The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1890-12-25
THE NEW TAX LAW.


And now comes Edgar b. Moore, in the
Rutland Herald with a grist of its
various leading provisions, from which
we extract:
How many do you suppose have taken
the time to read the laws passed by the
recent assemblage, called a Legislature,
which apparently met for the sole pur-
pose of adjourning the day before
Thanksgiving?
l have tried to read and understand, If
possible, the tax law, which it is said
emanated from the brain of member Of
that somewhat unsavory body, who now
wears the ermine and is dubbed Judge"
If any one will take the time and have
the patience to read it he will certainly
come to no other conclusion than that it
is hodge-podge of rural inconsistencies,
and unworthy of even Vermont Legis-
lature, Unjust and inequitable are mild
terms doubt if there adjectives suffi-
GENTLY strong in the English language to
do entire justice to the subject.
| doubt if single Legislator under
stood the measure when he was called
upon to pass judgment. l doubt if the
originator understands it and can state
any principle upon which the law was
based other than those three evils, envy,
hatred and jealousy. Even the title of
the bill is misleading. 1t ought to have
been, "a bill to cripple industry, to
hinder exchange, to prevent thrift, to
retard investment, to destroy comfort in
travel, to increase insurance and to drive
men and capital out of the State
Let us examine the iniquitous bill.
Raise the windows, throw open the shut
tiers and let in little light, and then
strip it of verbiage and hold it up to the
scorn of every man, woman and child
who has the faintest idea of right and
justice.
First, corporations organized under the
| laws of Vermont are to be fined $40 FOL
having any capital at all up to $4,000
and for every $4,000 or fractional part
additional fine of So more is to be
added until the capital amounts to $3.50,
600. 1t shall not be considered any
greater crime to have acapital of $500, 00C
or even 81 100000. The burden mus
ever be the heaviest on the weakest
Ergo, didn't the large corporations, have
a finger in the pie? OF course this offers
a slight inducement to organize in othel
States.
Now as to railroads. A tax Of L or
per cent. upon an appraised value, OF
two and half per cent. on gross earn
ings.
That's good, for the tax slips from the
shoulders of the roads on to the unfor
tunate patrons of the road, only with al
added profit.
Telephone companies, who have /;
magnificent monopoly and whose SOLE
aim is to render the poorest service fol
the largest amount of money, are to bC
taxed only three per cent. on their gross
earnings, while the telegraph companie!
are to be taxed 10 per cent. on their grOs!
receipts, earned within the State. Sleep
ing car companies are to be taxed fiv'
per cent. on their gross earnings within
the State.
So, if you would like to travel in com
fort, you must be like DIR. Webb and owl
your car, for ''you uns" aren't going Il
be allowed any more comfort than "wt
uns." Sleeping car companies are here
by ordered out.
Savings banks are to be taxed Z of
per cent, payable semi-annually, oil
average deposits. The poor working
man or woman who saves cent mus
hereafter be satisfied with less, or NOV,
out. The women of Vermont wOulC
pass better law than that.
Investment companies or persons en-
gagged in banking business must here
after pay tax of per cent. upon til,
aggregate amount of all moneys received
to be loaned without the State.
Well, that is brilliant. II our peopl,
can't invest a dollar to good advantag,
at home because of our unrighteous laws
by heavens they shall not send 1t on
through any agents in the State wei
make it stay at home.
Express companies shall pay pc
cent. tax on their gross receipts, who'll.
within the State.
Steamboat. car and transportation
companies, incorporated under the law
of Vermont, must pay Z of l per cent
on appraised value or 2 per cent. on gros
earnings.
Insurance and guaranty companies
shall hereafter pay per cent. on gros
premiums and assessments; but lif,
companies incorporated in this Stat,
shall pay in addition, l per cent. on thei
surplus over and above the necessary re
serve, computed at 4 per cent, and alsC
deducting their real estate,
This addition was added for the pur
pose of discouraging life insurance bust
ness in the State, it being nefarious {?
business and to he discouraged by every
honorable means.
The task is done; but in order to SCI
it more clearly let me still further abre
viate: rl
Corporation fine, not less than $40 MOI
more than $50 annually. f.
Railroads foreign), Z of per cent. Of
q per cent. on gross earnings.
Telephone companies, 8 per cent.
Telegraph companies, 10 per cent.
Sleeping car companies per cent,
Savings banks, Z of per cent. 'N'g
Investment companies, per cent.
Express companies per cent.
Steamboat companies, Vermont, 4 o.
per cent, or on gross earnings, 2 pei
cent.
Insurance companies, 2 per cent.
State life companies, per cent, and OF
surplus, per cent.
How do you like it? Yousee, we have
little more hatred for some dollars thar
we have for others.
We have little less jealousy OF the
telephone companies than we do of the
telegraph companies; and dollar in the
hands of the savings bank, which, from
the nature of our laws, must seek invest
ment outside the State, isn't quite SC
criminal as in the hands of a private
banker.
A dollar invested in mortgage out
side of the State is not quite as bad al
investing in mortgage in the State
only l per cent. tax If sent out
and if one is unfortunate
enough to live in any village and have
dollar to spare and accommodate some
one less fortunate, he must pay u pei
cent. tax.
A railroad company chartered in somt
other State must be discouraged littl,
more strongly than company organized
or chartered in the State; but life in
surance company chartered in the State
is slightly more criminal than if chart
cred somewhere else. li.t
Il Wouldn't the farmer kick IL the genera
court had passed law limiting the pro
duction of potatoes, then fixing the rat,
per bushels, and then filming farmers ,
Of per cent. for having potatoes; or, 1
they should dare send them out OF tn,
State through commission house, rails
ing the fine TO per cent?
That the Legislature didn't prohibi
business entirely within the State w
may be thankful.
IfYour House IL on Fire
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