Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1912-01-11
CALLS F|NANC|ERS
RIP VAN Wrinkles
Untermyer Says They Know Lit
tie Of Peoples Thoughts on
Corporation Management.

New York. Jan. accompanying with
ancial world, who know about as much
OF the thoughts which stir the people
to-day ahou, corporation management
and the uses of great wealth as Rib
did about happenings ip his home town
during his wonderful steep. Samuel
1'nttimyor Sunday in Pilgrim Church,
Madison avenue and !2lst street. de-
cared thal "prblic sentiment will very
soon bring them to their senses
business men say that the agitation
that is now going on hurts business, he
said. In MY Judgment it hurts only
illeeitimate business. Our people are sur
prsngly patent when you consider their
power and We are far behind England
in economical reforms. They have old
age pensions. employers liability insur-
ancc and national insurance over there,
three Things that are bound to come in
this country
Discussing Inheritance and income
taxation. which he said We're the most
just and enlighiencd forms %. taxa
alton" Mr.. tutclmver continued
"WEAI.TH ESCAPES TAXATION"
The wealth of our county this State es-
| peciallN. escapes taxation. not through
lack of legislation or through corruption.
but through carcles>ness. Real estate
pays o. per cent. OF the taxes Of this
state. am in favor of a federal income
tax lie, each State relnuush ;ts rights
10 levy an income tax. giving the power
/ to ;he federal government ou the condi-
! ton that II pay back to the State a GER
tain portion of this tax. This could he
done hy CONSTITUTIONAL amendment. and
more than enough money would thus he
raised t" support both the federal and
the State governments. and leave some
thing over to apply to thc operation Of
! municipalities. A. the present time oll
| inheritance tax is about One-seventh of
J what it is in other countries.
! ''rhe levying OF an income tax by the
State is not practicable. If we should
put a tax on incomes. all big wealth
would say. Why. ! reside in New Jersey.
They wunld not live there. they would
| simply say they had residence there and
! that is all that the law requires. Then
New Jersey would probably take off its
| income tax to got New Workers to claim
"A residence there.
ILLICIT BIDDING OF STATES
''Oui form ~ government permits this
Illicit bidding for privileges hetweer
| StnteS. And We have II corporation
! system without regulations We'll niSi
disgra"eful. Some Of these corporation:
have reached the point where the fedora
government, must step H. Every othe
country does II
Real estate pays "a per cent. on it,
value. Presumably, under the law, rail
road bonds and other forms Of securities
pay the same. Az n mater of fact the.
do not. We sometime aao passed a Law
providing tina, they should pay one-hal
of one per cent on their par value once
II YOU owned thousand dollar bond OF
railroad you would pay e or 1t once. an,
never pay taxes an 1t again, II yo
owned one thousand dollars worth OF rea
estate you would pay Sl1.J' on It ever
year. or If YOU had one thousand dollar
in bank you would pay the same ever
year
$50 we have this monstrous syster
OF taxation because OF Illicit compe
tition between our states. and I sa
that the people will insist upon forr
Of taxation that reaches the wealth q
this country and does not take II sole
~ from our property owners. Let U
have central government that ca
collect the taxes and not an encour
agement to false swearing and evaso
OF taxes.
I'VE must md some way also t
keen men who run our corporation
e out OF the treasures Of the corpora
lions that they control. We must cor
D fine them to the use OF their ow
2 means in the promotion of their idea
0 We must stop the formation OF thcs
I threat ening fortunes by the use
, funds entrusted to them