Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-03-21
THE AMENDED REVENUE BILL.


and furnishes the subjoined synopsis Of it. We
perceive that the internal Revenue Bureau has is
sued instructions to the assessors throughout the
country to begin Immediately the assessment fol
the income tax. The time of assessments is chang.
ed from May to March, and the uniform rate oi
five per cent is fixed on all incomes, with 81 ,00C
exempt:
It provides that all acts in relation to the assess
ment and payment of the income tax, special tax
and other taxes, now required to be performed in
May, shall hereafter be required to be performed
in the month of March; and that all acts now re.
quired to be performed in the month of June, shall
hereafter be performed in March; provided, that
on and after the first day of September next, taz
OF two and half cents per pound only shall be
levied on raw cotton.
The tax is changed or reduced upon large mum.
Der of articles, the most important among them,
in addition to raw cotton, being segars engines, dis
titled spirits, leather sugar and woods. On butter
and cheese no special tax is required, and no tax
to be imposed upon the dyeing, re-dyeing or re.
printing of cloths or other articles except the pro-
cess Of their manufacture
In relation to stamps, the tax is but little chang.
ed but large number of articles, including bar,
rod and sheet iron, casks barrels machine castings
cast iron hollow-ware, certain articles Of clothing
molasses, pottery-ware, salt, common soap, cotton
gin saws, steel, wagons and drays, and wire cloth,
in condition as enumerated, are added to the free
| list
The income tax is fixed at an uniform rate, and
goes into effect on March J., 1867. That on in
comes for 1855 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 em
ployment, amounting to over one thousand dollars
the tax is five per cent All national, State o.
municipal taxes paid during the year may be de
Quoted from such gains as may also losses arising
from fire, shipwreck or by trade, the amount paic
for labor by any renter Of land or hirer Of labor
and the amount paid for rent of residence Of fam
iy No deduction shall be made for cost of new
buildings or permanent improvements, and only
one deduction of 81, 900 shall be made from thu
aggregate income of all the members of any ont
family of husband and wife, or parents and mino
children. Incomes derived from United States Sc
curties profits from sale of real estate, interest
ceived or accrued upon all obligations, whether
paid or not, premiums on gold and coupons, tht
amount of sales on produce and all other gain:
whatever, shall be included in estimating the in
come Of any person-excepting always the rent
homestead occupied by any person or by his family
in his own right or in that Of his wife and except
ing also the share of the gains Of all companies
who would be entitled to the same if divided, ex
cept that portion of salary or pay received in the
service Of the United States from which the ia,
has been deducted -
Amendments have been made in the regulations
for making returns; and further rules are specified
in relation to disers, and in relation to penalties
and seizures under the whiskey tax.
As a provision against bribery, it is enacted tha
any officer charged with the execution Of any por
ton of the revenue Acts, who shall in any way re
ceive any payment for compromising or settling an!
charge for violation of the law shal! 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 re
quired by law, and if unsold within ninety days fo
such amount, such spirits shall be destroyed
Any person falsely representing himself to b. :
United States revenue officer demanding or re
ceiving any money or value for any duty or tax
shall be subject to fine and imprisonment.
No oil infammable at less temperature thar
ITO degrees Fahrenheit shall be kept or sold, un
der penalty of fine and imprisonment: and conspi
racies to defraud the revenue shall be similarly pun
ished.
The illegal use of stamps and labels is to be pun
ished with fine and Imprisonment; and the ton
mage duty now imposed upon all ships or vessels
engaged in foreign or domestic commerce shall b
levied but once within one year, and, when paid
no further tonnage tax shall be collected withir
one year from the date of such payment.