Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1912-02-07
" rAxtEs ON Monty \

LowER TAxEs ON MONEY.
Thls year al moneys and crab'
;fwill be assesset uniformly throuel
out the state. The Thirty.fourtl
General Assembly passed . =,
which provides that an mnneyed ca,
ital IN Iowa VIII hereafter be take
upon 4 uniform ibsss Is five mil
onSthe dollar Of actuab Valuation. tn
means fiat rate q five dollars 9
EVERY thussnd dollars q 4eney.
makes no difference where the 5owi
erS lives. Th3 rate = the same /
the country as In the city. Conse
quently there VIII be. hereafter n
advantage TO the owner Of money
and credits who may live In tn
country, where the taxes are usual;
lees burdensome than they are q
the city. The retired farmer VIII
has sold his farm and has the mon
ey8on hand Or with sur
plus me- OF Nv 1eeQ no
heA An .uoying to town oi
account OF the excessive burden
taxes. Moneys and credits unde
the new law are assessed no highe'
In any town or city In Iowathans I,
any rural community. ii the state
The tax rate u five mills on Is,
dollar VIII he 4 great reltef toathosl
who have been paying around twen
.ty mills on the same bass q. III,
fuu valuation OF about eighty mia,
on a basis Of one-quarter'the value
.uon. There are mlny cites hi tn
state OF Iowa where the rate y ever
higher than that. The rate in Man
chester this year - q mus On thu
dollar. 4
The Legislature made another I'm
pertant change which effects the
holders Of stock IN national banks
state and savings banks and loan and
trust compnies, ~
The change in the method OF IS
.sessing Moneys and credits does hoN
prevent person from dednctnl
from the same his debts as former
" but. this privilege under the new
law Is denied the owners q stock IN
sanking institutions. Such stock e
assessed to the owner ct the place
where the bank is tocated and - sub.
ssect to. the general bar rate Of Chat
community. No deduction for debts
IS allowed from such shares % stock
and in determining the value q the
same the surplus and undivided pro.
flts are included while The value q
the real estate owned by the inatitn.
ton ;is excluded. Such steck and
.mlronteyea5 capital Ri;lSbe assessed md
taxed upon the taxable yalneE q y
twenty per cent OF It's actual value.
For example the owner q bank stock
In Manchester IS taxea 73 Minis on
hundred dollars for every one
dollarS In value o. S14.40.
The legislature lifteds ! heavy bur
leassoftAxee from the shoulders Of
hose owning moneyszand cr,edi.a
5s1ut i seems that It unfairly T.
:rlminated against the owners q
banking ms. ituticna
The taxes from moneys and .credtts
have been = lIe source Of tax e.,
revenue In Mani lester and the heavy
deduction made Will deprive the city
81 much revenue from this source
This loss Will be seriously felt by
she owners o. other cJasses 1t prop
srty. Il means amuch higher rate
real estate. n may be sah tkat
the low rate on, moneys and credits
win, induce the owners q the same
70 list that which they formerly com
.ealed hut It 10 hardly reasonable 2
suppose that the man whoshas In. the
past contested the amount d hs
moneys and credits u now soing 70
expose hinself. The man who swore
falsely 70 save ten dollars Fhsn the
rate was high, will do % Inst e
to save : doltar when y i
low.