American citizen. [volume] (Canton, Miss.) 1864-1890, 1867-05-11
INCOME TAX.

.. INCOME TAX.
The following is the new illcom
tax, which is fixed at uniform rate
and went into effect March ], 1867
:. The tax OH incomes for 1866 wcr,
levied the day this ACT went int
effect.
. Income from gains, profits from
property, rent, interest, dividends
+ oI salaries from any prot, ssion, trade
: or any employment, a tax on tht
, amount so derived over one thousand
, dollars Of ) per cent.
And in addition to one thousand
dollars exempted from income tax.
all national, State, county, and
municipal taxes laid within the ycaI
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
mortgager; losses actually sustained
during the year arising from fires.
shipwreck, or incurred in trade, and
debts ascertaincd to be worthless,
but excluding all estimated dcpricia
tlon OF values and ioSsoS within the
year Oh sales of real estate purchased
two years previous to the year for
which income is estimated; the
amount actually paid for labor OF
interest by any person who rents
/ lands or hires labor to cultivate land,
or who conducts any other business
from which income is actually derlV-
ed the amount actually paid by any
person tor the rent Of the house or
premises occupied as a residence for
himself or family; the amount pad
out for usual Or ordinary repairs:
POrided, That no deduction shall
be made for any amount paid out
for new buildings, permanent I'M
provementS or bettcTmentS, made to
increase the value OF any property or
estate. And prOrided turther, That
only one deduction OF one thousand
dollars shall be made from the aggre-
gate income Of all the members OF
any iamllJ, composed OF one or both
parents or one or more MINOR chlldrcn,
or husband ana VIE; that guardlans
shall be allowed TO MAKE Snch deduc'
tlon in favor OF each ana every ward, |
except that III case "heFG Two or
more wards are comprised III one .
family, ana nave ;)oiht property M /
tereSt, only one dtouctioll snail oc
made IN tilelr laNof: am PF0ttoe0 |
JNhcr, mat III cases Where the
salary or other compensation paAd TO
any person N the cmpioyment OF
service OF the Unlted states Sha.! not
exceed the rate OF one thousand uoI-
lars per annum, or Shaii oy zee OF Uh'
certain or irregular IN me amount or
in the time during "hicl the same
shall have accrued or oech earned,
such salary or other compensation /.
shall be included Ill estimating the
gains, prolltS OF income OF the
person to whom the same shall have
Iecn paid. IL estimating the gains,
Profits and income or any person,
here shall be hciudeo al! income
derived from interest upon notes,
,ondS and other securities Of the
United States; profits, realized with
n the year from sales OF real estate {
purchased within the year OF within l
wo years previous to the year for Z
which income Is estimated; interest |
eceived or accrued upon all notes, :
'0ndS and mortgages, or other forms t
f Indebtedness hearing interest,
,hether paid or not, II g0oG and col b
ectable, less the interest which has a
ecome due from and person during /
he year: the amount Of all premium
n gold and coupons; the amount Of V
ales of live stock, sugar, wool, but 5
nr, cheese, pork, beef, mutton, or Q
thcr meats, hat and grain, OF other n
egctablc or other productions, being y
ne growth or produce OF the estate {
f such person, not including any e