Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1911-05-05
new INCOME TAX
MEASURE PROPOSED
Resolution Adopted to Print Extra
Copies of Substitute.
PERSONAL TAX UNCHANGED
Bill Is Left the Same as Original
From to Per Cent. on Income
of Six Hundred to Twelve
Thousand Dollars.

Madison.-The results of the labors
of the special joint committee On in
come tax were disclosed by the adop-
ton by both houses of the Legislature
of a resolution to print extra copies
of a proposed substitute for the pend
ing bill, the substitute to provide
merely the basis for hearings.
The committee is by no means
through it's work. but desires to know
the attitude of the members and per-
sons affected on the new features SO
far incorporated in the bill before pro-
ceeding further.
Two significant changes are present
ed in the proposed substitute over the
provisions of the original bill. One is
for the taxation of corporation incomes
on a separate basis from that of per-
sonal incomes and the other Is the
virtual abolition of the personal prop
erty tax. Another important point is
the fact that with the help of experts,
the committee has so framed the new
bill as to prevent double taxation in
any instance, even though all corpora
exception of insurance companies, are
included In the measure.
The rate of taxation for personal In
comes is left the same as in the orig
inal bill-from l to 6 per cent. on in
comes from 5000 to $12O00-but the
taxation Of corporation incomes is
on a different plan. The first provision
on this subject reads:
1T the taxable income (of a corpo-
ratiOn) equals one per cent. or less OF
the assessed valuation of the property
used Or employed in the acquisition of
such income, the rate of tax shall be
One-half of one per cent. Of such in
come" The rate then increases one
half Of one per cent. by the same
method of computation until it reaches
Is per cent.
The provision affecting the personal
property tax, the hardest nut to crack
of all, is to the effect that any person
who has paid his income tax for a GER
tain annual period may present his
receipt therefor in full payment also
Of any personal property tax that may
be assessed against him for the same
period.
The exemptions as to personal in
comes are left the same as in the
original bill, with $500 for single per-
sons, $500 for married and $500 for
each child under eighteen years old
or other person wholly dependent
upon the taxpayer for support.
After the hearings have been held
on this tentative measure, the com
mittee will return to the work of COM
pleting its final draft of O. substitute,
profting by the criticisms made at
the hearings.
At the request of Senator Bodenstab
Of Milwaukee, Senator Blaine asked
for correction of the journal regard
ing the judiciary committees report
on the Stephenson resolution. 1t was
made known that through a misunder-
standing in the committee the resolu-
ton was reported out with Bodenstab
recorded as dissenting. AS soon as
Mr. Bodenstab informed Senator
Blaine that there had been a mistake,
Mr. Blaine fastened to rectify the
error Mr.. Bodenstab announced aft
err the session that he dissented only
from some portions of the resolution
and that it was his intention to put In
a minority report. Mr. Bodenstab
favors resolution directing that the
testimony and findings of the special
committees of 1909 be laid before the
district attorney of Dane county and
the United States senate and that they
be asked to take whatever action ap-
peared right He does not believe that
the senate should be. asked to declare
Senator Stephenson's seat vacant.
The Stephenson resolution will prob
ably be laid over until next week in
order to give Mr.. Bodenstab an oppor-
tunity to draft his minority report.
Assemblyman Hulls bill providing
a penalty for vote swapping and
log rolling" in the legislature was
advanced in the senate.
The senate spent most OF its
time debating the Hoyt bill for
pension and retirement fund for teach
ers, The bill came before the senate
with a committee recommendation for
passage, Senator Teasdale dissenting.
Senator Teasdale, after attempting to
have the bill laid over, offered several
amendments but they were all defeat
ed. Senator Hoyt made a complete
explanation of the bill and then sub
mitted himself to examination by his
colleagues. Opposition to the bill
came from Senator Blaine, who did not
want 1t to apply to the rural and vii