The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1871-03-31
THE INCOME TAX FOR 1870.

By the Internal Revenue laws, as
amended in 1870, it is the duty of every
citizen whose gross income last year ex-
ceeded two thousand dollars, to make
and render to the Assistant Assessors
of the division in which he lives, q re-
turn of this income for taxation on or
before the 1st day of March. The neg
lect to do this leaves it in the power of
the Assessor to make return for him
according to the best information he
can obtain, and to increase the amount
of tax fifty per cent. as a penalty for the
neglect. The duty of making these re-
turns has been very generally neglect
ed, under the expectation that Congress
would abolish the tax, but it is now
improbable that anything will be done
at the present session, and in order to
avoid the penalty, citizens can not be
too prompt to handing in their returns.
The taxable income of each person is
determined by adding together the fol-
lowing items: The gains or profits of
business for the year, the wages or sal
airy received for services from any gov
ernment, corporation, or other employ
er; the rents received from houses or
lands; the interest on notes, bonds, or
mortgages, or on money lent on any or
on no security; the profits of specula-
ton in stocks, bonds or gold, and those
obtained upon the sale of any houses or
lands during the year which had been
purchased within two years preceding,
and the dividends upon stocks or shares,
except that the dividends of corpora
tons which have themselves withheld
the tax from stockholders, and paid it
to the United States, are not TO be in
cluded, nor that part of the salary of
officers of the United States from which
the tax has been deducted at the time of
payment, nor anv pension paid to a SOL
der or sailor.
From the aggregate income, as thus
determined, each tax payer will deduct
the national. State. county and munich
pal taxes paid by him during the wear;
all losses in business, not including any
estimated depreciation of values: the
amount of interest paid during the year
the rent of land for cultivation and of
premises for business purposes, and the
wages of labor paid out Tor business
purposes; the rent of the house and
rooms occupied as residence, bat not
the rental value, if owned by the tax
payer himself; and the amount paid
for ordinary repairs, but not for perma-
nent improvements.
The remainder of the gross income,
after these deductions are made, consti-
tutes the net income for the year, and
two thousand dollars are further to be
deducted from this amount. The re-
mainder is the taxable income, on which
a tax of two and half per cent. is to be
levied and paid. This tax is due and
payable on or before the 30th day of
April next; and penalty of five per
cent. upon the amount of the tax, and
of interest at the rate of one per cent.
month, is to be levied for neglect to
make payment at that time, or within
ten days after the Collector shall have
demanded the tax.
The returns of income made this year
are not to be published, and the officers
administering the law are required to
keep them secret. Nor is any penalty
to be levied for neglect or error on the
taxpayers part, except after a full OPP
pOrtunity is afforded him to be heard,
and to present evidence that he is not
guilty of such neglect or error. But
there is no provision in the law requir-
ing the Assessor to demand a return, or
to notify citizens of their obligations to
make their return. Every man is sup
posed to know the law, and a failure to
obey it is such neglect as incurs the
penalty. 1t will, therefore, be necessary
for taxpayers to seek their Assistant
Assessors at once, and tender to them
such statement as we have described.
-Netc York Post.