Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-12-06
STAMPS
ON DOCUMENTS
Taxes on Stocks, Bonds, Notes
Deeds Went into Effect
Saturday.

Washington. Nov. 30.-DocumNntAry
stamp taxes Of the war tax bill 20 into
effect tomorrow. Revenue stamps must
be ai,ixed to bonds Of indemnity or In
debtedness. capital stock issues. stock
transfers, produce sales on exchanges,
drafts, promissory notes. conveyances and
deeds. customs house entries. steamship
tickets. proxies, assignments Of power Of
attorney. playing cards ard parcel post
packages. None are required on checks.
All stamps are sold by postofYices except
those for stock transfers and produce sales
which are distributed through revenue
collectors. Millions Of dollars in receipts
are expected to reach the treasury from
this course.
The taxes are similar to those imposed
during the Spanish War and by emergency
revenue act of 1914.
On capital stock transfers. from which
the government expects to derive q large
revenue. and which will fall heavily OF
stock exchanges. the tax is two cents
for each 500 or fraction Of the face value.
Stamps are to be affixed to the stock
books. not to the certificate of sale OF
exchange.
For produce sales on exchanges the tar
is two cents for 500 Of value Of the mer-
chandise covered by the agreement and
dunn or bill of sale. The law covers trans
ferred or scratch sales and sales for future
delivery.
Bonds OF indebtedness are taxed ave
cents for ecah 500 OF face value or fraction
and renewals are taxed as new issues.
Indemnity and surety bonds are subject
to a tax OF 30 cents or one per cent. Of
the premium charged for the execution Of
the bond. Bonds or policies of reinsurance
are exempt.
A tax of hve cents is levied on each
original issue Of certificates Of stock.
either on organization or reorganization.
Of face value Of 500 or fraction. To meet
the practice in some States Of issuing
stock without face value. 1t 10 specified
that the tax shall be laid on the actual
value II there is no face value.
For drafts or checks payable other
than at sight or on demand. and for
promissory notes and their renewal, the
tax is two cents for each 500 or fraction.
This levy will lay a burden particularly
on the banking business. Ordinary bank
checks are not taxable.
Realty conveyance and deeds are taxed
30 cents whore the value Of the interest
conveyed Is between 500 and $500. and
so cents for each additional $500 or frae-
ton. Deduction may be made Of only
a lien or encumbrance remaining on the
property at the time Of sale.
Before any parcel post package may
be accepted by a postoffics It must bear.
In addition 20 the regular postage, revs-
nue. stamps amounting to one cent for
each Is cents postage or fraction.
The entry Of goods At . customs house
for consumption or warehousinS IL tax
able rs cents when the value IL not more
than 500. SO cents when the value 's be-
tween 500 and $500. and $i0c W. Lac
value exceeds $500.
Passage tickets to transatlantic.
South American. or other ports not 81,
the United States, Canada or Mexico are
taxed according to a sliding scale run
ming from 500 on tickets costing between
$40 and so. to $500 for tickets costing
more than geo.
Proxies for voting at any meeting. sx-
cept OF religious. charitable, fraternal,
educational or literary organizations,
must bear ten-cent revenue stAmps. For
power Of attorney the tax IL IS cents.
In addition to the old tax Of two cents
on playing cards. new levy Of Ave
cents pack 10 imposed.