New-York tribune., 1900-12-27
NEW TAX PLAN PROPOSED.
LOCAL OPTION PROVISION THE CHIEF
FEATURE OF THE CHAMBER
COMMITTEES REPORT.

There win come before the Chamber Of Com
snerce at its January meeting report Iro"i ue
Committee on State and Municipal Taxation CON
tanning the draft OF a bill 10 amend the TAX la"s
which the committee intends 10 have introduced
in the Legislature early in the coming session
The committee consists OF @. f. Seward Charies
s Fairchld Alexander E. Orr, John larsen
Rhoades and Clarence II. Kelsey Advance copies
Of the committees report have been sent to mem
hers of the Chamber of Commerce TO enable them
20 vote in approval OF the report and proposed
amendments.
The report declares that the bill to be sent to the
Legislature makes reference to any principle
OF taxation neither does IT propose reform as TO
any item of taxation. II proposes a system under
which existing individual evils may be eradicated
Several brief arguments presented TO show the
necessity for the proposed legislation, among them
the following:
II cannot be doubted that conditions presented
in purely agricultural districts vary widely from
things tax which do exist at all, or only TO
IS a hard and fast system applicable everywhere.
What could be more illogical?
suspend or reduce taxation in order to promote the
Of industries or & taer mnSer
the tax system OF our State. -.
value OF general taxables in given territory would
by relief extended in taxation This would be true
as to real estate notably.
mere exist certain conoluons Mlcn sII" S ouS %
territories OF other States. and that these other
other reasons, continually drawing capital and
industries from our State: Every one is familiar
All these things point directly to the proposition
that a right system OF taxation in our State can
only be secured by granting TO the several politi
cal divisions certain discretion in the matter OF
taxation.
The provisions os the proposed tax measure are
summarized follows:
First-For a return 70 the State Tax Commis-
sioners Of the gross revenue as defined in the bill.
of each tax district in the State. itemized re-
spects the derived from each class OF taxabes.
Second For the fling and tabuIatiOn Of these re-
Third-For basng the state tax proportionately
on the gross revenue las defned Of each county or
FourtS1That the local governing bodies may de-
taxation or subject TO taxation at reduced rate.
It will be seen that the local option provision is
the leading feature Of the proposed legislation that
the provision is carefully guarded. and that the
other provisions intended primarily to provide
system under which the local option provision
be satisfactorily worked. .
AS the probable effect OF the proposed legisla-
ton the committee says IA part:
II your committee shorld be asked what would be
its opinion s that gss . probably bly, wGud be e
eventually in all of them This would lift from our
people q burden which is equal perhaps to ! per
vidually owned real estate in the Commonwealth. !
The loss OF revenue SO oceasioned would be incon-
siderable The saving to the people would be enor-
nous
rePo ay soag @ the the o T. s taaS
ton falls inevitably on the real estate mortgaged
This proposition is accepted by all economists. II
has been urged upon the Legislature persistently,
but without success.
Another direction in which relief might be ex-
pected is the banking interest Banks taxed on
their Shares at their assessed value, and get no
benefit from the exemptions non-taxable securi-
ties contained in the law. The result one which
leaves the citizen room for pride in sys-
tenn. It is stated authoritatiVely that in
year assessments ranged 10 per 10 119 per
cent OF capital, surplus fund and undivided profits
that the banks paid in in the same year one
third Of their net earnings; that this taxation
sometimes five times much that imposed on
other moneyed capital and that in interior towns
generally the amounts collected averaged locally
from 26 10 &c per OF all the personal taxes col
lected. -
II must be true in view Of these facts that capI-
tai is not invested freely IN banking enterprises in
our State. that some places deprived Of all local
banking facilities and that the banks which do
exist cannot render banking facilities in loans and
currency issues in normal measure and at normal
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