The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-04-21
Another Attempt to Reimpose
the Income Tax.
TWO PER CENT.
Peculiar Conditions in the Bill To Be
Reported 10 the House.
CUSTOMS DRAWBACKS.
France Increasing Her Imports
OF American Provisions.
wAsHIsGros. april 20, 1875.

wAsHIsGroS, april 20, 1878.
TEXT OF THE INCOME TAX MEASURE
The following tho principal features OF tho In
formal Revenue bill ordorea to-day by tho Committee
Of Ways and Means 10 DO reported TO tho House,
Be II enacted &C. that ana after the passage OF
tins net there shall be ievied and collected upon al
for tobacco ground, dry, damp, pickled scented
or otherwise Of all descriptions when prepared
Tor use, and upon all chewing and smoking tobacco
fne cur cavcndsh, plug or twist. cut or graduated,
OF every description; on tobacco twisted by hand or
reduced into q CONDITION 10 be consumed or IN any
manner other the ordinary mode Of drying aud
curing, prepared for sale or consumption, even II
prepared without the use OF any machine or instru-
msnt and without being pressed swestened,
AMI all fine cut shorts and refuse,
scsaps esss so na swespsgs o.
On cigars Of all descriptions which shall BIO manufac
,ured ana sod, or removed Tor consumption or USE
levied ana collected a tax OF IS per thousand. On
ciaaretcs, weighing not more than thrce pounds ant
q half per thousand, 81 rs por thousand On cigar
cites weighing moro than t0ree pounds and half per
Thousand S. per thousand and all laws and parts Of
laws Inconsistent with this section shall DO and
hereby repealed and after the date esaid
HOW the TWO PER CENT Is LKvIEn
SIC. There shall be levied and collected, as here
matter PROVIDED for the year 1875 annually thereafter
upon the gains, pronts aud income OF every person
residing Ia the United States anu OF every citizen OF
the United states temporarily residing abroad derived
from any source whatever, whether within or
without tho United States, except as hereafter
provided, and tho gains profits and Income derived
IRON any business, trade profession carried In
tho Uned States Nv any person residing without the
United States and citizen thereof; from
OF real estate within the United Statcs owned BY any
person residing without tho United Statcs and not
citizen thereof. Tho following has, to wit, TWO per
ccntum:-
In estimating the gains. profits and income Of any
person there shall DO included all income derived from
any kind OF property, rents, interest received
crued upon ali notes, bonds and mortgages Othor
lorms OF indebtedness bearing interest, whether pad
Or mol II good and coccaoie; Interest upon notes,
bonds or other securities Of The United States, and
tho amount o. all premium on golo and
suy business. profession. trade empoyinens' once
or vocation, including any amount received as salary
or pay Tor services n the civ.I military naval Or
resentatve or delegate In Congress- tho share OF any
person Of the gains and profits. whether divided Or
moi, OF all companies or partnerships put not ncud-
Int tho amount received from any corporations whose
officers, ~ authorized by law, withhold and pay
us taxes perccnsum Of the dividends
made and of coupons paid by such corpora
lions, profits above costs and expenses actually
ccived in cash or value realized year
from sales OF real estate purchased within two years
previous 10 the year Tor which the income ID csti-
mated. The amount Of sales Of live stock, sugar.
wool, butter, cheese, pork, beef, mutton or other
meals, my ana grain, fruits, vegetables or. other
productions being tho growth or product OF estates
directly Dy tho family, and al, other gains,
profits and iucomc drawn from any
Tue -'e homestead &c Owned ana used or occupied
by any person or by his family, provided
.as. no gu; devise nor properly ACQUIRED BY
gains profits income under this section.
Military or naval pensions allowed TO any person
under the laws Of the United States, and The sum OF
81, 600 Of the gains, pro1s aud income of any per.
son, shall DO exempt from said income tax In
the manner hereinafter provided. Only
deduction OF 81 600 shall be mudc from the aggregate
income Of all the members OF any family composed
OF one or both paronts and or moro minor chill
dren, or OF husband and wife; but when wife by
law . separate income beyond. the control OF her
husband, and Is living ,, separate ana apart IT
made IRON her income, gains and profits,
and guardians and trustees shall DO allowed TO make
A~S.xA fnwv> k~nan
except that case OF more wards boncn-
comprised ono family having joint property
interest, only ono dcducsion shall DO mado Ia tncr
tavor.
