Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1909-07-10

l-''''ai VIII
A stockholders. Mercantile houses, banks,
mines, stock ranches, theatcrs. mills;
4 shops, newspapers, abstract and real
estate offices, practically every form of
i business which once was owned and
managed by some firm of two or three
members, is now a corporation and all
would fall under the regulations of this.
| proposed new law" The Republican
argues that since each corporation all
ready pays its share of taxes the
same as an indiyidual.on what it owns
the new law would make it pay doubly
for being corporation instead of a.
iirm o. tndividuals::4 and maintains that
not one IN ten of the companies which
| would be reached by the new enact
mont arc of the character included In
the public clamor against overbearing
wealth. ~.
But these opinions, it is argued. are
hastily forinedsand represent rather the
impatient outbursts at the long delay
and the somewhat unsatisfactory shape
which the tariff measure is assuming
than any just estimate of the merits of
the Corporation tax
The bill as presented in the Senate
places a two per cent tax on the net
earnings of all corporations in excess
of $4,000 per year. 1t includes joint
stock companies. and associations, or
ganized for profit and having a capital
stock represented by shares, and all in
5surance companies. Also foreign cor
sfosations, to the extent OF their bust
( Tor the tax. The net income upon
which the tax is paid is to be ascel-
tanned by deducting from the gross In
come of the corporation all ordinary
and necessary expenses of operation ana
naintenance; all uncompensated losses
actually sustained during the year; all
E interest actually paid within the year
on its bonded. or other Indebtedness not
exceeding the paid-up capital stock
u Fedora or State taxes already paid;
and all amounts received by it as "divi- |
bends upon stock of other corporations
subject to the tax hereby imposed. 2
The Literary Digest failed to find |
the opinion Of the New York World |
tind. Dem9, which, while not regarding
the proposed tax as Il perfect one. yet |
says of the Presidents measure: that
To call this measure a ral.-reacl-
ing step in the direction of centralized |
Federal control of all the business of |
thecountry is ridiculous The govern
ment undertakes to control nothing ex-
cent IT'S Nh ,.,tlo
regulations are prescribed for the con
duct of any mans business. No at
tempt Is made to classify corporations
us good or bad. and to exclude from
commerce any. business that
does not measure up to the moral stand I
ards of some enlightened bureaucrat.
There is no Federal-license lunacy
about the measure. and no stretching /
out toward a national incorporation
law. 81
'.The government merely levies a tax,
and by way of collecting that tax it'll
demands sworn statements from the
affected New York City
takes almost the same steps in coll 4
Letting personal taxes from individuals.
Unless the citizen Is willing to#accept
the assessment levied against him. he
must make sworn statement as to
the money he hasi.;ip the bank. the
binds and mortgages lie owns. his debts.
and all property liable to this tax Yet
we have never heard New York's Per-
sonal Tax law denounced as a scheme
to enable the State to regulate cvcryEl
mans private business
The opinions are divided. All forms
OF taxation are, of course, objection
able to someone. The most that can be
hoped for Is to find the form that is