Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1903-01-29

ascertain whether some method OF
reaching the creditor would not be as
practicable here IS elsewhere, This
feature If the question the report en-.
tirely ignores,
Railway Taxation,
The general public viii he most in.
tcrestcd In knowing that the commits,
sion does not reCNde from the position
taken in its report two years ago In
rotation to the taxation OF railroads,
Indeed, the recommendation to adopt
the ad valorem method in taNipg rail
roads IS a more advanced position
than the commission formerly took
Great pains are taken to ascertain the
value ot 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 ot roads operated in other
states and held Ivy the computes in
this state are deducted from the total
obtained, In order that there can be
no dupUCatjon The values vt the
roads in WISCONSIN are computed ON
the stock and bond basis ON the three
years avcraEe-Jhe seven years nv.
erago 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
uatiou secured by the latter method is
slightly higher than that by the stock
4 l.N.l
of valuation wero used the railroads
would have to pay nearly million
dollars in taxes moro than they are
now paying The commission recon-
mends that IL the nd yalorcm system
be adopted. the work of valuing and
assessing the roads be put in the
hands OF a state board II does not
follow that a state board assessing
railroads would pace SO high value
On the roads as the commission have,
and there Is no contention that this
should Ne done. The findings are
simply the results of the commissions
best efforts TO got at the assossablo
value of thoe complicated properties
with n Wow to oQualiging, under the
law, tho burdens O taxation
Other Matters.
Next to the chapters upon railroads
and the taxation of credits perhaps
the most interesting feature of the re,
port is the chapter devoted to the in,
horitauca tax. The subject Is gone
into very enthusiastically SO clearly is
the wisdom of that form of taxation
pointed out there Is little doubt that
the legislature viii re-cnact with
proper changes, the law recently de-
cla?od unconstitutional
In the chapter devoted to state as
sossmonts n 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 I'm the valuation OF counties
by the state board; changes IN the val
uation IF counties by local assessing
officers, the increase IN local assess
ments of subsequent years over 1899;
ana the changes made in the rolatian
which each county bears to the total
state tax,
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 depPrt.
monts of the state government
educational. char table, penal and re-
formatory Institutions and for many
other public purposes.
chapter each Is devoted to bank
taxation and the one mill tax. IN the
former are given statistics showing
the capital aud deposits Of the banks
Of the state There are some sugges.
tIons made, also, for laws TO be enact
amendment 4 substitute for the one
mill tax that VIII limit the annual
amount for common school purposes
TO 100000 is recommended,
recommendation
/. That all existiug laws requiring
and proudlng for the assessment and
taxation Of credits as property or for
exemption from assessment on ac-
count Of debtl owing be repealed, but
leaving IN full force and effect the OK.
istng laws for the taxation Of the
shares OF stock of banking corpora,
tIons, capital Of private bankers, ana
the taxation of trust companies and
all other corporations or organizations
representing mOneyed capital.
2 That the value Of railway 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.
sessmcnt 10 ascertain and determine
the valuation Of the general property
Of the state as the basis for the appor.
tiOnpent and levy Of state taxes,
3. That the laws for the assessment
Of the shares OF took OF state and ma.
tional banks end the capital OF private
banks be made more definite and GER