The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1902-11-19
TAXATION.

MI. Harvie Jordan in the Atlanta
Journal has written an interesting
article on the subject of taxation and
its inequalities and the difficulties Of
equalizing them so that the burden
shall rest on all nearly alike. It is
|, question that has engaged the atten-
ton of legislative bodies from the
beginning and it is almost as difficult
as ever, and good part of the difficulty
grows out of the innate desire of every
man TO avoid paying taxes at all or to
pay as little as possible. The difficulty
is not so much with tangible as with
intangible property. Real estate,
horses, mules and cattle are always
visi BILE and tangible and always get on
the auditors books and rarely escape
taxation. The difficulty with that
class of property is not so much in
getting it on the books but In getting
proper return made But with in
tangible property it is different. Notes
and securities of various kinds, stocks
and bonds are not open to inspection
and the assessor does not know Of their
existence and if the owner does not
return them they go untaxed. And
every dollar of property that goes IN
taxed makes the burden that much
| heavier On that which is taxed. What
Mr.. Jordan says on this subject is so
we'll said tha5 we reproduce it here:
The escape of intangible property,
that is property which is not open to
public inspection, such as notes,
| money, bonds, accounts, etc., from
| taxation, makes the burden douhly
hard to bear upon the men who own
realty, live stock, etc., which cannot
be hidden from the eye of the public
and the tax collector Our constitu-
tion says that every species Of property
having value is subject to taxation
at it's fair and just valuation, except
such classes of property as are exempt
by the constitution, such as the prop
erty of the State, churches, colleges
and public Libraries, etc. Nothing
else of value in the State is or can be
exempt from contributing it's pro rata
hare to the burden of our State and
| county governments.
1t is notorious fact, however, that
only the tangible property of the peo-
pie is reached fully by the tax collec-
tors. Millions of dollars worth of
notes, merchandise, accounts, money,
bonds, stocks and other property Of
value which can be concealed annual
ly escapes the just burden of taxation.
Every dollar of taxation saved to the
owner of this intangible property who
fail to make full and proper returns
must be made out of an increased rate
on the tangible property which can
not escape. This intangible property
is largely owned by men of wealth,
hence the reason why the heaviest bur
den of maintaining and supporting
the various establishments of our gov
ernment falls heaviest upon that class
of our people who have only moderate
means and possess only tangible pro
perty.
Every corporation doing business
in the State under franchise grant
ed by the State should be taxed &C
cording to the value of the franchise.
The property of railroad ought to
be taxed according to the full value
of its bonds, upon which it is pay
ing fair interest annually, and
not simply upon its readbed
and rolling stock. Again, corpora
tions are in the habit of deducting
their Indebtedness from the gross
value of their property and paying
taxes on the difference Farmers
often owe as much as their lands are
worth, but they are taxed the same as
those who own lands and owe no
money. There should be no distinc-
tion made in the interest of any class
or classes, all should be made to bear
their pro rata part of the burden alike,
according to the amount of property
owned and assessed at its fair value.
There should be an amendment to our
present tax laws by which the owners
of Intangible property could be forced
to return such property for taxation
| at it's fair market value.