Barton County democrat. [volume] (Great Bend, Kan.) 1885-1915, 1911-10-20

/ ne lLdu0lcK .''-''''-''- -'''-'''' zee
from one locality 10 another, whereby
! it can be employed to the best eco
nomic advantage. Such shifting bene
/ fits state where the capital is in
vested in enterprises, which develop
its resources, and also benefits
those whose capital is so invested,
thereby encouraging thrift and indus
try.
New York has taken some i'm
por,ant steps this year in the
matter of state comfy in
taxation. In the report of your CON-
mittee on Inheritance Taxes last year
New York was referred 10 as a con-
spicuous offender in the matter of
double taxation. That happily is no
longer true. We have made a radical
change in our inheritance tax law,
and will no longer tax the intangible
property of residents of other states
which may happen to be within our
or over which we may have technical
jurisdition. Under our new law, en-
acted in July, estates of our citizens
win be taxable on real estate and
chattelS in the state, and upon
the value of intangible property such
as shares of stock, money and secur-
tities wherever located. The estates
of non-residents will be taxed only
on real etsate and chattels, actually
Within our borders. In this respect
our law follows the model law pre-
pared by your committee, and much
less than those in the law enacted
IN 1910, which was found to he driv-
ing residents and capital from the
state.
Under the present law, shares in
New York corporations owned by
nonTesidents are exempt from our
inheritance tax, and this obstacle to
free investment in our business en-
terprfses has been removed. Securt-
ties and money of nonTesidents de-
posted in our state are also exempt.
Governor Dix referred u his meas
ure TO the Nnew York legislature
which pissed the new tax code, quot
Ing from it: New York was Hhe pio-
Ineer in laws for Ghe taxation OF IN
herfnances, and other states have
largely based their laws upon our.
New York should lead again and do
away with this injustice of double
taxation, which has now grown TO
such great proportions, and we may
confidently expect other states
who now offend in this respect win
again follow our example, but this
time in the right direction
Il am glad he continued, that
our legislature has corrected the in
Justice of double taxation, even
though this will involve the loss OF
, some revenue which we have been
collecting fuom nonresident invest.
, ors. And New York, now having
done her share looks with confidence
? to her sister states who may shiM be
T offending to do theirs, and l TRUST
. Uhe delegates here assembled will dc
their part to bring about complete
! state comfy on this impor
. tant subject.
Y Another phase of state comfy is
+ involved, | believe, in the ratifica
o ton by our legislature. Of the in
Y come tax amendment to the Fedora
/ Constitution. One of the chief argu
S ments advanced against such ratifi
S cation in our state, was that New
S York having a large proportion Of thu
r wealth of the country, would pay a
2 large share of any Federal income
tax that might be levied. That argu
: ment is essentially selfish and I am
r glad that it did notpnevail. II our
state has the wealth and ability
e to pay, surely it should pay its pro
e per share of tax which Is intended
: to fan on wealth and ability.
Coupled with our new inheritance
= tax law is a new law for the taxation
] Of securities held by our citizens. We
}. ane not prepared to exempt this class
of wealth, but we know how exciu.
: sive it is, so we have placed a small
: registration tax of onehaf per cent
5 upon ID, and in consequence we ex-
pect to see a large revenue in our
D state treasury from sources which
: for good and bad reasons, have here
: totOre generally escaped taxation.
This law extends the principle Of
t our mortgage recording tax to all in