The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-16

tation. inheritance taxes. etc Ills
plan OF segregation. therefore. may be
condensed into the following state
ment:
Counties, cities md towns not to he
permitted to tax railroad, canal. winter,
hent. light, pOwcr, express, telegraph,
telephone, stenmbOnt md sleeping cnr
corporations, nor 10 tax the stock OF
bnnks estate and natiOnnD or the
capital, etc, OF private bnnkers.
Counties, cities ind towns to he ni-
lowed to tax, solely tStntc not to taxi
us follows,
LIST. Real estate: agricultural lands
and buildings, mineral lands and InIn-
erals. city lots and buildings, town lots
mud buildings, real estate owned by
bnnks Estate and nntionnD and private
bankers.
I'd. Personal property: All tangible
and intangible personal property.
3D. Incomes: or deemed requisite to
tnx.)
County and CITY Taxes.
After showing what is classed as
intangible personal property under tho
laws OF this state. Mr.. Moore gives the
| following as the sources of tax income
for counties. cities and towns under
his plan OF segregation:
Upon all Of the Intangible property
! Except money on deposit with a bank).
/ the State should fix the maximum rate
10 be charged by any county. city or
! town at - cents on each 500, fair
market value.
Counties. cities and towns should be
allowed to tax at rate not To- exceed
- cents on each 100 fair market value
all bonds, notes and other evidences
OF debt.
Counties. cities and towns should he
allowed 10 tax al a rate not to exceed
- cents on each SlGo fair market value
the net amount OF capital on hand. ut
q date to be fixed by law except that
invested In real estate, which shall
be taxed by the county. City, or town.
as other real estate Is taxed o. MGR
chants tpersons. firms or corporations),
manufacturers. industrial commercial,
etc. corporations.
Counties, cities and towns should he
allowed to tax at rate not 10 exceed
10 cents on each 500 fair market value
all money except money on deposit
with banks and private bankers).
| bonds. notes. stock, etc. under control
/ of courts, court receivers. commissions
crs, guardians. personal representa-
tivcs and other hduciaries.
Counties, cities and towns should be
| allowed to tax at "a rate not u exceed
10 cents on each 800 fair market value
/ all money not OF deposit with "A bank
/ Estate or nauonaD or private banker.
/ Counties, cities and towns should be
allowed 10 tax AZ a rate not 10 exceed
! - cents on each 500 fair market value
all shares of stock, owned by tesidcnts
I OF the state issued by Incorporated
companies or joint stock associations
/ Except shares Of stock issued by in
corporated companies OF joint stock as
sociat!ons. all Of whose capital is taxed
By the county, city or town; and ex-
cept shares OF stock issued by incorpo-
! rated companies which pay a fran
chise tax to the State: and except
shares Of stock issued by banks. bank
/ ing associations trust and security
companies. which are taxed by the
{ Statc).
Means Reduction of Tux Rate.
Localities should. and believe will.
assess at fair market value the prop
critics treal and personaD upon which
they VIII be dependent for their rev.
enue, and II they DO. the rates can be
materially reduced. Fair market values
with low rates Will prove more salts
| factory 10 All Interested and viii at
/ tract prospective investors, and the To-
calities Will be stimulated 10 act care
! fully and prudcntly. both In assessing
their revenue and in spending IL, which
/ is equally. If not more. important
/ The local taxes. not the State taxes.
have burdened the taxpayer. The State
/ has for many years acquiesced in the
! practice OF allowing the taxpayers Of
/ !pCdIllcS 10 I'm the values on WhlCn
/ TO extend her taxes against them
selves This policy has resulted in
gross inequalities OF assessments
throughout the state, the localities.
under the authority 10 annually TX
the rate OF levy. use n low valuation
and a high rate whilst the fixed enot
variable) rate OF the State had to be
extended on the low valuation.
/ Let the localities be dependent on
the values within their borders other
than railroads. etc. and the values Will
certainly be uniform in the respective
localities and Will be nearer market
value than ever before.
! The tax laws now in force need thor
ough and complete revision and ADJUST
/ ncnf to remove all double and eXCes-
Sive taxation where ii now EXISTS This
must be done carefully by committee
deliberately selected.
Section l59 Of the Constitution CON
tains the following provision:
Nothing In this Constitution shall
prevent the General Assembly. after
the LIST day OF January. 1913. from
seeregating for the purposes OF tax
alton. the several kinds or classes Of
property SO as to specify and deter
mime upon what subjects state taxes
and upon what subjects local taxes.
may be levied"
This language clearly manifests the
makers OF the Constitution intended,
I aver lIiai Oh Ten ears nau !'trn
given 10 the Constitution as proclaimed.
the General Assembly should have
broad and ample powers for dealing
with taxation, and the language used
in several places throughout the Con
! stitution suggests the makers OF the
Constitution, inclined 10 the plan CT
segregation.
The tentative plan of segregation
here presented if adopted as a whole
! or in part. Will necessitate the repeal,
/ re-enactment and change of many laws,
Il duty which can only be capably per-
/ formed. in my judgment. by intrusting
! il to a committee carefully and de-
/ liberately selected. as above suggested.
| Whnt the State Gives Up.
! Under the foregoing tentative plan
the state releases to the counties. cities
and towns. for taxation property (not
| including incomes) OF the present as
sesscd value Tin round numbers) sT39-
! 100000 and takes from the counties.
cities and towns for taxation by her
self property of present assessed values
! lin round numbers) S1S3.000.O 900. The
state yields four times much as she
receives.