The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-03-14
The Amended Revenue Biz.

1Ae NnarleSton -HefcWW puDllSneS
this bill in full. and furnishes the
subjoined synopsis Of it. We per-
ceive that the internal Revenue Bu-
reau has issued Instructions to the
assessors throughout the country to
begin immediately V the assessment COR
the income tax. Tie time Of assess
ments ) changes! Srom Nay to March,
ana tic uniform rate OF five per cent.
i, fxed or nj incomes. with 81. 900
exempt
1t provides that all acts in relation
20 the ass .>>ment and payment Of
tie ilcomc tax. special tax and other
taxes. NOW required q Dc performed
IN Nay. shall hereafter bc performed
IN TIC month of March: anG that all
acts HoW required to be performed in
,T,;ne. shall hereafter be performed
IL March provided. that on and
after the first day 81 September next,
i tax Of TWO and = Aalf cents per
! po"nd only shall be levied OF raw
+ cotton.
Tie tax Is changed or reduced
ir'on Il large number OF articles. the
most important among them, il adj
! dltlOn to raw cotton, being scgars, en-
/ gineS. distilled spirits leather, sugar
and woods. On butter AZ cheese
no Specia. tax is required, and no tax
is to b imposed upon the dyeing,
relyeing OF reprintirg of cloths or
other articles, except the process Of
their manufacture
In relation to stamps, the tax is but
little changed; but a large number of
articles, including bar. rod and sheet
iron. casks, barrels. machine cast
inSs. cast iron hollow-ware, certain
articles OF clothing, molasses, pottery
ware, salt. common soap, cotton gin
saws, steel, wagons and dravs, and
wire cloth, in condition rs enulae-
rated, are added to the free list
The income tax is fixed at an uni
form rate, and goes into effect on
March l, 1867. That on incomes for
1866 is to be levied the day the act
goes into effect.
Upon all incomes derived from
gains. property, interest or salaries,
or from any profession or employ
ment, amounting to over one hlonsonI
e1olo's, the tax is five per cent. All
national, State or municipal taxes
paid during the year may he deduct
ed from such gains; as may also
losses arising from fire, shipwreck or
by trade, the amount paid for labor
! by any renter OF land or hirer Of
labor, and the amo3nt paid for rent
OF residence of family No de,luc-
ton shall be made for cost OF new
buildings OF permanent improve
ments, and only one deduction of
$1,000 shall be made from the aegre-
gate income of all the members Of
any one family Of husband and wife,
or parents and minor children. In
comes derived from United States
securities. profits from sale OF real
estate, interest received or accrued
upon all obligations, whether paid or
not. premiums on gold and coupons,
the amount OF sales on produce and
all other gains whatever, shall be in
clnCied in estimating the income of
any person-eXcepting always the
rent OF homestead occupied by any
person or by his family, in his own
right or in that of his wife. and ex-
cepting also the share of the gains OF
all companies who would be entitled
to the same il divided, except that
portion of salary or pay received in
the service Of the United States
| from which the tax has been deducted.
Amendments have been made in
the regulations for making returns;
and further rules are specified in rela-
tion to distillers. and in relation to
penalties and seizures under the
whisley tax.
AS Il provision against bribery, it
is enacted that any officer charged
with the execution Of any portion Of
the revenue Acts. who shall in any
way receive any payment for COM
promising OF settling any charge for
violation Of the law. shall be guilty
Of % misdemeanor and subject to fine
and Imprisonment.
No distilled spirits forfeited to the
Government shall be sold for less
than the amount of tax required
by law, and if unsold within ninety
days for such amount, such spirits
shall be destroyed. ANY person
falsely representing himself to be q
United States revenue officer, de-
handing Or receiving any money on
value for any duty or tax, shall be
subject to fine and Imprisonment.
No oil inhamrl@ble at less tenn