The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-11-25
Vermont Taxes.

Vermont is minded to make new de-
parture in taxation-a departure whose re-
suits will be awaited with deep interest by
ether States. A member of her Legislature
has introduced bill which provides that
the funds for the payment Of State expenses
shall be raised by direct State taxes upon
the corporate franchise, or business in the
State of railroad, insurance, express, tele-
graph, telephone, steamboat, car and trans
portation companies, savings banks, savings
institutions and trust companies Railroads
are to be taxed at the rate of two per cent on
the first $4,000 per mile, or on the total earn
ings If less than that sum; at the rate of
three per cent on the first thousand or part
thereof above two thousand dollars a mile;
at the rate of four per cent on the first thou
sand or part thereof above three thousand,
and five per cent on all earnings above four
thousand dollars mile. Insurance compa-
mics are to pay tax at the rate of two per
cent per annum on the gross amount of
premiums and assessments collected on
their business in the State. In addition
every life insurance company shall pay one
half of one per cent per annum on all sur
plus over and above The necessary four per
cent reserve. From any tax SO assessed up
on insurance companies there shall be de-
Quoted from the full amount of premiums
and assessments the unused balance in notes
taken on open policies, all sums paid for re-
turned premiums or cancelled policies and
sums paid to other insurance companies,
incorporated by the State or to agents with
in the State or foreign companies, for rein
surance on risks.
The tax upon savings banks and savings
half per cent on the average amount of de-
posts and accumuations. Trust compa-
mics and 'ssavings bank and trust compa-
MES" are taxed one per cent on the average
amount of deposits and accnmulations, de-
Quoting therefrom such percentage as such
institution pays to the United States, SO long
as tax shall continue to be paid, and also
such part of the accumulations as is added
to the stock and taxed to the stakeholder.
In all these cases the amount of assets in
other tax shall be passed on such deposits or
accumulati0ns or against the depositors on
account thereof, except individual deposits
exceeding $1,000.
Every corporation, joint stock company,
person or persons doing express, telegraph
or telephone business shall pay tax at the
rate of three per cent on the gross receipts
OF their business transacted in the State.
In the case of telephone companies the rem
tai of instruments shall be included in the
gross receipts. Every steamboat company,
ear or transportation company incorporated
by the State shall pay tax at the rate Of
two per cent annually on the gross receipts
of all their business.
The real and personal estate of railroad,
express, telegraph and telephone, steam
boat, car and transportation companies and
the stock in steamboat, car and transporta
ton companies are exempt from any taxeS
except those levied by the act.
The Rutland Globe and other leading
newspapers profess great faith in the sue
cess of the new scheme, and are urgen
that it shall be attempted.