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The Income Tax

The Income Tax image
Parent Issue
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OCR Text

'Soino mis;i[ ' henpjon hrtvinj; arisen in ralution u the time and manner of paying iho inoomo tiix levicd by ihu :ict ot Congres approved July 1, 1852, it is uefjl to know tho exact provisions of the luw, They are stated by the New York Ei'i'ning Pont as lo'.luws : No t ix upon acornea c:in bo luvied or ttollecteü until the fint da y of May, 1803 St-clion 89 of tho act ut' July la-t repettls eeotionn 49, 50 and 62 oí' t bo net oí August 5, 1801 (exoepti tho-[):ift reluting to tho uppointmant of depositaries), and malies thefoTlowing regulationa : On ths fiist of' May 1863, thu a.f.-üsaor.s uhnll lovy a tax of thit-o per cent. upoQ all incoine hich .slMtll liave ; exuutded the smn of six hundrod dollars diirtiig tin; year euding Deceiriber 31, 1862. lf iho inooiiR) íor iho year j 1S(!2 excaeded tho earc ofte tbousand 'dollars, thu tax hall bo fivo por i.ent. upuii all abovo ti& hundrod dollars. Ttiis tax of three or tive por cent is duo and payablo on or belbra thu 30th day of Juno, 1803. lf rmnaiiiing nnpaid for thirty diiyy nfter June 3ü, a penalty tvill l)o irnposod A peruon, thereforo, hose riüome in 1802 was nrm thounuud dollars, will bo as.essud at threo por cent. on lonr luindrod dollars of tiiut xum on the tirst of May noxt, and wilHiavait least t'ixty duy.s in uhioh to pay his tax ; that is to .-y, n nan wlio received last year a salary of ono tfaousand dollars must pay in income tax of twolvo dollars on or bftoro th) 30t.h day of Juno uext, with tho privilogo oí delay for un additional thirtv day 8, The Locóme tax t to aease ibsolutely at the ond oí tho year 18ÖG.


Old News
Michigan Argus