Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1870-06-13
oosenRss AND THE rnooiu

income tax took place in the House on
the ID Of June, the printed proceed
ings Of which have Just come to hand.
It Is rather difficult to keep accurately
posted as to what Is done in the House
of Representatives, when amendments
are being voted on under the five
minute rule but the following seems
to be the net result Of the proceedings
on that day In the matter Of the income
tax. The rate was reduced from five
per cent. to three per cent. the
amount Of income exempt from the
tax was increased from $1,000 to
g., 900; and the allowance for house
rent was limited to 500. From stalls
tics before us, we infer that these
changes will operate about as follows:
The Increase of the exemption to
q, 900 will relieve about $4,000 sala-
ried men, and other people Of limited
means, from the payment Of the tax,
who now pay between $9,OOO,OO % and
$40, 900, 600; the reduction of the rate
to three per cent. will take of about
%, 400 900 from the remaining 10000
taxpayers who will still remain sub
ject to the. tax. As the law now
stands, the income tax Of last year
was levied upon 275, 900 persons, who
paid $25, O25, O6s. If the foregoing
amendments shall be finally adopted
by the House and the Senate, they will
reduce the amount raised FROM this
source about $40, 100000. Congress
man Fitch, Of this State, has taken q
most decided position in favor Of a
reduction of taxes and high tariffs.
Here Is his speech under the rule
there being but five minutes allowed
to each speaker): HH E
NJ. Speaker, during the two months or moro
Of the protraeted ilness OF our friend the late
tariff bin, during, the weary weeks 1t was under
participate In the discussion upon the yexed
question Of revenue or protection. A. the
Representative Of Q constituency who produce
chiefly those precious metals which no tartn
can protect, ana VINO 40 Ss., satSx 1nr n,
R SSaa %ue or S s,ss' p : uOs. ~ "'
lido not know whether me 1eatn ot tno IN.
copetic state Of the tariff BILL say syncopettc
state because We are promised RESURRECTION by
the Chairman OF me Comni1tos ~ WV aIo
Neans-win be Of advantage to the country IN
the matter OF reduction OF mxes or not IN
any event I and consolation for Its nte IN the
rejection tnat we my nov nI.y SnL nn ~
ways and Means musa taige, ~,
duetion OF ints5nA r0'enuo u"A Una "e
hitherto proposed. :,
II II estimated tnat the surplus Ievenue ol
tho Government under our present YAK nWs
will amount to nom $~lO0,0ooooot 70 yl1O,VU9,VOV
per annum. When we consider tne rapia IN.
country, when we consider how the individual
EFFORTS Of men 10 get Ilong lnnIo ~ AgxIo
gated tho national wealth, We may ssiely con
clude the larger nGure OF S~lNtu9v0u PrOo-
ably correct. Now, 81, me eonc,uon al tns
Of the public resources win not warrant, ths
payment OF the public debt al the rate OF $i0O,,
OO0, 0OO . year. II 10 estimated BY Intelligent
anansiess that . yearly Psyms sa1h o. s .%n,e y
protect the public credit, and surely u 10 enoogn
Of burden for this generation to bear, when VIC
consider how much OF taxaton tney lave en-
dured, and how much OF loss they havS oeen
suSleeted 70 /! ,nink Nv Me az. %H M p @b nt AK
000,GO0, as suggested yesterday, put we may
reduce taxation $90,OOO,OOO per annum, ot 800
10000 more than 10 proposed BY tne chairman
Of the Committee OF way. anq Means IN tne
bill under consideration. Ana sug2est We -
make no reduction 50 )ast, 70 an no, 20 ngre
able to the Peopis a. 70 aiscontinuo 'niS noom0
Tax. In. u-,,. u,,-
l VIII NOT auemPs, N INC n" nrssr thst 4, h.
utes speech, 70 w.. InE ~, 4. 4. ~
uneQuM; -, y - in9u.S ~ a. = w ~