New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-06
THE NEW TAXATION PLAN
PRESIDENT FEITNER's VIEWS on THE
SPECIAL LEGISLATIVE COMMIT
TEES BILL.

Thomas L. Feitner. the president Of the Tax De-
partment in this city. i taking deep interest III
tax legislation. which is expected at Albany at an
early day. The Special Joint Committee OF ths
LEGISLATURE which was appointed last winter TO IN
vestigate the tax problems and suggest reforms IN
the tax laws OF the State, held some meetings IN
this city recently and Mr.. Feitner was one OF the
men called before the committee to give his views.
It has been ascertained that the committee has pre-
pared bill for changes in the laws which Will
be innovations affecting real estate and personal
property in New-York State now assessed at over
5000 100000.
1t Is understood to be the purpose Of the bill "a
limit direct taxation of real estate for local reve-
nue. and raise the State revenue by taxation OF
mortgages. the capital stock of trust companies
and other securities. By levying hve mill tax
10000 mortgages, which have race Value
OF about 81, 60o0O0.00o. II is believed that all the
needed revenue of the State can be raised.
The raising of revenue for the State by direct
tax on mortgages and other securities and the ex-
emption of real estate from direct taxation Tor
State purposes would be innovation for New
York State" Mr. Feitner said yesterday, but
believe such plan has worked we'll In Penn
sylvania. The plan would put stop to the unjust
discrimination against New-York City In the
equalization and distribution of taxes for state
purposes When real estate is taxed only for local
purposes there be no unjust discrimination
against the city in the assessed valuations OF
real estate against one county as In FAVOR OF
another county. Direct taxation OF mortgages
would reach many persons and corporations tnat
have been able to escape taxes on personal prop
erty.'
DO you know the amount Of personal tax PAID
by holders of mortgages in New-York?" MI Felt
asked
ut would be Impossible to tell that at present.
he replied. THE amount OF personal tax raised
in this city last year was about sllNoeo whlle
about s75.OO0OOO came from the tax on real estate
Mr. Feitner said he had no knowledge as to the
character of the bill to reform tax methods put
from talks with members of the Special Joint
Legislative Committee, he thought he knew what
they intended or wanted to accomplish. He had
not heard, he said of any plan to prevent per-
sons from swearing off personal taxes. unless II
was involved in the plan for direct taxation OF
mortgages
THE Tax Commissioners in my time" he said.
have not been able to prevent the swearing on
of personal taxes by many persons OF wealth
There many reasons why personal taxes
can be escaped Non-residence in the city. debts
and the conversion of property into securities that
are exempt from taxation. enable many TO escape
The direct taxation of securities. of course could
not be avoided. Even the banks and life insur-
companies would be compelled to pay the
tax on the mortgages held by them. Mortgages
recorded, and 1t would be easy TO tell who are
the owners of them"
John Harsen Rhoades. president of the Green
witch Savings Bank, who before the Joint
Legislative Committee. quoted yesterday as
follows:
If such a tax a is proposed can be collected at
the hands OF the mortgagee in such manner as
not impose additional burdens upon the real
estate owner. and make the method acceptable
to the MORTGAGE can see how such a plan might
work satisfactorily l do not believe that any bill
can be passed that meets with the determined
opposition OF loaaers real estate or real estate
I thoroughly approve any plan which. upon fair
and just lines without adding Increased burdens
to capital or the owners of real property. will
enable the State authorities to raise necessary
for the use of the State by methods other
than those in use. Appointments OF this
a a
great deal of unfalrness to particular coHmunt-
ties. and have been the source OF much conter-
ton On general principles / am opposed TO any
attempt TO mortgages in the hands of the
MORTGAGE