Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1898-10-13
Gov. Smiths Inaugural Message.

A Greater Vermont" Is evidently to be
the watchword of Gov. Smiths admiiis-
tratlon. This was expected by those who
thoroughly knew him, and the message
delivered by him to the Legislature Thurs
day proved conclusively this this eX-
pectation was not to be disappointed. He
pleasantly varied the course pursued in
recent years which bewildercd the Legs
lature with two sets of recommendations,
not infrequently of a conflicting nature.
regarding almost every State institution
and public interest, and confined his at
tention almost exclusively to the projects
formulated by him for the upbuiidng of
Nermonts varied material interests.
GOV. Smith first invites attention to a
taxation project which he confidently be-
licvos will result in Il material addition TO
the number of men of great wealth who
have established their residences in YER
mont, during the past few years, The at
tentlon of the reading public has recently
been forcibly drawn to the large number
OF mllionalres who have abandoned New
York on account of the manner in which
they are oppresslvely taxed during life
and their estates made to pay heavy sums
to the State in the form of inheritance
taxes These men of large wealth arc
transferring their homes from the Empire
State to other commonwcalths. and in
view of the manifold attractions posses
sed by Vermont, Gov. Smith believes that
we can induce some of these and similar
men from other States to locate within
our borders.
The method by means of which the gov
ernor hopes to accomplish this undertake
ing can be compared to the principle en-
bodied in the abatement of taxes for those
who bring new industries to n community.
The idea is modified in various ways,
however. Gov. Smith says that the vast
fortunes which are now made the object
of the inheritance tax, the income tax,
and extravagant and unequal local taxes,
will never locate permanently until they
can be assured immunity from unjust at
tacks of this character. To assure this
protection, Gov. Smith would have the
Legislature pass an amendment to the
corporation tax law providing that any
nonresident, who shall hereafter become
resident of Vermont, shall have the
privilege of entering into a contract with
the State for n term of say thirty years
whereby the taxes of such persons shall
be fixed at a specific sum annually, such
sum TO be measured by percentage of
their sworn incomes, or to be an amount
agreed upon between commission APP
pointed by the Legislature and the parties
| awaiting themselves OF this law. This tax
| is to be paid into the State treasury, the
same as the corporation tax, and any real
| estate tax assessed is to be deducted from
! this State tax. Gov. Smith recommends
! that the privilege be limited to persons
willing to pay the State at least 500 per
| annum, and that bond be required to
secure the payment of the tax specified
| during the term of the contract
! Judging from the increased number of
people Of wealth who spend considerable
portion of the summer in Vermont and
the aggravating conditions which large
fortunes are forced to endure in num-
Der of our neighborng States this project
ought to result in an appreciate addition
' to the revenue OF our State, But this is
not the only consideration. Experience
has shown that people of wealth who be-
come residents of our State soon become
Identified with our local interests, and
with the development Of our natural re-
sources directly or indirectly and their
wealth therefore contributes in variety
OF ways to vermont's material progress.
The plan outlined by Gov. Smith will cost
us nothing. and 1t is well worth trying as
an experiment
A project closely allied to the foregoing
In some ways Is the radical Improvement
OF Vermonts highway system which Gov.
Smith advocates In his message. He holds
that the expenditure Of the proceeds Of