Middletown transcript., 1871-03-25
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SATURDAY MORN y, sAnd'i a ,sh |
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cd in 1870, akmAe ,l,s.dssy " essvy
citizen whose gros. income VT year ex-
cccdc, two ,leu-and dollars, TO render TO
the nssistant ussessor &c the division iu
which lie 'lites a return Of his income for
snxusicu on cr -bcforc the first dny Of
! Marvh. The neglect 10 do this leaves i,
..im tho power Of the assessor to make 4 re.
turn FIR him according 10 the best infor-
u,utisn he can obtain, and 10 increase the
amount Of tax fifty per cent us a penalty
! for the neglect, This latter provision
shows the necessity for promp, action.
Formerly each citizen was notified that
return was necessary by certain time.
The appearance Of tha, official documen,
brought TO mind the subject aud it was
attended to in u proper manner.
But there is no provision in the new
law requiring the assessor to demand
return, or to notify citizens Of their obli-
cations TO make their returns. Every
s man is supposed to know the law; and a
failurc To obey it is such neglect as in
ours ia, penalty. 1t will, therefore, be
necessary for taxpayers to seek their as
sis,ant assessors at once, and tender to
them such n statement as is warranted by
the condition of their business aud finan-
cinl affairs. Each person is required to
make a return of all moneys held in trust,
as well as those enjoyed as private prop
ery. This feature Of the law is somc'
times overlooked.
For the guidance Of persons in making
up their returns, the New York Post sub
mi,s the following wcll.urrangcd exhibit
Of the law of 1870:
The taxable income Of each person is
determined by adding together the follow
ing items: The gains or profits OF bust
ness for the year; the wages or salary re-
ceivcd for service from any government
corporations, or other employer; the rents
received from houses or lands; the inter
csts on notes, bonds or mortgages. or OF
money lent on any or no security; th'
profits of speculation in stocks bonds o.
gold. aud those obtained upon the sale o
any houses or lands during the year
which had been purchased within tw
years preceding and the dividends upo'
stocks or shares, except that the dividend
Of corporations which have themselve
Va withheld the tax from stockholders an
paid It to the United States, are not to b
included. nor that part Of the salary
officers of the Uuited States from whic
the tax has been deducted ut tho time {
payment, nor any pension pnid to so
dier or sailor.
~ From the aggregate income as thus d.
y. tsrmincd. each taxpayer will deduct u
national, State. county aad municipal ta'
cs paid BY him during the year all loss'
in business. not including any estimate
deprcciation Of values; the amount Of IL
terest paid during the year; the rent
land for cultivation and Of premises !
business purposes, and the wages Of lab
paid out for business purposes; the re
~ Of the house and rooms occupied as re
iicncc, bu. not the rental value. If own
by the taxpayer himself, and the amou
paid for ordinary repairs, but not for pc
mancnt improvements. The remainder
the gross income, after these deductio
arc made, constitutes the net income
1pl the year ; and two thousand dollars q
further to be deducted from this amou'
The remainder is the taxable income,
which tax Of two and half per cent.
fpa 10 be levied and paid. This tax Is d
and payable on or before the ,hirtic'h
~ Of April next. and penalty OF i've
cent. upon the amount Of the tax, aud
- interest at the rate Of one per cent.
month. is 10 be levied for neglect to m'
payment at that time, az within ten d'
s,s.. after tho collector shall have dcmant
- tho tax.
yiss The returns os income made this y
sre not TO be published; and the ofhc
wv samiaisseriug the Law are required to X
~ them secret. Nor IS say penalty to
ys4 lsvied for neglect or error on the ,sxp
- dfspart. except after full opportur
l. sgordcd him to be heard, and to |
W., ssss evidence that he is not guilty Of .
= j. nsglsct Or error. w
A,.s1s ss-FAff li--@--.-r-f -
49,, The dsmocratic strcagth in the llc
.s.s wln b iusrcassd 10 one hundred mi
.'iss hers ~ the gain ia New Hampshire.
hea she decision d the committee on elect
.e'sa II kvcr '.of Edwards. democrat. vi