Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1866-07-12
Thursday MsrniDg, July IL, 1866.
Income Tax.


lectors, 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 and
best government the sun ever
shone upon"
Below will be found the law of
Congress relating to income. Take
heed:
And be it further enacted, That
there shall be levied, collected and
paid annually 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
property, rents, interests, divi-
dends, salaries, or from any pro-
fession, trade, employment, or vo-
cation carried on in the United
States or elsewhere, Or from any
other source whatever, except as
hereinafter mentioned, if such an
nual gains, profits, or income ex-
coed the sum of six hundred dol
lars, a duty of five per centum on
the excess over six hundred dol
lars and not exceeding five thou
sand dollars; and a duty of seven
and onc-half of one per centum
per annum on the excess over five
thousand dollars, and not exceed
ing ten thousand dollars; and a
duty of zen per centum on the
excess over ten thousand dollars.
And the duty herein provided for
shall be assessed, collected and
paid upon the gains, profits or in
come for the year ending the thir-
ty-frst day of December next,
preceding the time for levying,
collecting and paying said duty
Provided, that income, derived
from interest upon notes, bonds,
and other securities of the United
States shall be included in estima-
ted incomes under this section :
Provided, That only one deduc-
ton of six hundred dollars shall
lie made from the aggregate in
comes of all members of any fam
lily composed of parents and mi
nor children, or wife, except in ca
ses where such separate income
shall be derived from the separate
and individual estate, gains, or Ia
Dor of the wife or child: And pro-
v;ded further, That net profits
realized by sales of real estate
purchased within the year, for
which income is estimated shall
be chargeable as income; and loss
es on sales of real estate purchased
within the year, for which income
is estimated, shall be deducted
from the income of such year.
And be it further enacted, That
in estimating the annual gains,
profits, or income of any person,
all National, State and municipal
taxes, other than the national in
come tax, lawfully assessed with
in the year upon the property or
sources of income Of any person,
as aforesaid, from which said an
nual gains, profits, or income is or
should be derived, shall be deduct
ed, in addition to six hundred
dollars from the gains, profits, or
income Of the person who actual
ly paid the same, whether owner,
tenant or mortgagor;
also the amount paid by any per-
son for the rent of the homestead
used or occupied by himself or his
family, and the rental value of
any homestead used or occupied
by any person or by his family, in
his own right or in the right of his
wife, shall not be included and as
sessed as a part of the income of
such person. In estimating the
annual gains, profits or income OF
any person, the interest over and
above the amount or interest paid
upon all notes, bonds and mortga-1
ges, or other forms of indebted
ness, bearing interest, whether due
and paid or not, if good and col
lectable, shall be included and as
sessed as part of the income OF
such person for each year; and
also all income gains derived from