For tho purpose OF allowing said deductions from
the income OF any religious or social community
holding all their properly and the income thcrcfrom
Jointly and IN common, each Ave Of til. persons
posing such society, and any remaining fractional
humber Of such persons less than Ave over such
groups Of five shall be hold 70 constitute
family, and . deduction OF $1,000 shall
In addition to the exemptions provided In the pre-
cedlng section there shall Be deducted from the CAMS
profits ana Income OF any person, all premiums or
Insurance OF HE or properly and all Daiiona STATE
county and municipal tax paid by him within the
or mortgages. NIL hrs losses actually sus-
tianed during the year arising from nres.
aSs nsSssa bu. N a.ss
all estimated depreciation OF valuos, she amount OF
interest pad during the year ana the amount paid
Tor rent or labor TO cultivate land or conduct any
otaer business from which income 10 derived, the
amount paid Tor the rent OF the house or premises
CAPPED rs residence for himself or his family aud
the amount paid out tor usual ana ordinary rcpairG
No deduction snail he madc any amount paid out
Tor buildings, permanent improvements or bot
tcrmens mado 10 increase tho value OF any properly
Tho salaries OF tho President OF tho United stacs
and OF judges OF The Uaitcd States OF all on
ccrs-cxccrtivc, judic nj aud Icyislatvc--of any
State oil the Union shall also be deducted tho
gaips, profits ani Income Of any person be
exempt Irom the said TAX: and consuls OF iorcign
governments who arc not citizens OF the United
tax imposed by this aci which may
BIO derived from their Official emoiumsnts
tho governments which such oeDsois may represent
shall extend similar exemption TO consuis OF tho
That the tax nereinbefore provided shall DO ss.
upon tue gains, profits and Income Tor the half
year ending the 3lst day OF December, 1873, and OF
zach succeeding year, and snail be assessed and levied
In tho year 1879 and each succeeding year, herein
provided and shall be duo nnd payable upon notice
and demand made. as provided by section 3lsi, Re-
PENALTIES
II any person signing and making tho return In
gard TO said tax shall intentionally and frauduiently
sign and make false return, ne may be indicted and
convicted IN any court Of the United states having
local jurisdiction. and shall upon DO
ject 10 line OF not less than $1,000 more than
$4,000 and be Imprisoned not less tnan Year nor
more than ten years, or BOTH ut the discretion OF tho
court
There snail be Levied and collected Tor and during
the year 1878, and annually thercsfcr tax OF two
pcrcentum on the amount OF oil interest coupons
paid on bonds or other evidenc9s oil debt issuC aud
payable in more years aitef date by any Of Tho
corporations In this section hereinafter emu
mcratcd, and on tho amount OF all dividends
OF earning income or gains hereafter declared by any
bsnk, trust company, savings institution nsurapto
company, railroad company, turnpike paDy, canal
navigation company, siackwster company, wherever
nna whenever the samc shall DO payable. aud TO
whatsoever person the Same may DO due, including
nonrcsidpnts, whether citizens or aliens, and oil un.
divided pronis OF any such corporation which have
crued und been earned aud added TO any surplus
contingent or other fund and every such
having paid he tax as aforesaid - hereby authorized
10 deduct and withhold from any payment account
OF Interest, coupons and dividends amount equal
10 the tax OF Two rcrcentum on tho same and tho
payment to the United States, ns provided by law,
pi the amount OF tax SO deducted from tho
interest, coupons and dividends aforesaid shall dis.
charge the corporation from any liability for that
amount OF said interest, coupons or dividend claimed
% due 10 any person, except 10 where
said corporations have provided oeherwisc
BY an express contract, provided that the
tax upon the dividends OF insurance companies
shall deemed due until such dividends arc pa v.
stle either In money or Otherwise and that tho money
returned by mutual Insurance companies to thor
policy holders, and tho annual or semkannual