Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1908-07-30
MINORITY REPORTS

Messrs. Pierce and Oimsted n their
minority report say IN part:
The first duty OF the commission is
TO find the evils. II any. in our present
taxation laws. and then to find remedies
for the same
We recognize several oppressive evils
in our present laws. prominent among
which are tie following:
First. We ind there are gross evils
In the administration Of the law.
Second. there is double taxation In
various forms. but not in taxation Of
intangible property, as suggested In the
ma iortv report.
Third. tho law allowing offsets on
account Of debts owing, which was
originally intended partial relief
from double taxation has been abused
to such m extent that II has become
potent evil. and should be repealed
Fourth. the law discriminating in favor
Of corporate property is an evil.
REMEDIES SUGGESTED
First. the commission is unanimous IN
rs suggestion for n better administration
~ the tax laws. as Will appear by tire
ma tority report
Second. We believe that all taxable pro-
perty should be taxed once. and only
once. in each assessment. whether the
property taxed is situated outside the
| state or within. II a resident OF tho
state owns savings bank deposit
| located and taxed outside the state. II
| ought not to be further taxed here
Many other Illustrations might be cited
Third. We recommend the repeal Ct the
| Ia w allowing offsets for debts owing on
condition that money loaned on mortg-
! ages on both real and personal estate
| located within the state at rate OF
| interest not exceeding four and one-haN
| Der cent per annum shall be exempt
| from taxation to the amount OF the
| listers appraisal OF the security, no
| exemption to he made unless the secnr-
| ity Is taxed. To guard against possible
frauds no mortgage should he exempt
unless recorded and made payable In
not less than one year. and statement
sworn to by both mortEagor and mortga-
zoe filed. showing the rate Of interest 10
be not over four and ons-han per cent.
In this plan we would include the eN-
emption OF savings banks and trust com
panies from the payment Of the 10 per
cent. tax on their deposits loaned an
mortgage within the State, where tho
rate or INTEREST CharKed does not eNC""u
four and one-half per cent We also re-
commend the exemption from taxation
OF notes and bonds OF municipalities
within the State when the rate OF inter-
est thereon does not exceed three ana
one half per cent. per annum suostani-
ally as the law now provides.
In consideration OF the exemption ~
loans as above stated, We recommend
the repeal Of the law exempting per-
.onal property from taxation on account
Of debts owing
Fourth. we recommend thar State
tax he assessed upon the property ana
corporate franchise OF each person or
corporation owning or operating rail
road located In whole or In part within
this State at the average rate levied
upon property throughout the State. to
be asccrtained by dividing the total
amount OF taxes levied by the total
appraised value Of property and polls
entered In the grand lists The State
tax commissioner shall ascertain the
rate by the above method, and shall
appraise such property at its full and
true value In money.