The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-11-21
PLAN TO REDUCE
SECURITIES TAX
STATE LEVY ON STOCKS AND
BONDS WILL BE LOWER If
IDEA CARRIES.


TIA s..,. 90. ., 80,
va ''oSNs anu o""us
VIII Dc greatiy reduced after 1918. II
the present plans OF the State tax
commission are spproyed N, tho gan
-.
s... ~ u VI.
=, isea s.oeNs anu
,a..,.s p ~ p"pC nu SUI
y 80 .ss ".s H ~ the suisr s.aae "a
,anSs 81 raan,.,oan6 IN $500 ~
- .ns
eAs.a'on VI "tAnsipe persons
plopeH aHu 10 .~As.lon =. on
i~'o AAo'A oA1e' pefs'iAi piop-
cry.
me pi-n pEoposeo " tne laA com.
mission. anu no" Deihs worked OUT
IA USUAL, oy SoH Msasioner -. ., rieo,
man - hno"u - tne yiA"o plan
| an4 nes oeen .estsu Win slSA. SUI
| cess IN tne stAte "n1ch slses tne piAh
us name. LIT. freeman mas oeeh III
eor1sspondence WIN the autnoIs o.
| the law IN maryland anu mas oeeh ~
| .iseu OF inc great SUCCESS oA inc pian
| by ms friend. II. horace =. rack,
oiFector OF tHe OureAu 81 m1'eIpA1
| rcseaIon OF haIetmoTe. a kun report
on the suo1ect viii Do presented 70
the tax commission ana u 10 expectso
that tne PHI on the sup1ect VIII De
oralted ana Introoucen INTO she hoA'
assembly oy speaker byra
| III. freemans View
IN oiscussihS tne IHAseea tnis nv.
ing, Dr. freeman gave 0it the io'-
lowing stAtement;
mas IONS ueen AppaIsn. .'iAe
| one OF tne nos. oHeIuus t@A
OK tne STATE tn.t iapoenx
on STOCKS ana oonoA ine c.a'e
| CURES the listing ano t1A.."n VI
| this properly ~ III market Vaine
and exacts 2 tax OF 30 Genus on tne
hundred collars OF vaiue. IN suo'-
ton, the various cities In the Stete
tax the same property at rates vary
| ing from $l.SS to $1.TO. The result
| Is most inject burden on this class
| OF property. In Alexandra. FOR IN
stance where the municipal tax rate
Is tl.70. four-cent bond. quoted at
par on the market, and listed for
taxation, pays to tho city and the State
/ S2.05 on every 81 realised from the
is one of two things: either the own
er of the bond does not list 1t for
taxation and perjures himself in list
ing his property. or else he will move
TO some other place where the tax
| is not 50 heavy To pay the tax will
be to give half his income from the
| property to the State and city. The
|
OF the securities owned In the Stata
are ever listed for taxation. while
there are eases on record where
+ wealthy men have refused to iiya in
Virginia because az the enormous tar
lsvied on securtties.
.As,da from tha ;n;u.,,cs NJ ,his
.ax fha cnmm;ssion hsliav.s that ~
"a naor nolicv r. a,s,ouraga ,hs com
tnr Of c.nital into our midst NV On.
~ taxsfinn i. nsyar 10 tax haavilr
any nroner.y that NAV BE- taIan
away ara nsvar "a burden .nv nron.
.rtv that NAV he induces 70 ca,e.
into tha Stat. vs. halt~va that tha
radical amendmant of tha sr,.,ins
iaw vii, fnifi mi. canon vnsrs :.
Al present We violate il everywhere
~ H. sss..
:" .' r. p..s.sev
.on1 nl.n Is 10 .vsu au,.a,f of
very excellent nrnyis,on in tbs State
contribution which permit. the A.
sembly TO classify properly for pur-
poses Of taxation Alter 191a and To
lew n different rate ON dinferant
classes OF properly. we wait. 81
course. to see Intangible personal
properly pay its fair rate OF taxation.
but We believe this rate should be
much lower than It II At present. In
eonsequence We shall recommend the
very low rate Of State taxation on
securities and will limit the amount
Of tax TO be imposed by any NUM-
cipality. In this way We think q
just rate OF taxation can be fixed.
1t is argued. Of course. that this
VIII give intangible personal property
an advantaxe over tangible persona,
psopsl.s ano snss ,' s.ocks ana bonds.