The Caucasian. (Clinton, N.C.) 188?-1913, 1892-11-10
VICIOUS LEGISLATION RI
pEALED.

heavy tax upon stock OF goous v hed
there is no net income from those
goods, it is a hardship.
/ Ii he has to pay upon tract OF
land at time when he is actually
losing money, farming on that land
such payment lie a burden which
necessity alone can induce him to
tolerate.
How much more bitterly must
these burdens be resented when the
citizens who pay such taxes are aware
of the fact that those who are max
ing the profits are exempted from
tax.
/ The great Bondholders pay no
tax.
/ The great National Bankers pay
one per cent and are allowed to salye
their wounded feelings by making
the people pay from eight to twenty
five per cent.
The great Tariff Barons, as will be
shown hereafter, not only lose moth
ing by taxation, but gain by it inn
mensely.
The Rail Road Kings pay no
Federal Taxes whatsoever, but upon
the other hand, compel four per
cent. tax from the people upon ST.
500, 100000 watered stock.
These are the men whose aston
ishing wealth has been SO rapidly
accumulated.
1 Practically, they reap ali the
ipreak Of aH the industrial CLASSES Of
America. -. - 49,.
| Practically, they are the moreyeQ
class, numbering Q few thousand for
whom sixty millions of people toll.
| The Income Tax would reach
them-therefore they oppose it.
/ Under their dictation, the Income
Tax Law was repealed in 1871.
| The Repeal Act passed the Senate
January 26, 1871: by close vote,
Wac 26: Nays, rs.
Seven Democrats voteu ~. ..~,..
ONLY t,co coted against 1t.
So, it will be seen that both Dem |
ocrats and Republicans are guilty OF
| this crime.
This Income Tax Law passed
Congress July l, 1862. 1t diu not
go into effect till 1868.
By its terms all incomes in excess
OF 5000 and under $40, 1000 were taxed
at per cent; over $4,000, at 5 per
cent
thus was surely very moderate.
The Tax was collected under the |
Internal Revenue System.
From this source the Government
collected $2,741,S57ln 1863.
For the Fiscal Year, ending June
80, 1854, it collected S5O,294.733
On the 3rd day Of March, 1865.
the Act was amended SO as to substi-
tute per cent. for the 3 per cent. on
the smaller incomes and 10 per cent.
for the 5 per cent. upon the larger
ones, commencing with an income
of $1,000.
Under these acts the government
collected $32,O5O,0I7.
In 1865 this tax yielded $72, 982,-
$685. In 1867 it yielded $780,
In 1857 the Law was amended.
The tax was diminished in effect
one-half. The amendment also pro-
vlded that the Act was to expire
with the year 1870.
In 1868; $41, 452,599 was the sum
collected. In 1870 it was s34,791,-
S57. On July IA, 1870, the Tax was
extended one year, and reduced to
2! per cent.
The was repealed, as before stated, ,
by an Act which passed the Senate
January 26, 1871, and the House en-
March 8, 1871. The Yeas and Nays -,
were not taken in the House.
Taxes already due before the Re ,
peal of the Act con tinued to be col ,
lecteed in 1871 ~ and '73. The !
last were not In TIL 1877.
Ihe total amount collected uner /;
this very moderate Income Tax was :
$346, 906,738.
Does anyone doubt that it would
now be practicable to collect enough =
revenue from this source to run the =
Government
fortunes have so amazingly in /
creased in the hands of the million
aires; profits so stupendous have &C =
cumulated in the hands of Standard I
Oil Aagnates, Coal Barons, Rail );
Road Kings, Sugar Ttust Operators, I
Steel and Iron Combiners, that a :
good, heavy tax on incomes above
R1O, O0O-the tax growing heavier as
The income was larger would be
phenomenal in its yield.
The reasons why such tax would
be better than any We now have are d.
sufficiently obvious. =
l. 1t would put the burden on ~
the class most able to bear it. I.
2. 1t would put the support of Ia
The administration upon those who q
derlye the greatest benefits under the el
avs. c
8. 1t would interest the most
powerful class in the cause Of econo- p
ny. Rich men get particular when y
hey know that they must foot the ~ ~
bills. ~
4. 1t would put the pension debt CT
N the men who got rich off the VIC ell
cries of the soldiers. ii
8. 1t would discourage the &C
emulation Of enormous fortunes &C
nd would afford legal method Of ca
'hecking the growth Of concentrated
wealth. re
fl
q. 1t would abolish the tariff. ii,
Fhlch, as system of collecting taxes as
5 the most costly, one-sided and v