New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-01-04

The net bonded debt OF New-York city on De-
cember s., 800 was $50 $40 90 mis- had risen
on November so 1901 to S445 $50 81.
All measures have their vigorous critics.
Taken one BY one, each may be shown to work
Tav law. which rs a law TO eouaiize and reduce
taxation on mortgages and TO prevent tax lodging,
IS denounced as .penlicious double taxation. OBJ
Tols!y Lhose Who MAKE TINS aIgtInent seek me me
than the restoration Of the old law under which
taxation Of mortgages was not only double in the
sense in which thai term is used but also grossly
uneven and discriminating and at a higher rate.
Opponents Of each form OF indirect taxation state
their dnterested economical belief in the general
property tax, which experts IN taxation say Is
ness and degradation inequality of assessment,
failure 10 reach personal property and incentive
Governor Roosevelt said in 1899 that 'our system
Of taxation is II utter confusion. full of njustces
which confronts The state. now as heretofore is
that Of bringing about greater fairness in dis
u!oqtng me weight or taXatoh. Medlfeval , SUI
Vvals. selfish expedients and tnequtable makeshifts
Sh9a9' %Aere{er Rossine be suPerseae6 6y pro-
justice which should govern the State in its rela-
In dealing with the problem Of tax reform, it
must be remembered that we live in a practical
ing the load Of direct or indirect taxation viii De
Jew Men who would not dodge their creators
may content tie class that opposes the mortgage
tax by exemptinE personal property and putting
the additional burden on land. We may satisfy
the class that opposes the stock transfer tax by
shifting the burden to transfers on the produce
arouse another. and no lasting peace is possible
Until fair lnal settlement Of the question is had
The last session Of the legislature was character
lied BY special attention the subject OF raising
revenues sufficient 70 meet the Obligations OF mo
etate. Charitable requests We're exempted IloIiA
the transfer TAX. The Mortgage Tax law and the
stock Transfer Tax law were adopted me taH On
the surplus Cf savings banks was allowed sun y
remain on the statute books. What was LETT unuoAe
showed laEnontabe disregard for party honor.
again recommend that the tax on the sun -
OF savings banks be repealed, and urge you 70
give the other measures fair trial per1ectl1g IlS
II Necessary before interfering with their IunuS
mental priuc!Dies With proper economy the rev
enUes Of the year VIII be sufficient and at
no necessity FOR taxes confrontS u.s. DNL eIio
debt will introduce additional reasons 1or IuFtneE
Study OF the tax problem. g.,
desire ID call attention 20 the construcuoI sIseii
by the courts TO Section 1S1 Of the Tax law. ipos-
ing license TAX upon foreign corporations DOING
business IN this State. 1t has been neld lnaI a. d
foreign Congregation which employs an us CAPITA ,ta
capital employed here, and not upon It's capleaI
stock. IN other words, q foreign corporation or
ganzed say IN South Dakota can 9uLaoLlZT aaIt
issue 10000 or stock, largely diluted with Watsi
actually employ only 10000 in TINS STATE 90 81
ness only il this State and have US incense zee zee
computed the basis OF $200,OJV, Whlle a AfAo w
Inestic corporation would be required to pay an
organization tax on It's entire capital STOCK %
10000. a corporation organized elsewhere 10 ~
poralon IN name only. thereby OBTAINS an
advantage over the legitimate domestic corporatlott
which IS Incorporated under our laws anu uoeS NO.
seek 10 evaGe taxation.
recommend that O commission consisting IN par
OF members Of the legislature and In part OF per
sons u private life be provided whose Gney and
taxation for State and local purposes, the opera
ton and effect of laws relating thereto ana inc
as 10 establish more equal and just system s OF
raising public revenues. The time seems ripe Lol
such commission IN this State TO present com! IN
prehensive plan TO rationalze the present '~