Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1896-07-10
Gsssx County Asrala.
Island Pond, Vt, July 10.
Double Taxation.

concludes as follows:
IAN we claim is that there should be
as even a distribution of taxation as
and, especially, that the farmer
who has mortgage on his farm, should
not be burdencd with more than his
share. II some Of the big salaries paidto
ofB Gals in this state could be reduced,
and If the tax rate could be brought
down to what it should be, there would
he no increase of taxes to Others II the
Farmers wereexempted from paving taxes
on the mortgages on their farms. Why
is il any more wrong to exempt real es-
tate, to the extent of the Indebtedness on
II. than tits to exempt personal property
to the same extent z"
There is much pertinency in the inquiry |
why should the owner of real estate be
denied the privilege of offsetting his debts
against it while the man who owes debts
of exactly the same nature is permitted
to offset them against his personal prop
erty. The man in the latter case IS dealt
Justly by and taxes in his case are assessed
upon values actually existing, while in
the former case the taxpayer is dealt
with on an entirely different basis and
principle and most unjustly. In the one
case the actual values existing are taxed;
in the other fictitious value is the basis
of taxation, and the result of that fiction
falls on the mortgagor who is in great
majority of instances farmer struggling
for his very existence. We can conceive
of nothing more unjust, unfair and I'M
equal than such system OF taxation.
Well, some one enquiries, How will you
fix it ?" Nothing in the world is palmer
or simpler A man has farm valued at
$4,000. There is a mortgage on it OF
$1,000. Now the mortgage has an in
interest in that land to the extent of a
thousand dollars. How much is there
left in the land? OF course one thousand
dollars. Now if you assess the mortga-
gor on thousand which measures his
equity in the premises, and the mortgagee
on a thousand which exactly measures
his interest in them have you not got the
actual and whole value that exists? And
to assess the mortgagor anything more
is Just as exactly as unjust and no more
an outrage in fact than it would be to
assess man FIVE hundred or thousand
dollars who did not own dollars worth
of property in the world.
Wealth actually existing should be
measured accurately and taxes assessed
upon it. Laying aside for moment the
matter of offset for debts, and exactly
what are you dealing with in reference
to mortgaged property? You are first
dealing with the mortgagor's interest il
it namely his equity OF redemption. APP
praise that, put it in the list, and viii
any man say that his whole interest has
not been taxed all that it would sell for
value in every respect, SO far as he is con
cerned Now then turn round to the mort
gage, assess his mortgage, put his inter
est in the list and you have the whole valu,
of the property. See for moment what
a man not influenced by traditions, pre-
5udices, and not accustomed to hear silly
questions like these :-"Won this theory
make the grand list larger ?" Don
it make difference where the mortgage
resides ?" Don't the mortgagor owl
his farm?" And amt the mortgage
got representative value to the extern
ofhis mortgage? ?" "What difference doe
it make to you about the list of others
YOU amt in for more than you ar
WORTH" says in reference to what tn
case. Our political economists discuss
ing the subject in the abstract say:
"The landed estate is wealth, that is
possesses value; that is, confers upo
its possessor the power of commanding
in exchange for itself, the labor, or tn
products of the labor, of others. TIL
mortgage is property, or right t
an undivided portion of the landed G.
tate. The amount of the property of til
owner of the estate is the value of tn
estate less the mortgage, There is bu
one body OF wealth; there arc two prop
critics, that of the owner, and that of tn
mortgage. The wealth ofthe communit
is no greater and no less, whether TIL
ownership of the estate he entire, or d
yided into two or half dozen proper
ties "
How long will eoptemptible argument
of policy, OF the effect of this or tina
method on the aggregate amount Of I'll
grand list. or how this or that theor
will affect the heaviest burdens or tt
1ightest upon Individuals differently, c
how residents will be affected in compar
son with residents, be permitted t
rise superior to considerations of justi,
and to an exact appQrtiqnmant of tax;
tion upon all the wealth of the estat
heaven only knows! IL is quite enous
to have a system of taxation whic
practically permits every man to be h
own assessor in respect to large ella:
property, thus making assessments
that class as unequal as individual ten,
encies towards avarice and perjury ar
without deliberately assessing and pu
ting in mans list value which nc
only he does not possess, but which doe
aot exist in the abstract, nor in respe,
TO any individual or the whole con
munity.
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