The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1910-10-05
OVER S2,OQO.OOO
NOW PAID IN BY
CORPORATIONS
LARGE Increase OF Revenue in
Past Two Years
SHOWING A cREplTABLE ONE
State Tax Commissioner Cushman's
Report Shows Income From
Chartered institutions

report of Commissioner of State Tax
es ]. F.. Cushman of Burlington for
the term ending June 80, 1910, has
been made public.
For the first time says the commits
sioner, the revenue of the state col
lected through this department ex-
ceeded two million dollars for the
last fiscal year thereof. Tax colec-
lions during ths last six biennial per-
iods have been as follows
July l, 1898, to June 80, 1900 co'lec-
tions 1881 ,622,36; increase $9S,14754.
July /, 1900, to June 80 1902, collec-
lions s1,O51, O1764; increase S169,S95.-
%.
July 1903 TO June 80, 1904, collec-
tons s1,205,51776; increase, 1884,
5OO12.
July 1904 to June 80, 1906, collec-
tions, sl36,S79; Increase sl5S,225.0S.
July 1 1906 to June 30, 1908 colec-
tions, $697SS6.77; increase SS94,143.-
SO.
July 1, 1908 to JuneSO 1910 collec-
tons s2,OS2, O59.O2; increase s3S4,172.
25
The foregoing tabluations show
that the income FOR the last biennial
term is S1149,455.ft greater than that
of like period ending only a decade
ago-an increase of approximately
100 per cent in ten years.
The greatest interest in every term
has been in the tax on savings depos-
its The average deposits in savings
banks and trust companies for the
six months ending June 30. 1900 We're
$67,410,S6794. Like deposits for the
six months ending December 81. 1909
were s6741079S27, an increase of
$2S .999 930.S3.
During the six months ending Sep
TENDER 80, 1907, the average deposits
in savings departments Of national
banks were S6275.SS2.S7 Like de-
posts during the six months ending
March 81, 1910. were $S.446,7 29.74-
an increase of $2170,S7937 The av
erage interest bearing deposits in
state and national banks has undoubt
edly increased since March 81 1910
and at present time are therefore up
wards of s75,S57,527
A COMPARISON shows that in the
year 1900 all taxable personal prop
erty including cash. securities anC
chattels Of all descriptions set in the
grand list aggregated SiO,SS1 ,676 aut
that deposits. in savings banks anC
trust companies aggregated $75.S07
%. In 1910 all such taxable estate
in the grand list aggregated S75,S5T
52796. The increase in persona
property set in the grand list Is 81
225.306. The increase in aforesaid
deposits is S37.4i6,66 %. The fore
going seems TO warrant the conclus
ion that interest bearing deposits 4
our state and national banks are VI
der the present taxation system al
tractive investments to other tina
small investors
Unless the expenditures bv Oh
amount. Il will soon be possible I
reduce the tax rate on bank depo'
its from seven-tenths to six-tenths {
one per cent without creating a d,
felt. Such a reduction at the pre-
ent time would reduce the revenu
practically $4,000 per year. In m
opinion such reduction could not b
made II standing or other appropri
tions are to be substantially increa
ed.
A law giving individuals the SAN
tax on loans and other inactive mo-
eys rs Is now imposed upon deposit
In banks would make II possible
borrow money Of individuals an
would not seriously retardthe growt
OF our banks. A new form OF tax
tion or a modification Is suggestC
that win ultimately yield n substa
tia tax on inactive moneys not he
by banks A medium rate Of tax
ton on money has n direct tendenC
to induce home investments and
bring Il from It's hiding place TO u
support OF state and local cover
ment. Should our present taxatlC
laws on bank deposits be repeal,
or curtalled substantially. the aggr
gate deposits would speedily dwind
In effort TO place money beyond Il
reach Of the higher rate Of local IA
alton and only n small portion wou
ultimately appear In the list. Mo
taxes will be paid on moneys. ct
held by individuals under the low
rate than under the present loo
rate. Such tax would also relic
in part the so-called double tax
real estate and mortgages secur
thereby. The present individual {
lection TO loaning money on real ,
tate on account Of the high rate
local taxation would he elimlnat
largely II seems reasonably certa
this could be worked out without 1
posing any serious burden upon Il
PAYERS owning other species Of /,
able property.
The law OF 1906 permitting matte
al banks 10 file stipulations 10 Sc
annually pay cloths Of one per CO