Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1884-02-01
TAXATION II NEW YORN

TAXATION II NEW YORK.
The annual report Of the State Assessors
| of New York give some interesting figures,
and makes some important suggestions.
For the former, it appears that the assessed
valuation Of real estate for the year 1882 was
So, 557, 21S $40 an increase from 1881 of
SPA, 556,e6l. The assessed valuation of
personal estate for the year 1882 was S3l5,-
O39, 0S5, dtcIcase from 1881 Of $50, oS2.-
lO4. The increase in the real in 1882 is due
| IN part to The action of local assessors in some
OF the counties, who have Increased the
assessed valuation of real property, but the
actual increase is in the largest cities Of the
State; New York, Kings and Erie showing
gain of SIS, 30 900. TIE valuation of
personal property decreased about $50
OOo, O0O from the preceding year. und the
decrease from 1865 to 1889 has been the
immense sum Of S77,513,0 900. The de-
crease has been going on for humber of
years, but has been visbly accelerated since
1881 The reason is TO he found in the
decision of the Court of Appeals of that year
that the law of the State docs not prevent
the purchase Of United States bonds nor the
creation of debt for the purpose OF cvading
the assessment OF personal property. That
IS TO say, man may, before declaring the
value OF his personal property, purchase
bonds which are exempt from taxation, may
borrow the whole amount Of the purchase
money, and may deduct from his assessment
both the value of the bonds and
the amount borrowed for their pur-
chase. As the Assessors remarked
last year, this decision opens the
way ''lor an easy and general avoidance of
all taxation of personal property in private
hands" Commenting upon this condition
OF things the assessors now say The de-
crease furnishes startling evidence of the
inctiiciency of our law relating to the assess
ment of this class of property, and suggests
the idea of its inadequacy to remedy the iu-
creasing injustice to real estate in conse-
quence of its failure to reach the vast amount
OF personal which escapes taxation altogeth-
er. Can there he any reason why all per-
sonal property of whatever nature, except so
much thereof as is exempt, should not pay
its ful-share of State, county and town
taxes? Yet the device of contracting debts
by the owners OF personal property immedi-
alely before the assessment rolls are complet-
ed, for the sole purpose of eva1ing taxation
thereon, and by which millions and millions
escape every year, has become SO common
nowadays that justice ambiguity demand that
every citizen of the State shall contribute 10
the support of the government in proportion
to their respective ability" AZ remedy,
the assessors call fer the passage of law
which shall deprive wealthy taxpayers of the
method Of shifting on other shoulders their
share of public burdens The state of affairs
is similar to that which long existed in YER
mont but whether onr tax law would
work well in New York is, to say the least,
open to grave question. There are two side.
to all of our people. The other we find very
clearly and admirably stated IN that able
paper the Brooklyn Untoa The linton
says:
1t does not seem to have secured to the
assessors, any more than ii did to the gov
ernor, that the best way to jrrect the gross
inequalities of the valuation of personal
property is to abandon altog Their the attempt
to tax 1t in pri' ate hands. People do not
hoard money in these days for the purpose
OF looking at it. The acCumulalons Of the
rich, like the savings of the poor, enter into
the active capital of the country, They are
converted into stone and lime, into ma
chinery, railroads, public works or some
other tangible result OF the enterprise Of the
borrower. 1t Is very proper recommerda
ton that there should be an equitable
assessment of the railroads of the state, but
it is absurd TO ask that after the New York
Central railroad has paid lis full share of
taxation, the holders Of It's stock and bonds
SHOULD pay the tax over again on these evil |
dences of its Indebtedness. The taxation of
real estate aud of the mortgages given upon
1t belongs to the same order of redupieated |
burdens which, but for the rarity of common |
sense in legislation, would long ago have |
ceased to exist. The safe policy is to confine |
taxation TO things visible aud tangible, lcav- |
ing the burden to adjust ITSELF rs it assuredly |
WILL with reasonable equality. An eXccp- |
ton may be made on the score Of the fran
chises enjoyed hy railroad, telegraph and
other corporations. There can be no doubt |
that a distinction iould be made between |
the taxation of corporations Organized for or
binary business purposes and ''lhat large and !
growing class of corporations, whose wealth |
consists largely of direct grants from the
State OF the use of public property, or Of the
right to take private property for their own
This subject was commended to
the attention OF the last Legislature; it is
again brought to the notice of this The
chances Of It's receiving the attention il de.