The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1870-08-30
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The brief Law passed y The lis
Congress. Just before adjournment o.
] the 10Th nit. makes The following pro
visions
Il repeals alI special taxes on busi
ness and professions. such as have been
paid hy wholesale aud retail dealers
brokers, lawyers, manufacturers etc
excepting distillers, rectifers, brewers
aud dealers ia liquors aud tobacco; th,
special taxes. or licenses, in that class
remain os before, The repeal takes ef
feet only on and after the LIST Of MAY
1871, and until that time annual and
practical licenses will be required oi
all dong business subject TO the present
special tax
On aud after the FIRST day Of October
next the taxes On sales Of merchants
and manufacturers cease, excepting
those imposed upon sales Of tobacco,
cigars, wines, and liquors, and such as
are paid BY stamp.
On and after the lst day Of October
next, the taxes on carriages, gold
watches, billiard tvbles, gold and silver
plate, on boats, barges aud flats, on
legacles and SUGGESTIONS, on pass ports
and on receipts Of express, telegraph
aud insurance companies, ferries, rail.
roads, canals, stage coaches, theatres,
cireuses, operas, aud museums are 10
cease.
On and efter October lst, the stamp
tax on promissory notes for sum less
than 500, and on all receipts, and on
canned and preserved fish are repeal
ed; and no stamp will be required up
on the transfer or assignment Of a
mortgage, when il or the investment il
secures have once been duly stamped
Papers requiring stamp, and which
have not been stamped, may be pre-.
sented to collector Of internal reyen-
ne, who is required to afiix the proper
stamp and double the amount Of tax
remaining anpaid-in no case to be
less than five dollars This penalty
has hitherto been $50.
The income tax to be levied for the
next two years is at therate of two and
half per cent. upon ali incomes ex-
ceeding $4,000. No person whose
gross income does not exceed $1,000 is
required to make any relnrn to the
assessor; but the assessor has the pow
er to make an assessment according to
his best Ii cans Of information, in cases
where person who has an assessable
income neglects or refuses to make
return, or makes a fraudulent return,
and to add penalty OF so per cent, as
under the former law. The publica-
Of income retains is prohibited, except
that an aggregate statement may be
published.
There is to BE- collected for and dur
ing the year 1871, tax Of two and
half per cent upon the interest on
bouds issued by banks, trust compan-
les, and savings institutions, insurance,
railroad, cana, turnpike and naviga-
ton companies, and upon all the divid-
ed profits Of any such corporation,
which have accrued and been earned |
and added toany surplus, contingent
or other fund The tax Of FIVE per
cent on dividnds is repealed. The
tunnage tax IN boats trading between
different portsor points in the United |
States, is repealed.
Taxes uponbequests and devises or
transfers by iced, grant or gift, made |
or intended 10 take effect after the
death OF the pantor, III trust or other
wise, for thepublic uses Of literary, |
educational o charitable character are
repealed; ant such taxes already levied
under the former law are not to be
collected. tobacco may be put up in
metallic packages.
Collection districts may be consoli-
dated, wheneer the President thinks
the expenses Of collecting the revenue
may be promoted thereby, without de.
creasing efficiency Of the service. An
assistant assessors employed in assess
ing succession and other taxes now re-
pealed, are be dismissed, and the
number Of assistants reduced as far as
practicable,