New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-04-22
A BILL TO REVIVE THE INCOME TAX.

Md rrCKFR's ToRACcO TAX BILL HAS AN IMPORT
Ant BUT PROBABLY FUTILE ADDENDUM'
WASHINGTON, April 21.-The Internal Rev
enue Bill reported to the House yesterday Nv MI luAo
provides for tax tobacco amounting 10 10 oen.'
pound on cigars, s. Il thousand. ana on eigIe'''' % -
and So thousand according they weigh less OF more
than Ga pounds per thousand The second secoh Ol 'o
bill is in regard to an income TAX A"e
OF IL are as follows;
SECTION @ There shall be levied and collected as Eere
matter provided for the year 1873 and annually ele
alter upon the gains profits and income OF every pes0n
residing i'm the United States and of every ctzen OF te
United States temporarily residing abroad derived run
any whatever, whether wlthln or Waioue ~
United states EXCEPT hereafter provided ana guns
profits and income derived from any busIe -, ir m
profession carried on IN the Unlted states NY an! Ien
residing without the United states anu not Gl,M i
thereof or from rents OF real Ss1SS RE nited
states and not citizen thereof, The following '"A' "
In estimating the gains profits and income OF any
person. there shall ne included an income Ge
rived from any Mna Of urdn All nots bonds
and mortgages other forms or Indebtedness
hearing interest! whether paid or not, good ana correct
ah Interest uon notes. bonds other securities OF inc
United States and the amount OF an premiums Oh Eou
and coupons the gains, profits ana increase OF any os
ness profession, trade, EMPLOY ment Once OF NoCH'"
Including any amount received as salary or pay lOi scr
vices in the civil military naval or other service OF lne
United States, or a. Senator Representative or
in Congress; the share OF any pers0n, ", VI, ali All
COMPANIES or partnerships, but not including the
amount received from any coIpolalons Whost oaSvlS.
copnm of the dividends made and Of the interest on
coupons paid by such corporations; profits above costs
realized within the year from sales Of real estate Pui
chased within two years previous TO tEe year oi Wicn
stock sugar. WOOL butter, cheese pork Dee mGttnl OF
other meats hay aud grain fruits. vegetables, or other
productions being the growth or product OF 'Stac5 Oh
such person, but NOT inc uding any part thcLeoi cor
suIned directly by the family and all other gains pio
drawn from any source Whatever, Dut "
Including the rental value OF the homestead owned anu
used or occupied by any person or ny BIS lanliy Pr
fhaln frff
hcranCe, distribution or succession sl bc accoud'eu
as gains, profits or income under TINS section - nm
Military naval pensions allowed 10 any person uh
der the laws of the United States ana the sum OF ToO
nj the gains profits and income OF any person shall be
exempt from said income tax in the manner hereinafter
provided Only one deduction OF 1900 shall be mate
from the aggregate income OF all the members OF any
family composed Of one both parents aud one or more
minor children. or Of husband and wife, but when
wife has by law q separate income beyond the control
of her husband, and Is living separate and
apart from him, such deduction shal then
be made from her income, gatns aud profits
and Guardians and trustees shall be allowed 10 make
HE deduction In favor Of each ward or bcnenchfy CX-
cent that in ease OF two wards or benehcares
cOprised in one family having joint property interest
ouy one deduction shall be made in their favor FOR
the purpose Of allowing said deduction from The income
of auy religious social community holding all Their
property aud the income thoroirom jointly ana ~ con-
mon, each five of tine persons composing such society
and any remaining fractional number o such persons
less than five such groups Of five shall BE- hed TO
constitute family and deduction OF S2oOo shall ne
allowed for each OF said families In addition
TO the exemptions provided in the preceding section
there shall he deducted from the gains pIOnt5
and income OF any person. all premiums or insurance OF
life or property and all National, state, county qua
municipal tax paid by him within the year, whether
suchpcTsOn be owner tenant or mort agOr all his losses
actually sustained dung tho year arising from hrcs,
foods shIDwIeok, incurred in trade aud debts as
ccraIned TO be worthless but excluding all estimated
depreciation OF values, the amount OF interest paid
during the year and the amount paid Tor rent or labor TO
cultivate land conduct other business fgOm which in
come Is derived the amount paid fol- the rent OF the
house the premises occupied as residence for him
self and family and the amount paid out for usual and
ordinary repairs.
The salaries OF Government and state officers are 20
be exempt Two per is levied Joint stock trans
portation and banking companies.