The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1908-09-02

the farmers special grievance, but In
our Judgment a greater injustice 10
the farming class is caused by the
methods adopted in the taxation OF
personal property. The evil OF double
taxation, as we have endeavored to
point out does not injure the farming
and real estate interests OF the state
to any such extent as current opinion
Indicates. Our Investigations also
fail to support the belief that there is
"a general over appraisal of farms and
under appraisal of other real estate.
There is undoubtedly vast amount of
Injustice in our real estate appraisals,
but 1t does not follow the line Of div
ision between agricultural and other
lands.
But, as TO personal property, real
and great injustice is inflicted from
the fact that the farmers taxable per
lsonal property both tangible and in
tangible, is generally taxed, while that
owned in villages and cities largely es
,capes. Thus according TO the federal
census (See Wealth, Debt and Taxa
ton, p. sd the total value of live stock
in Vermont in 1904 was $22,5S5,624.
In 1907 the tax inventories returned
live stock to the value of $l6,507 40.
On this basis, ignoring the three years
possible variation, seventythree per
cent OF the value of the live stock of
the state was actually listed. OF all
tangible personal property in the
| state the census gives the value in
1904 at about 119 millions. while the
lamount listed in 1907, was a little
over 81 millions or about thirty one
per cent.
The classification of the census sta
tistics is so different from that of our
tax inventories that comparison of
the items is impossible II should
be stated that the 1l9 millions in
cludes coin and bullion held by banks
which is not directly taxed But the
deduction to be made on this account
would not materially affect the percen-
tage.
We are unable to give any statistics
as to intangible personal property.
We believe however, a similar injus.
tice exists there The farmers in.
tangible property is commonly depos,
tied in savings banks or loaned on
mortgages on Vermont real estate
forms of investment usually reached
by our tax laws.
The correction OF this evil, which
we believe to be largely possible, will
be of the greatest benefit to the farm
ing class.
In our opinion vicious feature o.
our present law, and one which re
suits in more well founded complaints
as the operation of the law than an,
other, is the Offset system. The Law
: as to Offset is now substantially as en-
acted In 1880. 1t permits a taxpaye
TO offset against the assessed valu,
OF all his taxable personal estate tn,
amount of debts owed by him, dimin
; ished by the value of his personal es
! tate exempt from taxation, If any, pre-
I lvided he states the necessary facts re
lating to the Offset claimed
: This provision of law does not eS
: list in many other states. wealth
e Debt and Taxation" at page 622. elias
!sifies the states in this regard as TO
lows
Debts may be deducted from cree
It's, or from money and credits, O
from money and interest:
) In Arizona. Arkansas. California
Colorado; II liable to be assessed an
= set in the list of creditors, in Come,
3 ticut; in Idaho, Illinois, Indiana, low,
Kansas, Maine. Massachusetts, Micl
igan, Minnesota, Montana, Nebrask,
9 Nevada, New Hampshire, North Car,
II lima, Ohio, Rhode Island, South Car,
IS lima, South Dakota, Texas, Virgins
r Utah, Washington; average amour
|. during year, In Wisconsin; In We,
IS Virginia and Wyoming
"a Debts may be deducted from perso
rt al property:
m In New York, Rhode Island and Te
is as, from certain items only. In We
y mont and West Virginia,
., Debts can be deducted from a
III property:
IT In New Jersey"
OF From the foregoing, II appears IN,
IN but iive states, aside from Vernon
ls permit debts owing to be offs
"a against tangible personal property.
er The brief history Of taxation IN III
state already given shows that Ii