The Leon reporter. (Leon, Iowa) 1887-1930, 1909-03-04
One of Sankey's Bills.

Hon. e. J. Sankey has introduced a
bill in the legislature providing for
law allowing persons to deduct debts
secured by mortgage on real estate from
the assessed cash value of the real es-
tate for the purpose of taxation. The
bill is House file No. 12S and has been
referred to the committee on ways and
MEANS The bill is short but to the
point, being as follows:
Section 1. That Section Thirteen
Hundred Eleven Q31D of the Code be
amended as follows:
That in listing real estate for taxa
ton the owner of such real estate will
be entitled to deduct from the actual
assessed value thereof the amount of
debts in good faith owing by him, and
secured by mortgages on said real es-
tate. The object of this act is to tax
the owners of real estate for all their
equity in said real estate and no more
Section 2. All acts and parts of acts
inconsistent with this act is hereby re-
pealed.
In support of the bill MIR. Sankey has
filed the following argument with the
committee which has as yet made no
report on the bill:
The object of this bill. is to insure
justice to the owners of real estate by
deducting from the value of such real
estate the debts secured by mortgage
| thereon for the purpose of taxation.
At the present time the owner of a farm
worth certain amount must pay taxes
on the full value thereof, although he
may not have an equity Of over enc
half the value of such real estate, there
by compelling the owner of such prop
erty to pay not only his equity therein
| but on his debt secured by mortgage
thereon, which is unjust.
The man who has converted his prop
erty into money and credits can deduct
therefrom the amount of his debts, but
| the owner of mortgaged real estate has
no such right. Why should the wealthy
owner of moneys and credits be allow
ed to deduct therefrom his debts and
the Industrious man striving to secure
home for himself and family be denied
the same right? We believe that all
forms of property should bear it's just
share Of taxation and no more; we also
believe that the owner of real estate
should pay taxes on all of his equity in
such real estate, to exact more is not
justice but oppression.
No Government can afford to be I'M
just to it's citizens. We have gone
through a great conflict and have paid
and are still paying the penalty for the
unrequited labor exacted from the slave
for injustice and oppression Of the
black laborers of the late slave states;
SO that war came for the preservation
of the Union. When the conflict was at
it's heighth Mr.. Lincoln said that "if
every drop of blood drawn by the lash
shall be paid by a like amount drawn
by the sword" Who shall say that his
Judgment is not just?
We believe this measure recommends
itself; it's justice is self evident. AS to
other reform measures along the same
line, selfish interests may combat them,
but in this measure no one can be
harmed by equal and exact justice, and
no man should be satisfied with less; it
is in accord with the Golden Rule and
| is in the interest of the general welfare;
and ought to pass. In the interest of
the over taxed owners of mortgaged
farms l urge you to recommend this
bill for passage.