The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-13
SAYS PLAN WOULD
BANKRUPT CITY
Segregation Of Taxes, as Pro
posed, Would Cost Richmond
SI.ooo,ooo Per Annun.
CHAMBER EXPECTED TO ACT
Legislative Committee Prefers
New Plan for Permanent
Tax Commission.

Estimates prepared by Social &C
countan, Geo:.o s CrcnShaw. showing
an annual loss cNcrc.iinS Sl.0o6.or0 to
the city of Richmond should the white
segregation of taxes bill now pending
before the General Assembly become d
law, were presented before the Cham
br OF Commerce committee OH leEisla-
ton yesterday afternoon. a resolu-
ton Will be prepared and forwarded to
a special meeting OF the board of d.
rectors of the chamber, TO DC called at
once, favorinS in lieu of tho drastic
White bill, the creation of tax com
mission along the lines proposed by
Speaker Byrd. Mr.. White himself ad-
mitted that there were serious defects
In his bill as now presented
The chamber committee on leSisia-
tion was addressed on the subject Of
taxation by Speaker r. L. Byrd. au-
thor Of the Tax Commission bill. now
pending: George $. Crenshaw. Special
Accountant of the city of Richmond:
City Attorney II. r. Pollard. and others.
Cos: to Nichmond.
Mr.. Crenshaw presented the follow
ing compilation as his estimate or tho
loss TO this city undo. the terms Of
the White segregation OF taxes bill,
under which 1t is proposed to taxa
from tho cities the power OF taxing all
properties other than real estate and
tangible personal property. and requir
ing the city to take caro- OF certain
criminal expenses, as follows
Loss from licenses .S15O,.OI
Corporation fn1cs, rcnI estate. a3,2a5
Corporation tnAca, personal. Isl, Ic3
intangible personal property. fG., 3a5
Bank tax ............ 1Ip,pOd
TotnI ................. 1897 .716
To which must he added for
criminal c1pcnscs ...... il,o.i
Grand tnnI s1.03o. $40
In addition TO this annual cha.-e OF
more than one third of the whole rcvc-
nue. Of the city, Mr.. Crcnshaw showed
that there would be an Increased
charge to the taxpayers OF this city.
after the elimination OF the assessment
on each of the above tax items, on tho
State tax rate of 80 cents of approMi-
mately s330.Doo on remaining real and
personal property
Would bankrupt city.
All present were agreed that tho
effect of the White bill would be TO
bankrupt Richmond in cGort to
make 1t carry the whole load of tax
alton OF the State. The bill would
the city all tax on tangible personal
property. a very valuable source OF
Income to this city. since 1t Includes
capital in business, money in bank.
stock and bonds, aggregating In the
present assessment for purposes OF
taxation SS3.000.ooo.
While the original plan presented
BY Speaker Byrd for a single tax com
missioner met with much objection
from this city both on account OF tbs
dangers OF one-mhn power. and be-
cause or the provision or assessing
values according to recent sales, result
ing in the assessment OF city property
up TO its full market value. while
country lands. which are seldom sold
would he assessed at much less than
their real value. these objections have
been to large extent met By amend
ments which have been incorporated
into the bill. The committee agreed
to approve the plan for the establish
clent OF tax commission as more
equitable and fair than that of Mr..
White for tax segregation. In Wow
OF the enormous amount which this
city has at stake. In either event,
special meeting OF the board OF di-
rectors Will be called In the next few
days to receive and discuss the re-
port and to take suitable action for
the protection OF the interests of tho
business men OF this city.