The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-16
fire insurance tax from / IA to 1 8

fire insurance tax from 1 ia to a.4
per cent.
Senator Hart wished to amend so
that the tax would stay the same as
1t is now. He felt that insurance is
largely for the poor mans benefit
The insurance company is now taxed
by both the municipality and the
State, amounting to an aggregate tax
OF per cent. In the old days 1t used
TO be Just / per cent; then the lnsur-
surance Bureau came along and the
tax had to be raised to support the
bureau. Tho loss falls on the policy
holder in the last analysis. Nine-tenths
OF the insurance companies IN VIZ
gtnia are mutual companies. organized
not so much for gain as for protection
against casualties.
Tax Already High.
Virginia, he protested, is now ono
of the states most highly taxing IN
surance companies. and II inc Les's,
laturc kept on the state would be IN
that direction in the first rank. He
Ieplored that, because other States
viii mass rctaliatory laws, which VIII
impose heavy tax burdens on virginia
companies doing business in other
States.
This bill, he thought. only effected
reduction In tho profits and DIVIDENDS
of the stockholdcr or the insured IL
is robbing tho grave to do this no
said. He thought per cent. enough.
Senator Keezell unsheathed his sword
OF statistics and Joined battle. lie was
allied with regret that in his capac1ty
as chairman OF the Finance committee
he had to look around for subjects ON
which to place the burdens OF taHatloh'
he only wished that things were other-
wise. 1t was his sincere desire not 10
obstruct revenue to every worthy
business. IL possible. He wished to see
worthy objects expand and increase
"Jrnfortunatcly, he exclaimed, that
has been too long our policy. Some
years back we let down in matters OF
taxation on some subjects, at the same
time giving larger appropriations 10
new, laudable enterprises than was the
case in former times. While dong
that the financial panic came, and the
revenues which had been automatical-
" increasing lear after year at the
rate Of from s25o,oo0 to 100000 stop
ned the rate of increase and slowed
down To $4,000 per year There was a
sharp sfut.off in the last auditors .e-
port"
Shows Big Profits.
| He was sorry that he could nos JON
| in the desire TO take care of the ele-
| CANT gentlemen engaged in this benz
| fcent enterprise of insurance. but the
/ hgures in the auditors report moved MN
| otherwise. In 1908 the state companies
| had shown their wealth TO amount &c
s6.74o,l3Ss1, more money than tina;
paid By the Taxpayers for the support
of the departments of the government
Out of, the amount named these com-
panies had paid out Just S2.36l,s4lot
! In matured dividends and premiums.
THAT left about s4.oo0,ooo to tell
the story. II was the old plant OF the
Insurance company. said he. that what
they had left they sooner or later paid
out but there is rift within the lutte
that makes that song discordant. He
.irecalled the days of the New York In
/ siirancc investigation, when 1t had been
! shown what a row there was over the
control of the s45o.ooo.oo0 Overlooking
from the Golfers of the big companies,
that showed that 1t was not going out
as fast as 1t came in.
! IF you are not going to tax corpo-
J rations that have revenues as high as
4 this, then what are you going to taX?'
/ demanded Senator Keezell. "1f we
can't tax these people. and their like,
\ we will have to increase the tax on
real and personal property 5 cents on
the ST or abandon our appropriations
to many worthy and deserving wards
of the Commonwealth"
Senator Folkes, who passes the con-
| tribution box to the poverty-stricken
corporation on all occasions, paid his
regards to the impecunious insurance
companies He said that he might be
whipped in the next election by an
.ar my Of insurance agents" but he be-
| lieved in taxing those who ought to be
taxed. He related much cdifying his
tory Of the efforts for an adequate In
surance tax in days gone by, and told
how the attempt to get fair contri-
button from insurance people hat
failed. Once he had tried to set the
tax raised in a conference committee
and the only thing he secured eva;
the conjunction and besides few
commas"
Senate Rules Stop Him.
when think how these peopl'
have cvaded their obligations to this
State in financial way, utterly dis
regarding agreement which. II made
elsewhere but in the Legislature
would have been enforcible In law.
feel like using word that the rule!
of the Senate forbid" he said 1t is {
word occurring in twenty-five gospels
of the Bible, and 1t is sometimes sst
appropriate that think the ruiz
ought to permit its justi1able use.
Convincingly, he pointed out that /
the Senate began to let people lik'
the insurance folks so by, then Thu
projects for better roacs, norma
schools, the epilepttc colony and doz
ems of other praiseworthy objects o
the States aid would have to be aban
doned.
After 1t had slaughtered the Har
amendment keeping the tax as It Is
the Senate by vote Of 26 to passet
finally the bill.
Senator Keezell offered a resolutio,