The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-06-28
TIE LNCOME TAX IN ENGLAND
AND TIE UNITED STATES.


ing artiele;-
.srhe rival systems of taxation in Great Bri.
tain and the United States have been repeatedly
contrnated by our statesmen and hnanciers, but
the comparison can be carried more closely
now shan was possible either before the civil
gle The estimates, in fact, originally proposed
BY the American Secretary of the Treasury for
the year ending with the current month gn, o9m ~,
Of our own Government. Instead Of our
a7o@0O9,00O, @ the Awsricsns % cans. . were 9, 70 raise raise
they provide E2SO00,OO0 for Interest on the ma
tlonaI debt, instead Of the $4,000 600 which suf-
did their civil service estimate differ materially
ff6m ours, though their charges for army aud
of ereatest contrast was in the surplus The
scheme proposed an excess or income over ex-
penditure amounting to no less than 2OOO0,OOO, f.,
and Mr. Gladstone observed a recent debate
that America had actually in the space OF six
teen months paid on aa9S,vSSVe 2J Res Rs5mS t DEPT
in poiua OF sound finance, was judicious policy
has been doubted, and II now appears, at all
events that the effort has been carried far
enough ct present. The reduction OF the debt
has been suspended, and certain returns which
have just been discussed in our American cor
respondence show very plainly that the ability
20 endure heavy taxation has been diminished.
In nIain words we are told that the aggregate
amount of INCOMES assessed for Income 8 tax mas
fallen on by hfty per cent from the amount of
the previous year.
that Income In America is taxed separately
from property. so that tue sum realized for the
o
equivalent to the single item of property and
income tax in our own accounts. Tue rate of
taxation nthe United States is five per cent,
or, by our method of reckoning, one shilling In
The pound, which is levied upon all sums above
two hundred pounds This was expected to
produce eight million pounds sterling, but we
are told that dmlnution to the extent Of one
half must be anticipated, on account of the
general decline of tiade and profits in the
States. 1t happens, too, that this decline can
be ately traced and estimated, for the Gus
tom prevails in America OF publishing the re-
"a n.in hyy a v va DO Tt,
this manner the whole public are invited to
act as assessors, and the truth OF the returns is
lectors allege that evasion is universally prac-
tised, and that complete returns are rarely
sne6 acis " tne PH9I,c given to
tional curiosity, and the incomes of men of
various classes and callings are made the sub
1ect OF comparison aud comment
Last year there was a New York merchant
who returned his income at fS00,0O0 and up
wards, and his return is still the largest in the
fore us, though It has dwindied to less
LIST Ds;s Another New York merchant
Than Than 1ioOOUv., , fs5OOO. and q New York
shipowner, who howeve,, 'ompany, follows
holder in the Atlantic Cable - Delmonico,
with f60,0O0. After these comes --0fts
the well-known restaurateur, WhoSe p.-
even in these days of impoverishment ore ,
loan agent, whose gains had been 9l30,O0O finds
them reduced, not unnaturally. TO aoout third
OF that sum. In Chicago 934, 900 realized by q
maker OF agricultural implements represents
the largest return; after which comes an in.
come OF 9l4, ,OoO These items owe most OF their
inteIe 10 the figures alone, but there are Others
which are remarkable from the celebrity of
the establishments or individuals to which tney
refer. General Grant possesses private in
come of about f900 a year over and above
his pay of f3600; Mr.. Stanton has just f700
Brennan. the Well known SSe New York poIitician
has $1,000 year; Mr., Frederick Doug ass. the
famous New York negro, 4l2OO; and Mr.: Frank
9lUOO Journalism in America is a profitable
profession, though the income OF Mr. James
Gordon Bennett OF the New sSo So 19rk Herald; mas
924OO0 The publisher of the Boston Journal
returns 9l40O0, and Mr.. Patrick Donahue Eeal'
The incomes returned by academloal and lite
rary men are moderate, Professor Agassiz has
Lowell, $500; and the poet Longfellow, $4,000.
Publishers, as might be expected, do better than
authors one firm returning as much as t2O,OOO
O year, and another flO0OO The petroleum
trade gives 100000 per annum to its leading
member, and manufacturer OF American
|The most remarkable feature of these
financial statistics as compared with our own
IS undouoIedly lhe aDruPI HeclIne Im ede hiS
country since the first revival OF the tax by Sir
Robert Peel, and OF late the increase OF yield
has been strong and permanent penny In
the pound was calculated by Mt. Gladstone
some time ago to produce 100000 q year; 1t
now produces 81 ,500,0OO nor is there any reason
TO suppose that the growth will be arrested
But il should be remembered that the circum-
stances of the etwocountries are widely different.
The Americans almost Ignorant of taxation
ten years ago, suddenly found themselves In
VolVed in q costly war and encumbered with a
proGigious debt. They accepted an incredible
burden of taxation, rendered endurable at nrsG
by an inflated and fictitious prosperity. soon,
however, followed the reaction, OF which,
besides the evidence conveyed In these returns,
we see other symptoms In the arrangement OF
trade, the quarrels between masters and men,
and the suspension of labor in various branches
OF industry. Probably the returns or an in
come tax In America would never De quite so
regular as our own, which are steadied by the
conjunction of properly with income, and
are exposed to less violent fluctuations
of enterprise and credit. The statistics of this
year, however, must necessarily be regarded as
excef llCnal 1t is q year OF collapse after iut1a-
tion aud the wonder is not that the public
fncosne lroLn This source should have fallen on,
et3t.tnQ1 30 immense a revenue should still be
44leed The people OF the United States 35 0O00 600
---A.f fRhsf contributed 4S0,000,000 to the Trea-
suFv, beside gerg heavy payments in the shape
third Is cTaeed under the various items Of
what we tern saitd reyenue, 80 that the pres.
sure upon TIC ptnm0nity may be easily inn
agiped, Before ope We Americans VIII pro-
SStna coSn tr.s,t ~ ne f1mfssion Of its burdens
but IL reeiIT "a \ t,if notice inat the very peo-
pie VII were 0nto ~ y - I. tenoency goWaros
repudsation have Sudats tSeSr SsSt ~
this tiIue is concsrnan Vnas
fices IN Z, M terest should be certain and the
,arSnnJ,oi seS.p. On these terms the debt NAV
pataISt H. ~ hdiminshed until its reduction
is piairt i3 HE advantage OF the debtors
5LID MES OF DETROIT.
Tn the IN list Of Detroit Just publishes ls9 eo
.,,antye,,i N "a ltizers report incomes OF SAO,OV
Iwsh.y I -. ~ ~, 4 l3f these twelve were for Owe
Sonann ~ Scr $4,000; five over S50,OOU AM
one over 00 Eber b. Ward reports SasSS55 ssS S55
Samuel h'tH ~ sOi and John j. BagIey