The sun. [volume] (New York [N.Y.]) 1833-1916, 1870-05-17
CUTTING DOWN THE TAXES.
IN ABSTRACT OF THE BILL REPORT
ED by GEN sCUENCK.

The Odious Income Tax Retained, but
the Exemption Extended to 81, 500.
WASHINGTON, May le.--Tbs following Is an ab-
strset Of the bin TO reduce internal tsIes and for
other purposes. reported By Gen. schenek to-day.
II contains forty-six sections Under the class Of
special pxes bankers or banks with y capital not
sreeeding $4,000 required 70 pay tar Of 500;
when the capital Is In Of $4,000, ~ additional
for every thousand dollars.
Savings banks are exempted IRON this tar An
sdduonai tax Of twenty fourth Of one per con-
tom per month is imposed upon the average amount
OF deposits othor than public moneys OF the United
States; and tar Of one-fourth OF one per ccntum
each month on the average amount Of public moneys
m their possession, and tsx Of onetwont ty-fourth
OF one per centum their capital and tar OF one
18th per cent per month on their circulation; pro-
vided, that this section sha not apply TO associa
tlons which are taxed under the act I" to provide
rational currency secured by a pledge Of United
State. bonds and e provide for the circulation and
Every national banking association, or other cor.
pontion engaged In banking Is further required TO
pay tax OF 10 per centum on the amount OF notes
used for circulation and paid out by them.
Brokers, banks, and bankers are taxed 2 cents
upon each hundred dollars, and on sales Of stock,
sales maze without the payment OF special tax as
broker, bank, or banker hiye cents for every hun
Foreign commercial brokers pay a special tax OF
hve tbonsand dollars when their sales do exceed
million dollars, and i've dollars for each addi-
nonnl thousand dollars
Foreign insurance agents are taxed $50 eaci.
Claim agenis pay si0 when .hs receipts DO not % s.,
Patent risGi dealer pay sio Pawnb okors, whose
capital employed does not exceed $4,000. pay $50,
and for each thousand dollars additional, a. Hotel
keepers rated according to the yearly rental, OF
When The yearly rental Is $500 or loss, SO. ana
lars rental. Places Of pubic amusoment are taxed,
for nrstelass, taoo each second-elass. tso each.
matte operatic reprosen tations for concerts,
balls or exhibitions, are rated as second-cass. Any
permanently locatee building used for any exhibi-
uon performance show or ent 10 which an
admission 10 TO pay tar ot per cont on the
school exhibitions, readings, lectures art exhibi.
lions (aot moved abouD, agricultural and horticul
tural fairs and exhibitions for benevolent or reli.
gious purposes, are exempted. Bowling alleys and
managers. 5000; dealers 10 lottery tickets, tiOo
Lottery managers and dealers pay an additional n1
of3 pc ceut. on their gross receipts. Gin enter
prises are taxed $500 Distileries producing TWEEN.
Ia1ed $iOO, and a for barrel in excess Of 5
-Four dollars are assessed upon each barrel which
may be IN bonded warehouse. 70 be paid wheu
vthdiswn Rectihers OF distilled spirits rectiyng or
compromising less than 40 barrels per annum, pay
tso, and 80 cents for each barrel in excess OF s0
@ reaurod 70 pay s over u ,a5o 90 and sdessS no
eIceeding 5000. ESQ; over 5000 and not exceed.
s s s1sssdas Ssst 5000 ssS Z. nN So .'esfdiTs %SnIss
SAFE lqaor dealers for 5000 or less $50 and t25 for
eaeh ! lVU sale IN excess OF $1,000 Manufacturers
Of stills pay tax OF $50, t2O for each still or
worm made by tnom Brewers are taxed 500
Dealers IN 2, lesf tobacco, whose annual sales do not
exceed 10 Qo are taxel t25 II their sales exceed
$1,000, ~ for each ad litionaI 81 900.
Dealers in tobacco whose sales do not exceed
q OoO, pay Is aud 81 ior each additional 81 900
MANUFACTURED Of tobacco pay ca $40, and A. for
each OOJ IN excess OF 5000 Of their penal bond
s. sansf cGrcrs otrsars whose sales do no, exceed
OU each, pay tlO nnd ~ Tor eacn 5000 In excess
eSOJ. TIE sum OF s. is levied for each passport
ssase from tie once oftne Secretary Of state or by
tVi. tor InNs lF...s.
