The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-05
INCOME TAN.

The following ts the new income tax, which
Is liked at uniform rate, and goes into effect
March l, 1867. The tax on incomes for 1866 Is
to be levied the day this act goes into effect.
Income from gains, profits from property.
rent interest, dividends, or salaries from any
profession, trade, or any employment, tax on
the amount so derived over one thousand dol
lars, 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, ten
ant, or mortgagor; losses actually sustained
during the year arising from fires, shipwreck. or
incurred in trade, and debts ascertalned to be
worthless, but excluding all estimated depreca-
tton OF values and losses within the year on
sales OF real estate purchased two years previous
to the year for which income is estimated; the
amount actually paid for labor or interest
by any person who rents lands or hires
labor to cultivate land, or who conducts any
other business from which income Is actually
derived; the amount actually paid by any per-
son for the rent of the house or premises occu-
pied as residence for himself or his family;
the amount paid out for usual or ordinary
repairs: PrOUlded, That 10 deduction shall be
made for any amount paid out for new buildings,
permanent Improvements, or betterments, made
to increase the value OF any property or estate:
And proUided further, That only one deducuon
of one thousand dollars shall be made from
the aggregate income of all the members
parents and one or more minor children,
or husband and wife; that guardians shall
be allowed to make such deduction in
ftvor of each and every ward, except that IN
case where two or more wards are comprised IN
one family, and have joint property interest,
only one deduction shall be made in their favor:
And pTOUtded further, That in cases where the
salary or other compensation paid to any person
in the employment or service of the United
States shall not exceed the rate of one thousand
dollars per annum, or shall be by fees, or uncer-
tain or irregular in the amount or in the time
during which the same shall have accrued or been
earned, such salary or other compensation shall
be included in estimating the annual gains,
profits, orlnCome of the person to whom the same
shall have been paid. In estimating the gains
profits, and income of any person, there shall
be included ali income derived from interest
upon notes, bonds, and other securities of the
United States; profits realized within the year
from sales OF real estate purchased within the
year or within two years previous to the year for
which income is estimated; interest received or
accrued upon all notes, bonds, and mortgages,
or other forms OF indebtedness bearing interest,
whether paid or not If good and collectable,
less interest which has become due from said
person during the year; the amount of all pre-.
miums on gold and coupons; the amount of
sales on live stock, sugar, wool, butter, cheese,
pork, beef, mutton, or other meats, hay and
grain, or other vegetable or other productions,
being the growth or produce of the estate of
such persons, not including any part thereof
consumed directly by the family; all
OLner gains, pTOULe, anu luCOmc derived from
any source whatever; except the rental value
of any homestead used or occupied by any per
son 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 incorporated or partnership, who would
be entitled to the same. II divided, whether
divided or otherwise, except the amount of in
come received from institutions or corporations
whose officers, as required by law, withhold a
per centum of the dividends made by such in
stitutions, and pay the same to officers autho-
Tized TO receive the same; and except that por.
ton OF the salary pay received for services in
the civil, military, naval or 0ther service of the
United States including Senators, Representa-
tives, and Delegates in Congress- from which
the tax has been deducted.
! The administrative sections of the new ac
relate almost entirely to the collection of the
! tax on distilled spirits. 1t provides that here
after "all distilled spirits, before being removed
from the distillery, shalt be inspected ant
| guuged by general inspector of spirits, who
| shall mark the barrels or packages IN the man
ner required by law, and so much of the &C
approved July l3 1866, as requires the appoint
ment of an inspector for each distlllery esta
! bfshed according to law, is repealed. 1t il
provided that such other duties as have hereto
| fore been imposed upon inspectors of distiile
ries, may be performed by such other duly ap
! pointed officers as may be designated by tn
! Commissioner of Internal Revenue"