Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1914-12-04
tcontinusd from Page one)

M sysstitution Is hereby amended by
the adding to said section the following
words: But the Legislature shall have
power TO lay a tax upon intangible per-
sonal property at such rate as II deems
Wise and equitable without regard to the
rate applied to other classes of property
"a that said section shall be amended to
read as follows:
section s. All taxes upon real and
personal estate. assessed by authority OF
this State shall be apportioned and as
sessed equally according to the Just VAL
ne thereof: but the Legislature shall have
the power to levy tax upon intangible
personal property at such rate as II
deems wise and equitable without regard
TO the rate apportioned to other classes
of property"
After reviewing the methods used in
other states MIR. Robinson said:
In conclusion we are now confronted
by these alternatives
Cd To leave the situation as it is. The
tax commission of 1870 and 1907 pointed
out the unfairness of the present system
and the rejects are probably well known
to you.
Cd To adopt the income tax. I assume
however that is no radical departure
even if constitutional under our present
constitution, is now seriously considered
at the present time.
go To adopt the Connecticut and
New York scheme of a voluntary reg
istration tax on all securities. This
plan in practice is found to be less
Eel f1n Mo- f1ln
and in a State like Maine would prob
ably be even less successful.
"a To adopt the Maryland-Rhode
Island plan. This, 1t seems to me, /
have indicated we should favor. The
rate will be the same as the savings
bank and trust company tax-five
mills-this tax being on our statute
book today, although not so regarded
as in real effect an example of taxa
ton of intangible property. Whether a
compulsory Listing plan should be
adopted is an open question. Such a
law has always been opposed in the
State; and the fact being that our as
SCISSORS usually have accurate knowl-
edge of the property of taxpayers, it
may be well that the tax will be sue
cess without compulsory listing.
tate should be exempted entirely,
should be subject to mortgage re-
cording tax, or should be subject to
the tax like other intangible property
is a question not Of taxation but of
public policy regarding favoring this
sort of an investment.
After Mr. Robinson had finished his
address there was a general discussion
~,
the best resolution in Maine should
make compulsory returns, putting it in
the hands of the local assessors. The
minnesota law requires separate re-
turn for each class of property. In
this there should be separate re-
turn. The Board of State Assessors
should be able to make the assessment
in case the local assessors are lock-
ing. 1t would be rod held over neg
ligent local assessors.
Afternoon Session
The afternoon session opened at 2
o'clock, the first speaker being William
H. Thompson of South China, former
member of the Board of State Assess
ors. who spoke upon Taxation of In
terest Bearing Deposits in National
Banks" He spoke as follows:
Taxation of Interest Bearing Deposits
in National Banks.
The discussion of topic that considers
the possible tax of $4,000 per year upon
the national banks of the State Of
Maine. should be of interest. not only to
this association, but to the taxpayers Of
the State of Maine directly, and indi-
rectly to all the taxpayers of New Eng
land outside of Vermont, which is the
only New England state that directly
taxes interest bearing deposits in ma
tional banks. A few years ago there
were two principal types of banks in New
England state savings banks, that re-
ceived money from individuals and paid
dividends or interest from the investment