The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1916-04-12

Every rose has its thorn, every oint-
ment its fly. Along with the joyous
spring and the song of the robin come
1.-TWO certainties of life. With their
ldapper air and leather gripsacks, these
personally estimable citizens are only
less unwelcome than the doctor or the
undertaken, just when one has survived
a winter OF discomfort and shovelled
the last of the coal into the furnace,
saws Luther B. Johnson in Randolph
Herald.
This year the listers have their
troubles, as we'll as their victims A
new tax law, passed by the legislature
of 1915, goes into effect. So far as it
has been, diagnosed, this new tax law
appears to be fearfully and wonder
fully made, with the prime object in
view of tangling everyone up, and Incl
dentally to prevent abuses of what is
termed the offset privilege.
Former Offset Abuses.
Formerly, everyone who owed any
body anything had the right to enter
it in offset against their property hold
ings of personal estate and were taxed
only on the balance remaining. The re-
suit was that along about April LIST
i
the balance had been fully carried out,
in many cases the state would have
owed the taxpayer. Persons Of means
often found it convenient to borrow at
the bank a dav or two before April
1st, returning it a day or two after.
The borrower profted exceedingly by
this transaction. Others returned large
sums owing to Thomas, Richard and
Henry, of Kalamazoo, FL Paso and Tim
buctoo, respectively, and as these
places were beyond the ken of the Yer
mont lister whatever they said went
ont of the list.
Because of these things the old off
set law fell into disfavor, except
among those who used it to advantage
Four years ago the legislature knocked
it out completely. No offsets were al
lowed Whatsoever But this went to
the other extreme and in many cases
of worthy debtors worked hardship
So in 1915 the legislature tried again
this time to save the offset privilege
to degree that would help those who
really needed help, while putting VI
the bars against the wholesale abuse
of it. If the various intrieacies can
: be worked out as intended, this ought
to be the result
Only so Per Cent Offset.
The principle of offset is recognized
but it is SO thoroughly hedged about a,
to be almost lost in the shuttle 4
l taxpayer is entitled to offset on ac
) count of debts he may he owing, subjec
} to the following important conditions
l and exceptions:
, l. He can only claim offset up t,
one half of his indebtedness, Unite,
;, to 1000. That is, if he owes 81 900 o
! more, he can only claim 81 900; if les
: than $4,000, one-half of whatever it is
J, ?. He can only claim offset if his in
!. debtedness is on interest at six pc
cent or more. Ordinary obligations
, bills payable, stock accounts, etc, d,
:, not come IN for offset. There must b.
4 an interest bearing obligation. An,
! interest must be at least six per cent
If it is five, there can be no offset
q ;. Sums claimed in offset are sub
: jcct to deductions for amounts due, al
so sums on deposit, etc \ man canno
/ be owing, and with sufficient funds t
0 cancel his debts yet claim an offset.
T Must Have Sworn Statement.
s 4. If debts are due to parties with
: out the state, to secure an offset O.
:
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