New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-11
WILL DRIVE CAPITAL AWAY,
WHY THE INHERITANCE TAX BILL IS
OPPOSED.
POLITICIANS WONDERING IF THE GOVERNOR WILL
GIVE HIS APPROVAL TO CONTROLLER
RoBERrss SCHEME TO BOOM HIM
COVER NORSuIP.

ROBERTS'S SCHEME TO BOOM HIM
SELF FOR THE GOvERNoRsHIP
shrewd politicians who see In the inheritance
Tax bill scheme of State Controller Roberts 70
give fresh impetus to his Governorship boom 10
believe that II will receive the sanction OF Gov
ernor Black. Rumors from Albany. thought 10 De
we'll authenticated. Indicate that. while the Gov
ernor may not care to the measure. he may. IN
Difference to public sentiment and unquestioned
public policy, allow the bill to fall by nesiectns u
attach his signature TO H. II the Governor mas
reached this conclusion. he will find himself aoun-
dainty sustained.
Controller Fitch, Of this city, s one Of the men
we'll qualified speak OF the probable effect OF this
bill upon the prosperity Of the State. especially
that of New-York City. Considerably more IMAM
one-half Of ali inheritance taxes collected In the
State" he says. have. since 1886, been collected
here In New-York by my predecessors and myself
Speaking therefore. with such authority as NAV
attend this practical experience in the collection OF
the inheritance tax. have no hesitation In declar-
Ing my belief that as revenue-producing meas
ure, this bill would prove failure.
Heretofore the Inheritance tax has been success
fully collected because the rate Of taxation has not
been considered oppressive so high as to induce
wealthy citizens 10 relinqush their residence IN TINS
State.
IT. however. the rate were raised to such degree
rs is proposed, It would simply mean that the pos
SCISSORS Of wealth would acquire their residences IN
other States, while continuing to do business IN
Ncw-York. This would not be difficult matter
and would involve particular hardship. 1t Is an
experience with which the Tax Commissioners tf
this city are practically famar-as, for example.
in the OF George Gould. who left this city Tor
Lakewood. y. j."
Mayor Strong declared when the tax was first
| proposed by the State Controller that 1t would
prove destructive Of the best interests both OF the
State and city, because It's effect would be TO drive
capital away.
President Barker of the Tax Department. who is
| an acknowledged expert all subjects relating to
| taxation, said:
The proposed tax II imposed will be found TO
bring results exactly contrary to the expectations
Of it's projectors Instead OF adding to the revenues
| OF the State il will cut them down by driving our
weahest citizens to find domicile elsewhere
| Other States will benefit from our inhospitable
| treatment"
The correctness Of these opinions as TO the dis
| position Of wealthy men, especially those OF al
vanced years to resist this cumulative tax on their
property when it passes to their children Is found
in the fact that within the last fortnight at least
| n dozen New-Yorkers have avowed their intentions
10 establish legal residences outside of this state
| II the BIZ; should become a law
A man who is prominent in the charitable, socla
| and educational world, and who some years ago
retired from business. said last night In discussing
| Il don't care 20 rush into public print with my
grievance. am not alone In the matter bmt an
| TO defend myself. and will in my own way. ~ TINS
hin become, lay man can IN no longer a9 Sppg &c
the limitations of the state OF NewIYork IN fran
TO Rhode Island. to Connecticut or other neighbor
| ing states and they have no such laws there.
/ have my friends and my little charities. and my
| odd amusemcnts that Keep me busy; now that
hh house lust as comfortable as this could within
two or three hours by telegram change my resi- ISL
! other place for one-haf. perhaps one-quarter a.
much but sm AR content here vii SAY w
re eat They can't essate for the whole
| Try in New-York State. II they could 1t would b.
warrant that hundreds will make of IT.
f n s Sc1 Of ,6 ,
law certain members q the xande1o epa a Taa
house at Newport, where he spends enough tim'
year w IL and hi redt ssa f
also have Newport houses. George W. Wander
S, a nne months R,aSS of p the there
Twombly has country home at Madison; Mn, n j.
D. Sloane and John sloane have houses at Lenox;
Other Weqy men Are 1 nSn me SraS A,6r k.
sn3Mn tom 9S
| as his legal home should this bill become Law
considered the advisabty OF changing his lega
John od n Change ofbf
| legal residence to Bar Harbor, where he has
| country home. CO..
| prominent member Of a Legislature In state
| adjoining this came to well-known opponent o.
| the bill yesterday. and said quietly: IF YOU
Governor signs that bill, our Legislature VIII d.
| called together in extraordinary session at once
| and we will pass law making IL easy for men o
| wealth and influence to come and live In ou
| state -. :,
| The Opposition to the inheritance tax is great
financial circles. Bankers. brokers and capitalist
| who were talked with yesterday said the tax wa
| calculated to work great injury to the financial IN
| terests Of the State and the city OF New. foIk
| Present taxes were enough without add
| ing 10 them There was fairness In taxing
| person In life and then taxing him again becals
| he was unfortunate enough to die. The Governor
| II was unanimously declared. should write his dis
| approyal of the measure. II the bill were TO b
| made n law It would undoubtedly drive many larg
taxpayers out Of the State. The taxpayers Nigh
Treated unrea soma bly, simply because they had &C
| cumuIated means. They could do business In New
| York just the same.
| DIED WITHIN WEEK OF EACH OTHER