The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-04-21
THE INCOME TAX BILL
Levyinr n Tax OF Two Per Centum on All
Incomes Over $1,000.

WASHINGTON, April 20.-The Internal Rev
enue bill reported in the House to-day contains
the following section levying tax on incomes: i:
src ? There shall I've icvicl and collected as hcreina
ter provided the year 1914 and annually thereafter
s Yf IN s fs nrG s sas sSs f and Z" very % citizen c
United states rmporarly residing ahroad derived ir1m en-
any source whatever. whether within o. without the
United states except ns hereafter provided AM the
trade or proesson carried on in the tinted states by
any person residing without the United states and not
citizen thereof from rents Of real estate WITHIN the
United states owned by any pcrson residing without me
United states ani not citizen thereof the following tax
s.,S ec S TGn ns"a sS Ts9s q d Sy Pry rr
Kind Kind Of rropery ren inisres, received or ar ass.,S
sn nd vniR ,.eiSS " , nne. buds or other
cr ara ,%I,py W & nirr.I , upon nH tc ,onnt q" all
Premium ons1d and coupons the gam, w@n1i ana m
olice or vocation. including any amount received as
sber or psy 9 le & rry S ~ nc S w n. ne Rsp
sentative or Delegate IN Congress the share o any per-
companies partnerships but no, includng the amount
received from any corp"ta'ion' wh.,e oic,Is ~ author,
the dividends made aud interest coupons paid by
tSsy received in cs.h or cash value realized within the
,aes :. real estate within wo years
me amount OF sales OF i've sock sugar wool,
meats hay and grain, fruits. vegetables. or other
5 Ssp Not S "a ang or nn ct
directly by the family and all other gains profits and
cudinl the rental value q; the home stead owned nnd
used OF occupied bv any person or by his family pro
Nded that no rilt devise. nor property acquired by in
bertsnce. distribution. or succession shall he ac.
Sn";S S cSS Military p'S or naval sSS,oS, SS SRSS
sat 70 and a s s Of the II m Lava srs Of I9s s u"S sn
Income OF any person shall be exempt from .'d income
ducton Of two Thousand dollars shall be made from the
aggrcgae income Of all the members Of any family com
children ~ OF husband and wic but when wife ha;
husband and i. h,ing scpsrsir and arsrt rom him
such deduction shall then he made from her income,
allowed to make The deducon in favor OF each ward or
bcnencares comprised IN family having Joint prop
erty interest only deduction shall be made in their
For the purpose Of allowing said deduction; from the
their properly aud The income thercfroin Jointly and in
common each nve of the prsons composing snch socic
less Than hve over such srouns - nye Shall be held 70
lowed ior each Of said families.
In addition to the exemption provided in The preceding
section there shall be deducted from the gains urohts,
and income OF any person az premium. or insurance Of
municipal ax paid by 6in within the year whether said
person be owner tenant or morgaser; all his losses
floods shipwreeks' or incurred in trade. and debt,
ali estimated depreciation oi Values. the amount Si %
tsre,t paid during the year and the amount paid rent
which income is derived the amount paid for
S s for R sm Sp or S % and SSS SmonS;
paid out Tor usual aud ordinary repairs No deduction
permanent improvements. or beiicrmen,s made to in
'fTSse s Ns1s ne r. ~ ag ~, prnpefN ~ Q, re- rrea
Of all Judges the United states and all officers ex
rnion .sl also be deducted iror, the sanns prodts
hs ns @ s and co, an" Of oren eNgi Govern rg
ments who are not citizens Of the United
hi. when may be derived their ocsl cnon-
,snts NE & or ,rU % s S & n,oEusd wa,
shall extend similar exemption to Consus Of the United
That the hcreinbsore provided shall be assessed
ns he 81. dsy o pecrnber is5s and of each rece ced
ns year ant shall be assessed ana levied In the wear
shall alter ASSESSMENT Se due and psyabe upon noses Se
and demand made, as provided by section 3s4 Revised
lIs9y person signing and making the return regard
make Slss 5siqrn ne maybe indicted and sSaystedin
and shall upon conviction be subject nne Of
hsn si;rD nor more than 5000, and be inpri,on.d
AZ the discretion OF the court
Their shall BE- levied iud collected for and during the
sennm on w aan, Of all in.sres, Or coupons paid on
PAYABLE in years after date BY amy
SerSied, and on The account Of ali diyidenS,
o. sms Or ss' Ssa declared by any
@ %s;.r ea %hcrtg.4 sG aSG 'y % &.
same shall be PAYABLE aud TO whatever person the same
may be due including nQn'residcnts; whether ciu.
1sns or aliens. and all undivided profits q
sS sss 9fH earned sSG asS GSA to sy arpo,
sontngeni or Other fund and every such eerperaiion
Gsage! ana Withhold rop Any payment on account Of
the payment 10 the United States. provided
by law. of the amount Of tax deducted
ifom the interest coupons, and dividends
Aforesaid shall discharge the corporation from
any liability for that amount OF said interest
ponG dividend claimed due to any person,
except In where said corporations have pro.
vlded otherwise by expires. contract; provided
panies shall not be deemed due until such diV
dends payable either IN money otherwise, and
that the money returned by mutual rancs
10 their policy holders and the annual semian.
hual interest allowed or pad o. the depositvrs In
savings banks savings Institutions shall be
considered dividends; and that when any dividend il
made OF interest A. Aiuresad II Iaid which includes
any the surplus contingent tund cOrpO.
rauon which mas been assessed and the paid thereon
or which include. any part of the dividends interest
coupons received from other corporations whose officers
are authorized by law 70 Withhold per on tile
same. the amount OF tax so pai1 on that portion the
surplus contingent fund and the amount OF which
has been withheld and paid dividends. interest or
coupons received may be deducted from the on
such dividend or interest
An amendment to section 3 40S OF the Revised
Statutes provides that no bank or banker shall
be subject to tax on deposits which shall appear
10 be deposited with any other bank or
banker and which is subject to tax with
such last-named bank or banker, and
excmpts from tax funds deposited in
any bank % the credit of any State. Funds
OF savings banks invested in United States
bonds are also exempted except when deposits
in the name Of II single person amount to more
than $4,000. the amount in excess shall be sub
.4ctt tO taxation