The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1866-06-23
Income Tax.

In these "happy days." of "U. S.
Tax Assessors, and Tax Collectors;
when the one or the other, or both, are
clamoring at our doors we'll nigh every
day, it becomes us to be informed of
the character and amount of taxation
to which We are subjected; as one of
the inestimable privileges of belonging
to the ''so-called," greatest AMI best
government the sun ever shone upon"
Below will be found the law of Con-
gress relating to income. Take heed.
And be it further enacted, That there
shall be levied, collected and paid an
nually upon the annual gains, profits
or income of every person residing in
the United States, or of any citizen of
the United States residing abroad,
whether derived from any kind of prop
erty, rents, interests, dividends, sala-
ries, or from any profession, trade, en-
ployment, or vocation carried on in
the United States or elsewhere, or
from any other source whatever, ex-
cept as hereinafter mentioned, if such
annual gains, profits, or income, ex-
ceed the sum of six hundred dollars,
a duty of FIVE per centum on the ex-
cess over six hundred dollars and not
exceeding five thousand dollars; and a
duty of seven and one-half of one per
centum per annum on the excess over
FIVE thousand dollars, and not exceed
ing ten thousand dollars; and duty of
ten per centlm on the excess over ten
thousand dollars. And the duty here
in provided for shall be assessed, col
lected and paid upon the gains, profits
or income for the year ending the thir-
ty-first day of December next, proceed
ing the time for levying, collecting and
paying said duty; Provided, that in
come, derived from interest upon notes,
bonds, and other securities of the
United States shall be included in
estimated incomes under this section
Provided, That only one deduction OF
| six hundred dollars shall be made from
the aggregate incomes of all members
of any family composed ofparents and
minor children, or wife, except in cases
where such separate income shall be
derived from the separate and individ-
ual estate, gains, or labor of the wife
or child: And provided further, That
net profits realized by sales of real
estate purchased within the year fol
which income is estimated shall be
chargeable as income; and losses or
sales of real estate purchased within
the year, for which income is estima.
ted, shall be deducted from the income
of such pear.
And be it farther enacted, That il
estimating the annual gains, profits, o.
income of any person, all National
State and municipal taxes, other thar
the national income tax, lawfully as
sessed within the year upon the proper
ty or sources of income of any person
as aforesaid, from which said annua
gains. profits, or innome is or shoult
be derived, shall be deducted. in addi
ton to six hundred dollars from tn,
gains, profits; or income of the person
who has actually paid the same
whether owner, tenant or mortgagor
also the amount pait
| by any person for the rent of the home
stead used or occupied by himself o
his family, and the rental value of an,
! homestead used or occupied by an
person or by his family, in bis owl
| right or in the right of his wife shal
not be included and assessed as part o
the income of such person. In esti
mating the annual gains, profits, o
income of any person, the interest owe
and above the amount or interest pai
upon all notes, bonds and mortgages
OF other forms of indebtedness, bearin
interest, whether due and paid or moi
if good and collectable, shall be inclu
ded and assesseda as part of theincom
of such person for each year; and ais