Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1910-10-06
CORPORATIONS PAY
OVER 100000
State Tax Commissioner Cush-
man Reports Big Increase in
Revenue in Past 2 Years.

Montpelier. Oct. s.-The biennial report
| of Commissioner of state Taxes J. T..
Cushman of Burlington. for the term
| ending June 30. 1910, has been made
public.
For the FIRST time, says the commits
| sioner. the revenue of the state collected
through this department exceeded two
million dollars for the biennial term and
one million dollars for the last fiscal year
thereof Tax collections during the last
SIX biennial periods have been as fol-
lows:
July l, 1925, to June 30, 1900, collections,
1881. e2?36; increase s9S,147.5i.
July |, 1900, to June 30. 1902 collections,
81 ,O5l .0l7.Gi; Increase. $3.50. 39j.2S
July /, 1902. to June 20. 1904 collections,
s.. 26 .51776; increase sl5i,d1al2
July l, 1904, to June 30, 1906, collections,
1865 Increase, $l5S. 225.o3.
July /. 1906. to June so, 1908. collections,
| sGo1. SS677; Increase. s32l1s2.eS.
July /. 1908. to June 80, 1910 collections.
| 3, C32. Gn.o2; increase 1924 17225
The foregoing fluctuations show that
the income for the last biennial term is
l.l49 ijj.11 greater than that of a like
period ending only a decade aso-an in
ten years.
TAXES ON SAVINGS DEPOSITS.
The greatest interest in every term
has been in the tax on savings deposits.
] he average deposits in savings banks
ANA trust companies for the six months
ending June 30. 1900. were S3S,i0 %.
Like deposits for the six months ending
| December 81. 1904, were $Gtl101qS27, an
Increase of SOS, 9aa, 1903
During the six months ending Sep
| TENDER 30. 1907. the average deposits in
savings departments Of national banks
were SdGo.s32.37. Like deposits during
me six months ending March II, 1910.
were S>.ii6 9.7i-an increase of g. 10 SO 81
Fhe average interest bearing de-
posts In State and national hanks has
undoubtedly increased since March 81,
l9lo, ard Mt the present time are therefore
upwards Of So S'7.5279s
A comparison shows that in the year
1900 all taxable personal property lnclud-
ing cash, securities and chattels Of all
| descriptions set in the grand list aggre-
/ gated s4o.SS.f7G. and that deposits in saw
inRs banks and trust companies aggre-
Ented S15,SG7oi In 1910 all such taxable
estate set in the grand list aggregated
.s57.527.96. The increase In personal
property set In the grand list is a. 225 3Oi
The Increase In aforesaid deposits is s37,-
, it6.6Gooo The foregoing seems to war
rant the conclusion that interest bearing
, deposits In our State and national banks
are under the present taxation system
attractive investments to other than small
investors
, REDUCTION OF TAX RATE SUG-
GESTED.
Unless the expenditures by the State are
materially Increased In amount, II will
soon be possible to reduce the tax rate
| on bank deposits from seven-tenths to
! sixtenths Of one per cent. without Great
| ing dehcit. Such A reduction at the
present time would reduce the rev
enue practically $1,000. per year In
my opinion such reduction could not be
made If standing or other appropriations
are to be substantially Increased.
A law giving individuals the same tax
on loans and other inactive moneys as Is
now imposed upon deposits in banks
would make IT possible to borrow money
OF Individuals and would not seriously
retard the growth of our banks. A new
form of taxation or n modification Is sug-
gested that will ultimately yield a sub
stantial tax on inactive moneys not held
by banks A medium rate Of taxation on
money has a direct tendency to induce
home investments and to bring 1t from
It's hiding place to the support of State
and local government. Should our pres
ent taxation laws on bank deposits be re-
pealed or curtalcd substantially, the
aggregate deposits would speedily dwin-
de in effort to place money beyond the
reach of the higher rate Of local taxation
and only small portion would ultimately
appear In the list. More taxes will be paid
| on moneys. otc., held by individuals under
the lower rate than under the present
local rate Such a tax would also relieve
in part the so-called double tax on real
estate and mortgages secured thereby.
The present Individual objection to loan
IN. money on real estate on account of
the high rate Of local taxation would he
eliminated largely. 1t seems reasonably
certain this could he worked ont with
ont imposing any serious burden upon
taxpayers owning other species Of taxable
property