New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-08
Sle,,, Orleans gepnbliea,s.
OFFICIAL JOURNAL OF the UNITED STATES
OFFICIAL JOURNAL OF NEW ORLEANS
THE CHANGES IN TAXATION.

Important Changes in the Revenue Law
to Take Effect October liable o
Taxes ON Gross Receipts.
On the first day of October many of thu
most important provisions Of the new IN
ternal revenue law went INTO effect. Inc
changes effected by the law are all reduc
tions, and will afford considerable reile1 &c
many classes. The taxes which WILL not eA
pire till May, 1871, are those on safes, car
riages, watches, billiard-tables, .goid ana
silver plate, the special tax on Doats, oarges
and flats, the tax onlegacies ana SUGGESTIONS
and on gross receipts: A rev stamp .aAH1
are also abolished After October !, 1t VIII
NOT he necessary to stamp receipts which
are now subject to a stamp tax OF two cents
each. when the amount recelpted for ex
Deeds twenty dollars.
Prommissory notes for a less sum than
klOO will also be exempt, as will the trans
fer or assignment of mortgage where it OF
the instrument it secures has been once duly
stamped; canned and preserved fish, meats
shell-fsh, fruits, etc. The public will OBJ
serve, however, that the new law does not
in any way change the stamp tax on checks
the twO-cent stamp must in all cases be
placed Oh each check or sight draft. Notes
must still be stamped the same as hereto
fore, with the single exception above noted
of notes of less sum than $l0O This change
was made because the revenue derived from
such small notes was incOnsiderable and
because it was often matter Of much in
convenience to comply with the law. Farm
ers and Others, who, in their small transac-
tons, were compelled to give small notes,
often neglected to stamp them, either
through ignorance or through the incon-
venience of obtaining stamps.
The abatement of the two cent stamp tax
on receipts will prove very acceptable one.
1t was always vexatiOus tax, and one that
in q year amounted to a considerable sum
with the large dealers of this and other
cities. 1t was tax too, that was frequently
not paid by the person who should pay it,
the signer OF the receipt. Receipts were
often given which, to be of binding effect,
had to be stamped by the persons receiving
it. 1t was often overlooked. too. by peO-
pie who acknowledged the receipt of money
by writing letter. Such letters. to become
valid receipts, should always have been
stamped
The most important taxes abolished are
those on sales and on gross receipts.
Brokers sales, except sales the tax on which
is paid by stamps, will now be exempt. The
taxes on sales of leaf tobacco, manufac-
tured tobacco, snuff, cigars, foreign and do
nestle distilled spirits and wines are not in
cluded in the repeal, but must still be paid
as heretofore.
An erroneous impression has prevailed
that the bankers and brokers will no longer
be required to afix stamps to the memo
randa Of sales of gold, stocks, bonds, ETC.,
which by the old law they are required to
furnish on making each sale. The new law
in no way affects this tax, as it especially
exempts from the operation of the repeating
clause all sales the tax on which sis paid by
stamps" The tax on sales of ale, porter,
beer, etc., is paid by affixing stamps to each
cask. These taxes are, therefore, continued.
Auctioneers, produce brokers, manufac-
turers, etc are, however, all exempted from
further tax ON sales.