The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-08-09

and the individual has the benefit of
offsets for debts owing, so that the
so-caled injustice is not at all what
a superficial consideration might
make it appear to be.
There are just two states in the
Union, Wisconsin and Connecticut,
that tax domestic insurance compa-
MES more heavily than vermont.
That does not indicate that the Re
publican ring masters have been par
ticularly lenient with insurance cor
porations. or else it shows that some
permanently Democratic states nave
been in league with big business.
The tax commission found that YER
mont taxed banks more heavily than
many states. If the local rate OF tax
alton were assessed, insurance COM
panies would reduce. their dividends
to policy holders, banks would de-
crease their rates of interest on de-
uosits, and public service corpora
tions would increase their charges.
Wherein would the public be bene-
flied by such a policy? The Central
Vermont and Boston and Maine lines
GaCn DdSS 10 hCNA~
and the Rutland road passes through
SO Vermont towns. Local taxation
might mean as many different rates
as there are towns along the line! 1t
is plain that a state tax is fairer and
more feasible than a great number
of differing rates.
The Democratic platform would
have the taxes on banks assessed by
and paid to the towns. During the
past year banks in 33 different towns
and cities paid into the state treas
ury $9S2,O61.21. Such policy as
that proposed might be fine for the
favored thirty-three, but how about
the other 213 towns that now get a
fair share of this revenue?
The corporation taxes for the past
fiscal year amounted to $1.071 SEAL.
If the corporation is TO pay as the
individual pays it must pay the local
rates into the local treasury. Let us
see how this would work out in
Montpelier. Last year eleven corpo-
rations doing business in this city,
! four banks, four insurance companies
| railroad company. a street railroad
company and a telephone company
paid corporation taxes amounting to
$195, 405 90, or more than one-eighth
of the entire corporation taxes OF the
state. The total amount of tax levied
| in this city this year amounts to
| 1926. 092.7S. Thus, these eleven cor
porations could have paid all our city
expenses now provided for by tax
rate of S175 with a surplus of more
! than $4,000 for reducing our debts.
The four cities of Burlington, Mont
pelier St. Adams and Rutland paid
almost half the entire corporation tax
of the state last year.
But how would the other towns OF
the state view a policy that enabled
these four cities at their expense 10
| fatten their treasures TO the extent
of nearly half a million dollars an
nually? Where would the million dol
ars come from to run the state gov
eminent? Naturally from levying a
direct state tax. Let Mr.. Howe go
| into the small towns Of the state
and preach this policy and see what
kind of a response he gets. In a
spirit of fairness to rich and poor
alike the Republican party has passed
legislation that turns this revenue in
to the state treasury and it is used
TO provide better schools and better
roads, to support our state institu-
tons. and to pay the current expens-
es of tlfe state.
This Democratic policy is imprac-
ticable and grossly inequtable and
would benefit a few large towns and
cities at the expense of al the other
towns of the state.-Montpelier Jour
nal.