North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1867-04-10
McGREGoR, IOWA, WEDNESDAY, APRIL 10, 1856;

Income Tax. ISL ...t. sF r.
The following is the new income tax,
which is fixed at o uniform rate, and goes
into effect March !, 1867. The tax on in
comes for 1866 is to be levied when this
act goes into effect:
Income from gains, profits from proper
ty, rent, interest, dividends, or salaries
from any profession, trade, or any employ
ment. q tax on the amount SO derived over
one thousand dollars of per cent.
And in addition to one thousand dollars
exempt from income tax, all national,
state, county and municipal taxes paid
within the year shall be deducted from
the gains, profits, or income of the person
who has actually paid the same, whether
such person be owner, tenant or mortgag-
or; losses actually sustained during the
year arising from fires, ship-wreck, or in
curred in trade, and debts ascertained to
be worthless, but excluding oil estimated
the year for which income is estimated :;
the amount actually paid for labor or in
terest by any person who rents lands or
ducts any other business from which in
come is actually derived; the amount ac-
tually paid by any person for the rent Of
the house or premises occupied as resi-
dence for himself or his family the
amount paid out for ordinary repairs !:
Ih'ouided, That no deduction shall be made
for any amount paid out for new build
ings, permanent improvements, or better
mcnts, made to increase the value of any
property or estate; and prorided further,
That only the deduction of one thousand
dollars shall be made from the aggregate
income of all the members Of any family,
composed Of one or both parents and one
or more minor children, or husband and
wife; that guardians shall be allowed to
make such deductions in favor of each and
every ward, except that in case where two
or more wards are comprised in one fami-
ly, and have joint property interest, only
one deduction shall be made in their ia
vor: And prorided further, That in case
where the salary or other compensation
paid to any person in the employment or
service of the United States shall not ex-
cecd the rate of one thousand dollars per
annum, or shall be by fees or uncertain or
lEIcsHuIdC III Tic duiOuut VI Ill tHc tiIic uu-
ring which the same shall have accrued or
been earned, such salary or other compen-
sation shall be included in estimating the
annual gains, profits, or income of the per-
son to whom the same shall have been
paid. In estimating the gains, profits,
and income of any person, there shall be
included all income derived from interest
upon notes, bonds and other securities of
the United States; profits realized within
the year from sales Of real estate purchas-
ed within the year or within two years pre-
vious to the year for which income is esti-
mated; interests received or accrued upon
all notes, bonds and mortgages, or other
forms of indebtedness bearing interest,
whether paid or not, if good and collccta-
able, less the interest which has become
due from said person during the year; the
amount of all premium on gold and cou-
pons; the amount of sales of live stock,
sugar, wool, butter. cheese, pork, beet,
.s""t.e" oehc1 nieats, hay and grain, or
other vegetable or other productions, be-
ing the growth or produce of the estate of
such person, not including any part there
of consumed directly by the family; all
other gains, profits, and income derived
from any source whatever; except the
rental value of any homestead used or oc-
cupied by any person, or by his family in
his own right, or in the right of his wife !;
and the share of any person Of the gains
and profits of all companies, whether in
corporated or partnership, who would be
entitled to the same, if divided or other
wise, except the amount Of income receiv-
ed from institutions or corporations whose
officers, as required by law, withhold a
per centum of the dividends made by such
institutions, and pay the same to officers
authorized to receive the same; and ex-
cept that portion of the salary or pay re-
ceived for service in civil. military, naval,
or other service of the United States, in
cluding Senator'S, Representatives. and
Delegates in Congress, from which the tax
has been deducted.