Of the sections relate to supplying stamps ,and
Esust unlcrieiting
der, 2cens bills OF exchange. inland, dram or order
for the payment OF any sum o. money not exceeding
credit, cents, and for every Sdiitionai 800 or
fractional part, censs bill OF lading or receipt, ~
cent. w ofsa,s 70 cents (; exceeding tS0o. and
every additional amount OF $500 fractional part
thereof 80 cents; where the peal sum exceeds
1900 or fractional Part, so cents boId for the due
execution or performance OF the duties OF any ONCE
81 bond Of any description other than such as may
ssseSss ssSSis'a of .Ssf sens ssreais;
OF profits. 10 cents exceeding tbOJ, 25
o:ner certificates, Is cents. Certificate Of deposi;
not exceeding ti0o cents exceeding 500 5 cents
Charter, contract, or agreement OF vessel not
eeecing $50 tons, exceeding 160 tons and not ex
eeeding aOO tons, -; exceeding 30 tons and not
exceeding 600 tons, Is; exceeding 600 toos, so
Conveyance, 30 cents when tho consideration eI.
eeeds $500 and not $1,000, q; and for every add.
9H. is ess cents sGss s.Sns Ss EHSSi and S'rs sc
eIceedlng 800 In value. 80 cents; exceeding esq.,
other changes are made 10 the schedule;
taxed, when the value is Is cents cent and every
additional 25 cents or fractional part thereof cent
Perfumery and cosmetics valued at Is cents, cent;
aad for every additional cents, or fractional part
cent. Friction matches, one hundred or less, 1
cent; every additional hundred, cent. Wax Ia
p.rs IS lights or less. cent Playing cards, cents
ipsek
That there shall be levied and collected annually q
or ur0f anal
come of every person residing In the United States
and of every citizen OF the United States residing
within without the United States except rs here.
AMOR provided; and u like tax annually upon the
trade, or profession carried In the United States
panJ PRISON residing without the United States
tate within the Uniied States owned Ly any person
thereof
l.. estimating the gains, profits, and income OF any
person. there shall be included all income derived
from any kind OF property rents, interests received
cages, other forms OF indebte mess bearing In.
terest whether paid not, II good and eollectabs,
and Interest upon notes, bonds or other securities
Of the United states, and the amount Of all premium
on HolI and coupons, the gains, prohtr and income
o. any business, profession, trade, employment OF,
uee, or vocation, Including any amount received as
salary or pay for services In the civil military.
naval or other service OF the United states,
Congress. Tie share OF any person OF the
gains or Vronts, whether divided or not, OF all
hnlouhI received from any corporation whose on.
cors, US authorized by law, withhold and pay as
tahes pereentum OF the dividends made and OF
lnVeIest on coupons paid by such coTporations
pronts realized within The year rom siies Of rel
estate purchased within two years previous 10 he
year or Ilc the income Is estimated; the amount oi
sales OF live stock, sugar, WOOL butter cbeese norL
oeef, mutton, or other meats, hay aud grain fruts
vegetables or other productions being the Krowth
or produce OF the estate of such person Lut moi
including any part thereof consumed direciIy
by the family; and all other gains, profits and
income derived from anr source whatever. not In.
cluding the rental Of the homestead used Or occu.
pied by any person. or by his family The military
and naval pensions allowed to any persons under
the laws OF the United States and the sum OF S 5O1
OF the gain profits and income Of any person sha
be EXEMPT from income tax. Only one such dodu
tiOn shal be made from the aggregate income oi o.
the members OF any family composed oil one or bot.
parents, or one or more minor children, or Of hus
band and wife. But when vile has by
law a separate income, and II living separate
and apart from him, sucl deduction shall be made
from her income, gains and profits; and guardians
and trustees shah be allo wed 10 make deduction In
favor Of each ward or beneficiary except at In
oitno or more wards or benehcilries cOmprised In
one family having joint property interest. ouly one
Deduction shall be made in their :hyor for the pur
pose Of allowing said deduction from the income,
There shall no levied and collected tax OF per
rnum on the amount Of all interest or coupons
alI on bonds or other evidences OF debt isaued and
payable oer more than two years from date, and on
kie dmOuut Of all dividends earnings incomes.