Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-07-07
BIC FORTUNE
UNCLE: SAM
+. GIVES UP
ANNUAL INCOME OF $4,000
600 is VOLUNTARILY RELIN-
oUISHED BY UNITED STATES
GOVERNMENT.

WASHINGTON. July 5-On Tuesday
Uncle Sam voluntarily relinquished an an
nual income of S70.O00.000
A few years ago so radicals move would
have had far reaching effect on the n
nancial conditions of the couptry, but so
firmly entrenched is the prosperity OF
the country that this adjustment OF the
income Of the government did not cause
a tremor in the business world.
Never before in the history Of the gov
ernments of the world has so great re-
duction of income been attempted, and II
is not believed that there is another coun-
try or government In the world that could
make such sweeping changes In Its
finances and stand the strah.
Many classes of business was Affected
and in some few Il is believed that In spite
Of the reduction made in the matter OF
taxes the stimulation to the business VIII
be so great that the actual income to the
government will be increased. There are,
too few curious phases Of the new law
One concerns legacies.
Notwithstanding the fact that the tax
on legacies and the distributive shares or
personal property is revoked, the estates
OF all persons dying prior to July VIII
be subject to a legacy tax, even though
the distribution is not made until after
that date.
For documentary stamps on stock trans
actions alone Wall street paid Collector
Treats office during 1901 $10.S12, 2O1.06, or
about $4,000 a day. Under the new law
the receipts for this district, the most inn
portant in the country, will fan from u.s.
594. 900 to $500, GEO.
The following special taxes were repeal
ed on Tuesday: Le
That OF $50 on banking concern and OF
81 on each. 81, 900 Pitts capital; the tax on
brokers, dealers In grain, securities, etc.,
pawnbrokers. custom house brokers. pro-
prietors OF theatres, circuses. public ex-
hibitions bowling alleys and, billiard
rooms, dealers in tobacco and manufaetur-
ers Of tobacco and cigars.
. Stamp taxes on instruments, papers or
documents, issues, Deliveries or transfers
OF stock and sales and agreements Of
sales or agreements to sell stock. pro-
ducts or merchandise Schedule AZ, Wines
seats in parlor cars and berths In sleeping
cars are repealed, as are excise taxes on
persons. firms. companies and corporations
engaged in refining petroleum and sugar.
The schedule of tax reduction follows:
Fermented lIquors-The tax on ferment-
ed liquors was reduced to 81 per barrel,
SnufT and tobacco-The tax on snun. and
tobacco was reduced to s cents per pound
CiRarettes-The tax on cigarettes weigh
ing more than three pounds per thousand
was reduced to 50 per thousand.
A drawback or rebate allowed on all
original and unbroken factory packages
Of smoking and manufactured tobacco ana
snuff held by manufacturers or dealers
on July /. 1902. to the amount Of difference
between the higher rate paid and the tax
imposed by this act.
No discount was, allowed on sales OF
stamps for fermented liquors or Tor to-
bacco or SNUFF. The discount on the sale
OF stamps for fermented liquors which was
allowed by the war revenue act was re-
pealed by the act of March 2, 1902
The provisions of law, relative TO mixed
liquors, remained unchanged, except a
slight change made in the definition OF
mixed -four.