New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-16
MlLL[0NA[RES DEATHS.
The English System of Direct
TaFation aids Treasure.
London. February >

LOnuOn, FEBRUARY =
The mortality of millionaires is one of the
main resources of the British treasury. Mr..
Asquith is accounted a fortunate Chancellor Of
the Exchequer because the rate has been high
during his first year of office. Privately he has
been called upon TO make sacrifices. since the
largest estate sworn in at Somerset House has
been that Of his father-fn-Iaw Sir Charles Ten
nant; but officially he will profit in his budget
speech by largely increased receipts from estate
duties. Mr.. Whitley, who had provided by will
for a fund Of million pounds for homes for
the aged poor, the sixteenth millionaire TO
pay toll to the state since the last budget. Two
of the estates have exceeded 100000 in value
Sir Charles Tenants and Mr.. Beits-and
there has been unusually large number of
SUGGESTIONS 10 fortunes approaching million.
The surplus which is confidently expected at
the treasury will be due in considerable meas
ure to Sir William Harcourts graduated scale
Of estate duties.
The principle that the state has an exclusive
right to regulate the conditions OF succession is
az old as English law. A mans property rights
are protected while he lives. but inheritance il
created and sanctioned by law. The state was
content at first with moderate brokerage COM
mission in death and succession duties; but this
has been increased until it now includes full
eighth Of properties million pounds. The
system which Mr.. Gladstone twice revised. was
most complex and honeycombed with anomalies
and injustice, the duties pressing unfairly on
small in comparison with large estates. and
corpora tons owning real estate escaping taxa
tion altogether Sir William Harcourt subsi-
tuted for five duties which solicitors alone
could understand single probate duty as Il
settled charge against all property. real or per
sonal. changing ownership in consequence of the
death Of the possessor. He reduced the charges
for estates below II 900 left them stationary for
properties under 10000 and brought into oper-
alton n graduated scale for estates above that
limit. One-eighth Of the sixteen millionaire
estates is turned into the treasury The dead
hand Of the state will seize over half n million
dollars Of M. Whiteey's money, and about
S1,25OOoO viii remain I'm its grip from either
the Belt or the Tenant estate
one Chancellor Of the Exchequer after another
has been drawing in this way upon the realized
wealth of the kingdom. Milllonarcs die and
battleships are built. or deficits in current rev
enues covered with the eighth OF their pos
sessions taken from their heirs. Death is a
golden bridge leading into Somerset House and
heavy toll is exacted there from oil inherting
fortunes. The burden is graduated as to fail
most heavily % the wealthiest; and the system
operates so as 10 scale down every great fortune
when II is turned over to the next possessor.
Death and estate duties are to be followed with
an extension Of the principle to current taxa
ton Of incomes The levIes are be graduated
So as TO bear more heavily against Inc largest
incomes. and those that are unearnea are 10 Do
disseminated against IN favor OF those not
drawn from investments ana lnherlt9n'e. Inc
Treasury officials are un"llIIhE TO wait Tor 'Ae
silent operation OF the dead mana. Ihey are
eager TO squeeze the mhIlohali's more eHe'uFe-
~ "h'ie IN inc possession Oh t'''' estates. ran"
som is 10 be paid by the living well by
,1-o A ly.p for No ellie
Of moderate income taxpayers at the expense
Of The richest landowners ana investors VIII he
a fresh method OF tapping '"p"ai anu realize"
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