Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-10-11
STATE HOUSE.
Hon. George PottIe Speaks Of
Taxation Problems.
Views Of Kennebec Farmers on the
Raising Of Stock.
Question as 4 Election Of Representa-
tive in Wiscasset Glass.

Hon. George POttle of Lewiston, one
o. the State assessors. was at the
State House, yesterday. and. in CONVEX.
sation with the Journal representative
let drop some sound ideas upon the
subject of taxation that cannot fail tc
be of interest to the general public
He spoke Of two phases of the taxation
problem. one the taxation Of the stock
of national banks and the tax on collat.
eral inheritance
The rule for the taxation of stock OF
National banks and in fact of all banks
divided into shares" said Mr.. Pottle
lis somewhat different in most of the
western states than it is in this State
In Maine the shareholders if a resident
of the state is assessed for any bank
stock he may own in the town where
he resides. Stock owned out of the
state is assessed in the City or town
where the bank is located. Sharehold-
ers are entitled to a deduction in the
valuation of their shares on account of
any real estate taxes to the bank. The
general rule in most Of the western
states is to assess all of the stock in
the town or city where the bank is
located or does business. The Supreme
Court of Wisconsin has made two de-
cisions regarding the taxation of bank
stock which do not correspond to the
rule generally observed in other states.
In the case Second Ward Savings Bank
VS.. Milwaukee Gath Wisconsin the court
held that real estate owned by a bank
is not part of its capital stock, but of its
surplus. and that a shareholder is no;
ertitial "a reduction, in hn In.
alton of his shares for purposes of
TAXA ton on account of any real esta te
assessed to the bank" On the other
hand in the case of Ruggles vs.. Fond
DuLac sgd Wisconsin the court ruled
that i'm Wisconsin; THE value of
bank stock must be considered by the
owner as part of debts due or TO be-
come due him. from which he is en-
titled to deduct ANY bona fide debts he
may owe, in listing his property for
taxation.
Some of the western states have
had hard luck in the enactment of in
heritance tax laws" The Legisla ture
Of Minnesota passed an inheritance tax
law in 1897 Il second one in 1899 and a
third in 1901 all have been declared un-
constitutional by the Supreme Court OF
that state and the state must refund
all taxes collected under the several
acts Wisconsin enacted an inheritance
tax law in 1885, largely j copy of the
New York law. applying to estate OF
i0G00, in value ard over. In the case
Black VS.. State SS9th North Western
Rep. The Court held that the act
authorizing the taxation of estate OF
$luG0n. and over regardless of the
amount each heir might receive and
cxempting estate of less value thar
$4,000. Confer social privileges AND
is in conflict with the State Con-
stitution OF Wisconsin which declares
| that ''all persons possess the inherit
rights of life liberty and the pursuit OF
happiness" And of the 14th amend.
ment of the Constitution of the United
States which provides that No STATE
shall deny to any person within it.
| Jurisdiction the equal protection of its
laws All taxes collected under thi!
Wisconsin law must be refunded
Wisconsin & Minnesota will tr,
| again