The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1867-03-20
The Amended Revenue Law.

The Amended Revenue Law.
The amended internal revenue
law, as passed by both Houses of
Congress and approved by the
President, provided that all acts in
relation to the assessmentand pay
ment of the income tax, special
tax and other taxes, now required
TO be performed in May, shall
hereafter be performed in the
month of March ; and that all
acts now required to be performed
inJune, shall hereafter be perform
ed in March ; Provided, that On
and after the first day of septem-
Der next, I! tax of % cents per
pound only shall be levied on raw
Cotton.
The tax is changed or reduced
upon a large number Of articles,
the most important among them,
in addition to raw Cotton, being
,segars, engines, distilled spirits,
leather, sugar and woods. On
butter and cheese no special tax
is required, and no tax is to be
imposed upon the dyeing, redye-
ing, or reprinting Of cloths or 9th
! er articles, except the process of
their manufacture. .: ].
II relation to stamps the tax is
but little changed but a large
number of articles, including bar,
rod and sheet iron, casks, barrels,
: machine castings, cast iron hollow
ware, certain articles Of clothing,
molasses, pottory-ware, salt, COM
mon soap, Cotton gin saws, steel,
wagons and drays, and wire cloth,
IN condition as enumerated, are
added 20 the free list.
The income tax is fixed at an.
uniform rate, and goes into effect
on March ], 1867. That on in
comes for 1856, is to-be levied the
.sday tie act goes into effect,
Upon ali incomes derived from
gains, property, interest or sala-
RES, or from any profession or
employment, amounting TO over
one thousand dollars the tax is FIVE
per cent. All national, State or
municipal taxes paid within the
year, may be deducted from such
gains as may also losses arising
from FIRE, shipwreek, or by trade !;
the amount paid for labor by
any rentsr of land or hirer Of la
kar and the amount paid for rent
ZsSf residence of family. No deduc-
ton shall ae made for cost Of new
buildings or permanent improve
aents, and 0nly one deduction ::of
one thousand dollars shall be made
from the aggregate income of all
the members Of any one family of
husband and wife, or. parents and
minor children. Incomes derived
from United States securities,
profits from sale of real estate, in
d. terest received or accrued upon all
Obligations, whether paid or not,
premiums on gold and coupons,
thesamount, of sales on produce
and all other gains whatever, shall
be included in estimating the in
come Of any person ;;-excepting
always, the rent of homestead oc-
cupied by any person or by his
family, in his own right or in that
of his wife, and excepting also the
share Of the gains of all companies
who would be entitled to the sane
if diHded, except that portion Of
salary or pay received in the SER
vice of the United States from
which the tax has been deducted.
Amendments have been made
in the regulations for making re
turns, and further rules are speci-
fed in relation to distillers, and in
relation to penalties and seizures
under the lBhiskey tax.
As a provision against bribery,
It is enacted that any officer char
ged with-the execution Of any por-
ton of the revenue acts, who shall
In any way receive any payment
for compromising or settling any
charge for violation of the law,
shall be guilty Of a misdemeaoor
and subject to fine and imprison-
ment.
No distilled spirits forfeited to
the Government shall be sold for
lnnn Ahon thn o1nn1nt of tax re-