New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-06
INTERNAL REVENUE REDUCTION.

IL
SOME OF THE EFFECTS OF THE NEW LAw-RELIEF
FOR BANKS AND BANKERS-wHAT THE CoMMIs-
sIOSER SAYS
WASHINGTON, March 5.-The act to reduce
Internal Revenue taxation. which has just become
law provide. for tho repeal OF the tax upon capital ana
deposits OF all bank and bankers except Such taxes hs
are now due and PAYABLE The tax on capitai ana ue
posts therefore ceased March g. Controller Knox
saws that the passage OF this act relieves the National
and state banks the private bankers from tax on
toe average OF about 81 100000 n month The
amount OF tax collected from the National banks
on capital and deposit, IN the last
iacal year. was SJ,9j9,7O2, OF which S4S1'4
only was upon capital. the remainder being upon ue-
posts The tax upon banks and private bankers
was s. 24gl72 OF which little more than onehfh was
upon capital The toal tax collected upon deposits ana
capital upon all classes banks IN the last fiscal year
was 81 2OSs75. The amount annually collected from
the two-ceut stamp Is about S25OO0OO aud the
act It peaug Of these stamps takes eiecl onJuf
l. 1883
The Law Imposing the tax upon bank capital aud dc
posts required all State banks and private bankers In
the country T. ma ke scfnannual the Commits
soner " Internal Revenue. From these returns the
Controller has for series Of years compiled the Only
cornp!cto statements ever given Ia reference TO the
capital deposits and tho amount OF United states bonds
hold ly all classes o. banks and bankers In the country
The repeal Of this tax will after this date prevent
which such returns can hereafter be- obtained viii b.
from the reports the banks compiled by the officers
of the different States A. many Of the States pnrlcn-
larry in the south do require such returns
to be made the aggregate viii of ncociy be- much lcss
complete than heretofore.
The Commissioner OF internal Rcvenue today SAID
that the eject al the reducing Internal revenue
faxat0n would be follows That the taxes upon the
cIIa and deposits banks aud bankers and National
btnkur assoclAOns f. repealed from hls dnir, except
ruch taxes as are now due anfipayuhc; that the p
dcti,u OF the upon cheeks drafts etc, aud upon
matches, ptrfumrry medicinal prePlr-ons anh otheT
articles imposed by schedule following section Sa5|
.vi,cd statutes. takes eject July 1883; that after
Ma. l. $50 the manufactured tobacco ana snuu
t be- cents per pOIni. cigars ~ per thousand ana
IN cglrrtes so cents per thousand tat there WI be
a rebate on tobacco snuff, cigars ana clZactte-' 81 Inc
Inference a. Tho taxes recently imposed anu TIE
i.xgs a. now provided for. where claims amount
L. SO Thee claims must be Ircsouted within sixty
days from May regulations gpon tiir matter VII be
Immediately Issued. aud hnuLs "Ll be luraisnod upon
Which claims be made.
The law provides for a large reduction IA the special
tsxrs upoI dealers. beginning May ], i-S3. The Com
missioner also stated thai immcf ate uiriug incniH
would be- made chlngug the form ~ The special tax
rtamps aud stamps for the ayment Of taxe upon
tobacco snun cigars, Ctc. 80 IA TO supply COLLECTORS
with these stamps iltne 10 incct the requirements OF
the trade prior 10 May /, lSS3