
lar per gallon and that the existing rate of
taxation on fermented liquors be neither in
creased nor diminished.
Great pains have been taken by the CO
mission to devise some mode of prevent
fraud in the collection of taxes on these ar
ticles.
The attention of the Commission has been
specially given to the cotton product of the
United States as a source of revenue, and as
results of the investigating committee re-
commend that tax Of five cents per pound
Uc AoNlcu Ou anu dlltE OulN l. lOOOg upon al
cotton the product of the United States, and
that the same be collected of the manufac
turer, at the place of consumption, and Of
the merchant or factory at the port of ex-
port upon all foreign shipments.
In respect to tobacco, the Commission are
unanimously of opinion that tax should
not be laid upon leaf. With some amend
ment to the present law, and with the ex-
haustion of the stock in the country made
in anticipation of the tax, which is now
nearly effected, the Commission believe that
the Government may safely rely upon an
annual income from this source for the i'm
mediate future of at least SIS, 100000.
The Commission think our income tax
will probably be sustained with less detri-
ment to the country than any other form of
taxation. The discrimination at present in
the rate levied on incomes under and in
excess of $4,000 is, however, unjust, being
in fact, a tax on the results of successful in
dustry ana business enterprise, and the
Commission recommend that discrimina-
tions be abrogated, and the rate equal
lied. They recommend that in futare as
sessments of incomes 81, 900 be exempt from
taxation, and in assessing income tax no al
lowance be made for house rent, or at least
that the amount allowed to be deducted for
rental should not in any case be allowed to
exceed 500. For the future, with the
changes above recommended, the Commits
sion believe that government may safely
rely on an annual revenue from this source
of about fifty millions of dollars.
From Excise on banks and railroads the
amount received during the fiscal year was
1858, ,999 and Commission assumed the
collection of a similar amount for the imme-
diate future.
The Commission recommends the tax as
imposed on crude Petroleum be repealed,
and the tax on refn9d coal oil and Petroleum
be retained as at present; the tax on spirits
of turpentine and rosin not to be wholly
remitted, and that no drawback on exports
to foreign countries should be allowed.
The Commission are Of opinion that a
revenue of at least 2O,OOO,0O0 may here
after be collected from stamps. Receipts,leg-
acies and succession duties should yield an
nually $5,OO0,00O.
The Commission recommends that the
tax on the gross receipts of telegraph and
express companies be equalized and are in
clined to the opinion that the tax on the re-
ceipts of Express companies might be we'll
advanced to higher figures than per cent.
The Commission assumes that the Reve-
nue. derivable from gross receips for the fis-
cal ending June 30, 1857, will, if they con-
tinue as at present, be about $1,000, 900.
The Commission recommends the present
law imposing a tax of So on every $4,000,
or twentieth Of one per cent. on the par
zta NfAlL-k-~>l-- 81 ~ -------~l,1
hundredth Of one per cent. on the par value
Of stoc be substituted.
A recapitulation of the various estimates
of receipts will make an aggregate for the
fiscal year ending June 30th, 1867, Of S367,-
900 900, adding the amount received in the
fiscal year 1865 from various direct and in
direct taxes on industry, which, excepting
the amounts derived from excise on spirits,
beer, tobacco, cotton, petroleum and naval
stores, the Commission estimate at about
S6s,O0O,00O. We have as gross revenue pos
sble to be derived from all sources under
the present rates, with the amendments
above proposed, S435, 900, 900. Setting aside
$50, 100000 additional for the reduction of
the principal of the public debt, a surplus
will remain, assuming the correctness of the
estimates of the Commission, for the reduc-
ton of taxation of S3s5,OOO,OOO. The Com
mission recommend that the change be made
slowly for the present, and begin July lst,
1866, or sooner.