The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1866-12-08
The Nations Income.

The report of the Commissioner OF Internal
Revenue is one of the most satisfactory docu-
ments ever presented to the American people,
and presents the strongest possible proof of the
ability of the country to sustain and pay its pres
ent debt The total amount raised from this
source of taxation, during the year, is $780, 906,-
984. II, an amount, the Commissioner informs
us, within twenty-five millions of the total rev.
enue of the British Empire, and far in excess of
the amount raised from similar taxes in that
country. This is an increase over the proceeds
of the last official year of nearly ninety millions
An analysis of this amount presents no less cause
ofreioicing The tax on Iron and Steel, not
withstanding its reduction, has produced $l3,-
| 1928 l33. SO, an increase OF four and half mil
lions over last year. Petroleum pays S., 3l7, 1876,
an increase of nearly two and quarter millions;
tobacco and segars nearly sixteen millions, an
increase offour millions, while spirits notwith-
standing the evasions OF the law, Of which the
Commissioner complains and almost despars,
unless self-regstering still be invented, produce
$29, 1913, 578.l5, increase of over thirteen mil
lions and the three months that have elapsed
since the close of the fiscal year show more
than corresponding increase in the tax arising
from this article. A yet more remarkable increase
is seen in the growth Of the returns from income
tax from $40 567, $50. 26 to $780, 1914, 1855, and
though portion of these returns arises in each
year from the incomes of previous years. the con-
tinued progress of this item from eleven to twenty
| and thence TO sixty millions cannot fail to be
taken as mark of continued prosperity. The
the conclusion of the Report, suggests the in
crease of the amount exempted from this tax to
| 81 900.
Other sources from which this great sum is de-
rived are the banks and insurance companies,
paying over nine millions the railroads, giving
nearly three and half millions on capital and
mortgage dividends; fifteen millions from stamps,
eighteen millions from licenses, over five m lions
from fermented liquors, while cotton clothing,
egacies, leather, pianos, patent medicines, and a
host of minor articles swell the list. The cost of
collecting this revenue has been something over
seven millions, being less than two-and. one-half
per cent. on the total amount collected.
The Commissioner recommends but few changes,
though some are important. The chief are the
change of the return day for the annual list
| Schedule G, licenses and incomes to the be-
ginning of the year, a revision of the system un-
der which cigars taxed and some modfca-
tons of The Stamp act. Most importantis ITO re-
" duce the number of taxable articles"
The receipts for the coming year, the Commits
sioner, after a careful consideration of the facts
before him, believes will reach two hundred and
eighty-fve millions, figure more likely to be
under than over the truth. He says, in conclu-
sion, that the immense revenue of the last fiscal
"year was raised with probably less pressure upon
"the people than that of smaller amounts in pre-
" vious years. Their enterprise and spirit of ac-
formulation have prevented the depression Of
" business which ordinarily attends heavy taxa
| "tion. Their means for the ultimate extinction
Of the national debt are rapidly multiplying
from the increase of population and the con-
slant development of new sources of wealth.
"The reduction of taxes will stimulate produc-
stion, and in few years the national debt will
| " cease to be an object of anxiety, or even ans
"noyance, to great and united people,"