The Superior times. [volume] (Superior, Wis.) 1870-1912, 1906-11-24

Representatives of the Northwest
| ern Mutual Life Insurance company
Of Milwaukee and The Wisconsin Life
| Insurance company Of Madison APP
peared before the state tax commits
sion and asked that body to recon-
mend TO The legislature that such
changes be made in the laws as would
| reduce the taxes Of those two com
! panes. Judge George IA. Noyes,
1 George -. Van Dyke and John VI. DIN
/ appeared as the legal representatives
of the Northwestern Mutual and for
! mer Congressman A. K. Bushnell for
/ he Wisconsin Life. They asked the
| commission to make the following
| specific recommendations to the legis.
] lature. THAT such changes be made
/ in the existing laws as shall materi.
! ally reduce the annual license fees
! and other taxes now required OF do
/ nestle life insurance companies; that
such method for the collection of fees
! and taxes from insurance companies
| he adopted as shall accord with cor
! rect and economic principles Of taxa
| COMPANIES doing business in this state
/ and thereby remedying existing in
! CAPABILITIES of taxation that the legiS
| lature at it's coming session repeal
| chapter 4J5 of the laws of 1905, which
I unless repealed will go into effect on
the lst day Of January 1908. thereby
! resulting in nearly, if not quite, dou
! bling the excessive taxes now imposed
upon this company, and that such
measures be taken as Will. remove
from the statute books the retaliatory
laws of this and other states. The
gist of the request Of the insurance
companies is. II is understood, to pre-
vent an increase in their taxes in
other states by reason Of the virtual
notification OF the so.Called ''retalia-
/ tory law by the passage of law in
1905 providing that after January |,
1908. all foreign life insurance com
panies operating in Wisconsin shall
pay an annual fee Of 3 per cent. on all
premium receipts in this state. The
retaliatory law provides that when
ever the laws of any other state shall
require of life insurance companies
organized in this state and doing
business in such other state any pay
ment of taxes or fees greater than the
amount required by the laws Of this
state for the same purpose organized
under the law of such other state and
doing business In this state, then all
such companies of other states doing
business in this state shall pay the
same taxes as are required from Wis
consin companies operating in such
states. In other words. the retaliatOry
law enables the Wisconsin companies
to have their taxes in other states
offset by taxes that foreign compan-
les would. If it were not for this law
be required 10 pay in this state II
is believed that If the new Wisconsin
law Is allowed to so into effect in 1908
the Northwestern win have to pay
about $3.50 00 additional taxes each
year In other states The Wisconsin
win also have 10 pay increased IA xes
II is estimated that this new law Will
| increase WisCousin's annual taxes on
! fees from life insurance companies
| from $j7 600 to Sl26.OOO The North
! western paid the state in fees and
! taxes last year $3.50 Coz 40 This in
| Cludes the per cent tax on premium
| receipts. amounting To 1891 .96i.S3 and
! fees for valuation of policies amount
| ing 80 StGi2 G6. The new law does
! not materially change the taxes of the
! Wisconsin companies in their home
! state bat viii operate to increase
/ them IN other states. l. l.. Anderson,
! secretary of The Wisconsin legislative
! insurance investigating committee.
! was present at the hearing, and in
I his capacity AS an individual stated
I that he believed the proper method
for taxing life insurance companies
WAS upon their gross assets less the
4 proportion of their annual premium
/ receipts which was devoted 70 the
cost of management md the payment
/ at death LOSSES The hearing was
! continued to December 3 AZ p. m
! when the representatives OF the in.
f.. surancr companies will present fur
I thcr data ana argument ON the sub.
+ icct The hearing will bcuprn to
! representatives OF al life Insurance
/ companies or any poUcyhodcr oC any