The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1883-03-07
THE INTERNAL REVENUE BILL.
what the Commissioner Says VIII Be
the Effect OF the Act.

what the Commissioner says VIII BE
the Effect OF the Act.
WASHINGTON, D. o., March Gin reply
to inquiries to-day the Commissioner Of In
ternal Revenue said the effect Of thelaw
reducing the internal revenue taxation
would be as iollows: That The taxes ppon
the capital and deposits Of banks and
bankers and National Bank Associations Is
repealed from this date, except such taxes
as are now due and payable; that the re-
duction Of the tax upon checks, drafts, &C.,
and upon matches, perfumery, medicinal
preparations, and other articles imposed by
Schedule A, following Section 3,S47, oi the
revised Statutes, takes effect July l, 1888.
That after May l, 1888, the tax on
manufactured tobacco and snuff will
bes cents per pound, on cigars ss per
thousand, and on cigarettes so cents per
thousand. That there will be q rebate on
tobacco, snuff, cigars and cigarettes Of the
difference In the taxes recently imposed
and the taxesas now provided for, where
claims amount to $40. These claims must
be presented within sixty days from May
| l. The regulations upon this matter will
be Immediately issued, and blanks will be
furnished upon which claims can be made.
That the law provides ior large reduction
in the special taxes upon dealers, com.
menciDg May l, 1888.
The Commissioner also stated that I'M
mediate arrangements would be made for
changing the form Of special tax stamps,
and stamps for payment Of taxes upon
tobacco, snuff, cigars, &C., 80 as to supply
collectors with these stamps In time To meet
the requirements OF the trade, prior to May
l, 1883.
The act 10 reduce internal revenue tax
alton, which has just become law, pro.
yides for the repeal Of the tax upon capital
and deposits OF all banks and bankers,
except such taxes as are now due and
payable. The tax on capital and deposits,
therefore, ceased March 3d., Comptroller
Knox says the passage OF this act relieves
National and State banks and private
bankers from tax, on the average, 81 ,OOO,..
900 month. The amount Of tax collected
from the National banks on capital and
deposits for the last fiscal year was S., $780,
702, Of which .$i37,774 only was upon
capital, the remainder being upon deposits.
The tax upon State banks and private
bankers was S5,249,l72, Of which little
more than one.ffth was upon capital. The
total tax collected upon deposits and capital
upon all classes Of banks during the last
fiscal year was Sl1, POS, ,S75. n.
The amount annually collected from
two.cent check stamps isabout two and
one half millions, and the oct repealing
the use OF these stamps takes effect on the
lst Of July next The law. imposing q tax
upon bank capital and deposits required
all State banks and private bankers in the
country to make se1ni.annual returns to
the Commissioner Of Internal Revenue.
From these returns, the Comptroller, has
for series Of years compiled the only
complete statements ever given ia refer
ence to the capital, deposits and amount
OF the U! s. Bonds held by all classes OF
banks and bankers OF the country. The
repeal Of this law will, after this date, pre-.
vent the compilation Of these tables, and
the only source from which returns can
hereafter be obtained will be from the re.
port OF the banks, as compiled by the OH
GERS Of the different States. AS many ioi
the States, particularly in the South and
West, do not require such returns to be
made, the aggregate will, Of necessity, be
much less complete than heretofore.