Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1903-02-02

fore exempting credits it certainly
seems reasonable that a thorough in
vestigation shoul1 be made in order to
ascertain whether some method of
reaching the creditor would not be as
practicable here IS elsewhere. This
feature Of the question the report ell
tirely ignores.
Railway Taxation.
The general public will be most in
terested in knowing that the commits
sion does not recade from the position
taken in it's report two years ago in
relation to the taxation of railroads.
Indeed, the recommendation to adopt
the ad valorem method in taxing rail
roads is a more advanced position
than the commission formerly took.
Great pains are taken to ascertain the
value of the real estate upon which
taxes are paid directly by some roads,
and to deduct this from the valuation
obtained In som cases, also, the val
us of bonds of roads operated in other
states and held by the compnies in
this state are deducted from the total
obtained, in order that there can be
no duplication. The values of the
roads in Wisconsin are computed on
the stock and bond basis on the three
years average,-the seven years aV-
erage and ten years average, and
computed on the three different aver
ages; also by the capitalization Of the
net earnings at six per cent. The val
uation secured by the latter method is
slightly higher than that by the stock
and bond aggregate. If either method
of valuation were used the railroads
would have to pay nearly a million
dollars in taxes more than they are
now paying. The commission recon-
mends that if the ad valorem system
be adopted, the work of valuing and
assessing the roads be put in the
hands OF a state board. It does not
follow that state board assessing
railroads would place so high a value
on the roads as the commission have,
and there is no contention that this
should be done. The findings are
simply the result Of the commissions
best efforts to get at the assessabIe
value of thee complicated properties
with a view to eQualizing, under the
law, the burdens o taxation.
Other Matters.
Next to the chapters upon railroads
and the taxation Of credits perhaps
the most interesting feature of the re-
Ii oIo, vi 70 bO in,
heritance tax. The subject is gone
into very exhaustively. So clearly IS
the wisdom of that form of taxation
pointed out there is little doubt that
the legislature will re-enact, with
proper changes, the law recently de-
cIared unconstitutional.
In the chapter devoted to state as
sessments a history of the effort to
bring assessments up to actual value
Of the property is given. Tables are
printed to illustrate year by year the
changes in the valuation Of counties
by the state board; changes in the val
uation Of counties by local assessing
officers; the increase in local assess
ments of subsequent years over 1899;
and the changes made in the relatian
which each county bears to the total
state tax.
A state budget is recommend, the
term budget being defined as "a re-
port from the administrative to the
legislative branch of the government
of the estimated revenue Of the state
from taxation and the expenditures
for the support Of the several depart
ments of the state gOVernment,-the
educational, charitable, penal and re-
formatory institulions,-an for many
other public purposes.
A chapter each is devoted to bank
taxation and the one mill tax. In the
former are given statistics showing
the capital and deposits Of the banks
of the state There are some sugges-
tons made, also, for laws to be enact
ed under the new constitutional
amendment A substitute for the one
mill tax that will limit the annual
amount for common school purposes
to 100000 is recommended.
Recommendations
l. IndC dill 0AINLIuS laws I6qu1A4AA0
and providing for the assessment and
taxation of credits as property or for
exemption from assessment on &C
count Of debts owing, be repealed, but
leaving in full force and effect the ex-
listing laws for the taxation Of the
shares of stock of banking corpora.
tons, capital Of private bankers, and
the taxation of trust companies and
all other corporations or organizations
representing moneyed capital.
2. That the value ofsrailway property
be ascertained and determined by
state board with requisite powers
and that taxes be levied on such valu-
alton at the average rate of taxation
throughout the state, such taxes to be
paid into the state treasury for the
use of the state. The said board
should also be the state board Of as
sessment to ascertain and determine
the valuation of the general property