The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-04-21

WASHINGTON, April 2O.-The income tax
bill, agreed upon by the Committee on Ways
and Means to-day, provides that in estimating
the gains, profits and income OF any person,
from any kind of property, rents, interest
received on account upon all notes, bonds and
mortgages, or other forms Of Indebtedness; !;
interest whether paid or not, II good and col
securities of the United States, and the
amount Of all premium on gold and coupons !;
the gains, profits and incomes of any busi-
ness profession, trade, employment, office or
vocation, including any amount received as
salary or pay for service in civil, military,
as Senator, Representative or delegate In
Congress.
The share of any person of the gains and
profits, whether divided or not. Of all COM
panies or partnerships, but not including the
amount received from any corporations whose
officers, as authorized by law, withhold and
pay as taxes per centum Of the dividends
made, and Of interest to the coupons paid by
such corporations.
Profits above cost and expenses actually re-
ceived in cash or cash value realized within
the year from sales Of real estate purchased
within two years previous to the year for
which the income is estimated. The amount
OF sales of live stock, sugar, wool, butter,
hay, grain, fruits. vegetables4and other pro-
ductions, being the growth or produce OF the
estate of such person, but not including any
part thereof consumed directly by the family,
and all other gains, profits and income drawn
from any source whatever, but not including
the rental value of the homestead owned and
used Or occupied by any person. or by his
family, provided that no gift, device nor pro
perty acquired by an Inheritance, distribution
or succession, shall be e accounted counted as galns'
Military or naval pensions allowed to any
person under the laws OF the United States,
and the sum of $4,000 OF the gains, profits and
income Of any person shall be exempt from
said income tax, In the manner hereinafter
provided.
Only one deduction of $4,000 shall be made
from the aggregate LEONE of all the mem
bers of any family, composed OF one or both
parents and one or more minor children, or
of husband and wife; but when wife has by
law separate income, beyond the control Of
her husband. and is living separate and apart
from him, such deduction shall then be made
from her income, >. aims and profits; and
guardians and trustees shall be allowed to
make the deduction in favor of each ward or
beneficiary, except that in case OF two or
more wards or beneficaries comprised in one
family, having joint property interests, only
one deduction shall be made In their favor.
For the purpose of allowing said deduction
from the income of any religious or social
community holding all their property and in
come therefrom jointly and in common, each
five OF the persons composing such society,
and any remaining fractional number OF such
persons less than tiveover such groups OF five,
shall be held to constitute family, and a de-
duction of $1,000 shall be allowed for each OF
said families, in addition to the exemptions
provided in the preceding section.
There shall be deducted from the gains,
profits and income Of any person, all pre-,
miums on insurance OF life and property, and
all national, State, county and municipal
taxes paid by him within the year, whether
such person be the owner, tenant or mort
gager; all his losses actually sustained dur
ing the year, arising from fires, floods ship
wrecks, or incurred in trade, and all
debts ascertaned to be worthless,
but including all estimated depreciation
of values, the amount Of interest paid during
the year and the amount paid for rent OF
labor to cultivate land or to conduct any
| other business from which income is derived
| the amount paid for rent of house or premises
occupied as u residence for himself or his
! family, and the amount paid out for the usual
ordinary repairs.
No deduction shall be made for any amount
paid out for new buildings, or permanent I'm.