The "income Tax."

Tlic fóllowing scction froin lbo Lili passcd by Copxess l direct tas, will answer ihe inquiry frci[uo:tl3r made of uh, " What is the Incouie Tai?"- Rcad it c;:rcfully. Sec. G !. And ba it furthcr eurtctca, That persons eaming or having prolits, I ga'iLs and incomes, in their own right or in trust, and all cotnpauies, institutioDS, assöóilkUonB, corporate or not corporate, and eorporators, eïmingor having proiits, gairis and incomes whicliare orshall bedcrived from sources other thau tho by i perty Ihid aot subjectud to a direct tax, ' tbr the yeár preceding thts first day of April,A, D., oigliteeu hundred and sisty two, and cach year thereafter, beyotid the sum of eight hundred dollars, derirable from any suurce of business, trade, or vocatlon dividend of stocks, interest of' moñey oí' debts, salaries, interest on legaCÍC3, anuually, or derived froin any otlier source, witiiio or beyond tho bouudarics of the United States, shall bo subject to : or pay a tax of three por cent urn, on the lirst day oí April in each year from and , áfter the passago of this act ; and in j competiug suoh proñls, gaina and iüeomes, tbcre sliall bc deducted, besides ; the sum of cight hundred dollars, .'is i aí'oi'L'said, all local or Stato taxes, thu wages paid for labor, a:d other charges incident to such pruüts, gaius and ineoincs, cot ïncludmg personal and faimly expenses, iu suoli marnier aa to leave i'ie ss'sual not ineome of each and cvery persün, exceptinL the dcduction heretotbrc aid hereafter mentioncd, subject to taxa'.ion under the provisLons of thisact: Provided, That 110 persou, momBer or corporator of any compaDy, iüstitutiou, associatiou, or corporution, chargeable with a t;;x under tlii.'i act, shall bo required or bo subjeetod iodu-idually to tasation for lus or lier sbare of the profits, gains or Dcoinoa of sueli compauy, iustitut ion, association or Corporation which shall have beeu taxed under the provisions of tliis aot, and paid in whole by said eompany, insïitution, associatiou or eorporutiou ; but wbere the iueoine tax is derived i'roin persons residiug abroad, but drawing monoy frotu tlieir property in this country ; the rate ahall ba five per cent. per auuum. 1 - n ip mu -