The Barre daily times. (Barre, Vt.) 1897-1959, 1908-11-07


II also furnishes the necessary machin-
cry through which this can be collected.
The rate of five mills on a dollar of
the appraisal applies:
(l) To money on hand, on deposit,
or on interest, and exempts money in
savings banks, savings institutions and
trust companies and national banks at
interest and which pay tax TO the
state.
t2) All other debts due.
t3) Public stocks, bonds and securi-
ties.
(i) All stocks, bonds, notes, or in.
debtedness OF all description, within or
without the state, excepting shares of
the capital stock of national banks,
(5l Assessment of all property to
the owner on the first day Of April each
year.
t6) Public and private corporations
which pay interest on bonds, or notes,
or indebtedness due residents of the
state and liable to deduction of the tax.
The remainder OF the bill is occupied
with giving authority by which the in
tangible property can be discovered and
placed in the list to bear its just proper
ton OF the taxes.
1t was in this connection, it viii be
interesting to recall, that the special
taxation commission recommended a
uniform rate of five mills upon the dol
lar to be assessed upon substantially all
tangible property with the exception of
stock in the national banks as best
adapted to Vermont's conditions and
more likely TO give satisfactory results
than any other rate. They were also
of the opinion that this should be the
rate upon the average deposits in saw
ings banks and similar institutions For
the present they would let the stock of
national banks be taxed as it is now
They believed that to apply the five mill
rate to the stock of banking corpora
tions. would in some towns considerably
diminish the grand list. They concluded
this stock, as a whole, better able to pay
the full local taxes than any other class
of intsngbles and until the results which
follow the application Of the uniform
low rate to other tangihles have been
ascertained they thought it wise to leave
such stock TO be taxed as they now
are.
They believe that corporations, both
public and private, should be required
to pay this tax upon bonds issued by
them and owned by the residents Of the
state, and give authority to deduct the
same from the interest on their bonds, |
and the burden should be cast upon the |
corporations to show what if any of |
these bonds were owned by non-resideuts
They further contended that this FIVE
mill rate should also be applied to stock |
in foreign corporations held by residents |
Of the state and to the stock of domestic |
corporations, excepting banking corpora
TONS which under the laws of the state |
are now taxable to the residents there
of.
The commission believed the following |
were conclusive arguments over the pres,I
ent system:
0) 1t would relieve the burden Of
taxation now resting on persons of mod
crate and small means whose property
is invested in interest bearing seeuri-
ties.
~ II would modify and greatly
lessen the tendency of the present citi-
zens of the poorer towns with a com.
paratively high rate into towns with a
low tax rate, would tend to keep up
the size of their grand lists, and, as a
prevent the increase Of the
tax rate in these poorer towns. IT would
thus aid in stopping the progressive
decsdence of these towns.
t3l 1t would tend to retain for in
vestment in Vermont capital now in
vested abroad for the purpose of evading
the present high local rates of taxation. |
az So far as reduction Of the rate
Of taxation tends to reduce the rate of
interest, it would be an aid to the debtor
class and an encouragement to those who
desire to purchase farms or enter bust
ness without the needed capital J.
t5) 1t would render much easier and
more probable the securing of honest and
more complete inventory returns as to
intangible property.