Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-20
PROTEST OF BANKERS
OBJECTIONS TO PENDING PER
SoNAL TAX BILL.
Claimed That It's Provisions Are Oner-
ous-A Substitute Offered
for It.

| A statement on behalf Of the Bankers
Association of the District of Columbia of
| objections to the proposed personal tax bill
has been filed with the Senate District COM
| mittee. The statement says:
I'm the opinion of the association, the
wisest course for Congress to pursue would
be to postpone consideration of a personal
tax bill at its present session and to APP
point a joint committee of the Senate and
House.
This committee, after the present assess
ment of real estate in the District shall
have been completed-when the amount to
be realized from tax on real estate will be
known-to report at the next session
license bill and personal tax bill, If neces-
sary, to raise revenue sufficient to meet
current expenses interest on moneys adj
vanced by the United States for permanent
municipal expenditures and provide sink
ing fund for the gradual payment of the
principal
Such bill could be passed at the next
session, which ends March 4, 1903 The
first payments of the tax would be in May,
1903, and no loss would ensue for the Dis
trict
The personal tax bill which it submits
is only in the event that Congress intends
to enact personal tax law at it's present
session.
THE banks and trust companies of this
District" it is stated. while not object
ing to paying reasonable and proper per-
sonal tax, but on the contrary, expressing
willingness so to do, submit that the pend
ing bill imposes an onerous and burdensome
tax which they ought not to be called upon
to bear.
THE pending bill subjects them to tax
of IL per cent total amount of capital,
surplus and undivided profits
THE Union Storage and Trust Company
has been specially provided for by an
amendment of the bill imposing a tax Of
~ per cent on gross earnings to continue
five years from its organization. This
amendment was made because 1t was shown
that the tax on capital, surplus and I'M
divided profits would amount to about 65
per cent of it's net earnings. This amend
ment, however, has been stricken out
ION the net earnings Of national banks
and other trust companies it will average
little more than % per cent, the lowest
being per cent and the highest 80 per
cent. AS the bill is now, the highest will
be 65 per cent Suppose this bill, in express
terms, imposed a tax of % per cent on the
net earnings of each bank and trust COM
pany? The enormity of the tax would be
apparent.
1T is confidently believed that a bill tax
ing tangible personal property and corpo-
rations such as we submit and a revised
license law, will. with the tax on real es-
tate, yield an annual revenue amply suf
ficient to pay the Districts share of cur
rent expenses of administration, interest
on moneys advanced for permanent munich
pal expenditures and provide sinking fund
Bankers Association Bill.
A bill embodying the views of the asso-
citation was introduced yesterday afternoon
by Senator Allison.
The bill contains numerous differences
from the measure introduced by Senator
Mcmillan. In the case Of the tax on ma
tional banks, other incorporated banks and
trust companies the bill includes in this
nrOyiSipp hanks and all nriyate
banks and bankers not Incorporated, and
instead of tax on capital, surplus and I'M
divided profits it provides for a tax of $40
per 81, 900 gross earnings. 1t also pro-
vides that corporations doing business in
the District through agents, etc, which
loan money in the District shall make
annual return, and railroad, telephone.
telegraph and express companies shall pay
a tax of $40 on 5000 of gross earnings
derived by them from loans or from bust
ness done In the District Corpora lions
loaning money in the District are to file
with the Commissioners a written designa-
ton of their agents within the District,
legal process to be served on these agents
Corporations organized in the District or
otherwise chiefly for the purpose of trans
acting business in the District, except
those exempted by law, shall make a report
of the amount of their gross earnings, and
shall pay tax of SO per 81 900 on such
gross earnings.
Nothing in the act is to affect the laws
in relation to the tax street railroad
companies or in relation to the tax on IN
surance companies. In relation to the
tangible personal property to be taxed this
bill omits jewelry and watches, which are
included in Senator McMillan'S bill.
Exemptions.
Among the exemptions from taxation this
bill adds educational institutions, and also
articles of personal adornment and works
of art
1t changes the date for the tax apprais-
ers to convene from September to October
of each year The provision of Senator
McMillan's bill that private banks and
bankers not incorporated shall pay a tax
of $1,000 per annum does not appear in the
bill introduced by Mr. Allison by request.
Mr. Alsons bill has gone to the Senate
committee on the District of Columbia for
consideration and report.
BOB WYNNE'S MILITARY TITLE.