The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-11-27
THE TAX QUESTION
Mr. Hspoood Would Tax Only Real
Property and Would Abolish Offsets.

The question of taxation is all i'm
portant, overshadowing everything
else to come up before our present
legislature for its action. We want,
and must have. some system that will
supersede the present complicated
and. in many respects senseless one.
The trouble has been that hereto
fore all efforts have been directed to
devise schemes that would dodge the
direct tax and make us feel that We
were not really paying taxes our
selves. as mass, but were throwing
them upon someone else, when in
fact we were really paying them all
the heavier ourselves, using an ex-
pensive set of needless machinery.
The true system of taxation is
plain and simple. which is merely to
have all property which has actual
value TO IL set in the list and taxed.
and taxed once only. Nothing which
has only representative value, repre-
senting something which is supposed
10 be already taxed somewhere,
like notes. bonds. stocks, etc. should
be put into the list
In our efforts TO have interest
money taxed. We have all the time
been forgetful of the fact that 1t is
the borrower, not the lender, who
really pays the tax upon 1t, and that
the scheme tends to drive the money
out OF the state and produces double
taxation. We have only to adopt the
plan OF taxing only tangible proper
a.. all OF IT, ana taxation is made as
simple as possible and entirely Just,
as a rule. to all concerned while our
money Is kept right at home where
10 best belongs.
Under the present system man
siih money to spare puts it in the
savings bank at per cent which
savings bank sends II back to his very
neighbor. even, at per cent Under
the proposed system the man will nat
urally lend direct TO his neighbor and
both gain i per cent. thus abolishing
she Intermediary who gets per cent
b. the useless roundabout operation.
Under the present sstem. If man
sells HE farm 10 a party and takes
hts note for IL both pay taxes upon
u and the farm is really taxed twice
over. the chief part of the burden,
however. coming upon the borrower
In the line OF an additional rate of
interest. Under the proposed system,
only one tax will be paid and the Dor
rover will get the chief benefit.
Under the proposed system the list
err have only to appraise and set in
the list all property that has real
value. and that ends the matter.
Public service corporations. like rail
roads. telephones, etc, must, OF
course be appraised by a state board
and taxed az the average rate for the
state, now about Sl.70. this tax to go
into the state treasury, and 1t will be
enough more than the present to
make good the loss of the 7-10 per
cent from the savings banks.
We must, OF course, abolish offsets,
no argument is needed for the dis
continuance of this sin begetting
practice. We must add 80 millions to
the list. and after deducting the
amount lost by not taxing interest
money. or any intangibles, are a net
/ gamers Of over u million dollars for
our lists. Let us abolish Offsets, tax
only tangible property, and thus in.
crease our grand list II million dol.
lars. keep our money in the state, and
make taxation simple and inexpen
siye. We can even throw away ouI
/ inventories as useless.
NJ. ]. Hapgood.
Peru. VT. Nov %. 1912.