The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-09-29
REDUCTION OF TAXES.
Pay Only Five Gents Street Cars After
Mthe 1st Of OctOber-No stamps in Future on
Receipts-PeOpIe OF Moderate Salaries
EXEMPT from Income Tax.

Pay Only Five Gents on Street Cars After
Nthe 1st of OctOber-No Stamps in Future on
Receipts-PeOpie OF Moderate Salaries
Exempt from Income Tax.
On Saturday next, october !, the new Internal
Revenue law takes effect 1t Is interesting to many
millions of people, and Its features are briefly as
follows
II ab0lishes the tax on safes OF all merchandise
except liquor and tobacco the tax of onc-twelIth OF
one per cent on brokers' Sales the tax of two and
half per cent on the gross earnings of ell railroads
and the tax requiring stamp every receipt over
twenty dollars. The foregoing represents an I'm
mense reduction in the sum total OF internal rev.
cnue taxation, but there are other reductions
besides
The stamp on all promissory notes under one hun
dred dollars Is abolished. If a mortgage deed be
properly stamped no stamp In future Will be needed
on the assignment. The income tax OF five per
cent Is reduced TO TWO and half per cent, payable
in March. 1871 The exemption from tax hitherto
fixed under one thousand dollars income IS raised
to two thousand dollars, which viii let or very
many thousands from obligations to the internal
venue in this particular.
The enumeration OF disembodied taxes here made
Is q very favorable indication OF the temper In
which Congress Is disposed to treat the burdens or
TO the mass of the population In this great CITY Of
New York the item OF highest interest the list Is
the repeal OF the tax railroad receipts. The tax
not the thing TO which the public objected. On
wealthy corporations owning the railroads OF the
metropolis literally assessed for the support OF the
revenue
The great trouble with that unfortunate tax
was that the law by which II Was created allowed
the corporations to save themselves by levylng one
per cent on the public. This one per cent became
five per cent in the hands Of the companies and the
five cents head for carrying passengers was raised
TO six.
It is well Observation-Disclosures, perhaps, than
many events OF historical mp0rtance--by the people
of New York when that most obnoxious tax
went into operation. Public indignation knew no
bounds, and the free, hearty storm OF abuse di-
rected against the graspng," "soule So" "selfsh'
corporations will never be forgotten. Many cases
OF protest against the additional penny resulted In
fights and law suits; but finally the companies won
tie day. and have been for years In the quiet pos
session of that mighty, profitable penny. New
Workers will enjoy this coming back to the
old price OF five cents ride as they have
seldom before enjoyed any legislative act done in
their behalf. or course very many ignorant OF the
change Will go mechanically paying six cents for
some time after next Saturday, and the conductors
1t Is not too much to believe, Will go on receiving
the old fare without ever word OF objection. 10
some IL Is not so much the reduction OF per cent
that will be hailed as boon as the convenience OF
making the iare and the change well-dehned frac-
Another feature of the law will be hailed with
universal satislactiOn-namely the abolition OF the
stamp on receipts. Every one knows what q nut
sance 1t has been, but we have been accustomed 10
1t so long tnat many will find 1t awkward to pocket
receipt for over $50 without the familiar stamp on
its face.
The reduction of the income tax from five TO two
and half per cent is unanimously approved among
all who had occasion to pay II. Those who had not
are perhaps Indifferent by exemptng all who re-
ceive incomes OF less than $1,000 In place OF $1,000,
as formerly a large number OF persons, such as
master wOrkmen, well paid statesmen, bankers
clerks &C., will be exempted.
Wall street and that nelghborh00d VIII rejoice at
the removal OF the tax OF 0ne-twenLeth or one per
cent on brokers' sales. The repeal of the stamp on
all prOmissory notes under 500 VIII be appreciated
That on mortgage assignments never yielded much
Of an income to the revenue, aud 1t Is as well In
being abolished