Metropolis weekly gazette. (Metropolis, Ill.) 1???-19??, 1916-11-10
BUSINESS MENACE
IN OUR TAxLAW.
Would Take One-Half of h
come on Savings Deposits
and Fully Ons-Fnsh sf
tho Ordinary Secur-
ity Returns.
LIFE INSURANCE IS TaSsHLE
Life Insurance Policias' eurTrnder
Values Now Subject to > Tax Thss
Would In some Cases Equal An
nud Premium--Tax Amendment
van Mako Jnst Law Peaxthle.

@ AESA-iaA Amendment
Wtu Make Just Law Psasthle.
sae reason that the present revenue
laws OF Illinois have net hsen enforced
10 net because the Asssssins hosaiea
have deliberately aiscrinIaated BIZ
emitting Intangible values The fact
IL that sueh values cannot be disesv.
cred By the assessor without resortln~
10 methods which never have hoen AZ,
Piled. and prebably never will Be Pc
sorted to. hy any mcdsrE government.
In the arst place. Intangible taxable
values cannof be discovered By the or.
binary processes which ass.saoTs are
permitted - empioy--fhat 10 t. SAP.
sy secins them ard aeternining their
value. In The second place. It IL fully
recognises that 10 the taxatioa Of In
tangible values a. now provided fer
~ iav-ths Law being made neeesssry
~ ths oonstitutisn--x BUSINESS panic
veuid Be Invita- All saviazs deposits
--N.d there are aeost half q Million
anllars Of thew-~weahi have to b
hat To cne-hsif Of their iacoms. No.
vhero--and harsiA snder the var
sAxes Of Euro2e--is the BALI q an IN
sens taksa By The tsx-esther><. Csrn-
fssrefai Seposits--ehsrklns accounts
which pay no Income 81 All--wiil havs
ts pay In taxes from sns to tive rsv
osnt a year. The effect Of such tares
would bs 70 indnec both CLASSES Of de.
pssitsrr ts withdraw their nsnsr
frun the tsaka euppess that. say
tsmsrrov. II became Absolutely o-rtais
thai tksss taxss On deposits wsrs 20 10
ssiisctst. sAsrs wsula 81 "a fmns.iixss
withdrawal ~ cash IRON the ssnkA
rams. pankcs asd possibly lieuidafies
- good baaka
Dsaeoes' Accommodations Tare~s.
Tho rsvenus laws the csnstito
tion oomneis II TO he-eAiIs fer the col.
isctien ~ the fuilrs,s tar upsn all
credits which ell zerchania great or
small extend a. . matter OF acesmmo-
sstisr 10 their customers. N tire Law
wsre ssmrlist With - 10 t@xinx these
credits the merchant would b more
relustant 10 sxtsnd sredst besauss.
vhsn tbs assessor vosst Gene arsunx
he would proceed 70 assess all Of the
credits which nixht - owing 10 The
merchsaf. ana. the tax collector would
demand from one 20 two per cent on
ell of the credits On the merchants
books And. where the merchant ers
tended credit to . customer be wsuiz
have 70 charge int his prizes for the
goods the tar rate which be would
have 10 pay on the credit extended.
Taxation On credits 10 double TAXATION
because ths gcsds sold have already
been tared In the hands of the swaer.
and. whom they are sold en- credit, the
credit account also u taxed Appar.
emily . rigid enfsrcensnt Of taxation
Of credits usuid bring . css.atisn OF
credit. which would. In nasy oaseA
create more or less hardship. and en-
courage creditors In Q nors rigid en-
forcenent OF their collsctioa demands
against their dsbtora
Suppose that the Law were enforced
fully and completeiy--as to taxation
On securities Of all kinds The svsrsgs
rate k return on securities 10 ABORT
fve Per cent nvea n these securities
we're made to pay only one per cent
IN their par value n weuld BE- eqrivs-
isat to taking enehfth OF the entire
fncsms produces By them. wheY.
ever income tar laws are in operation
the income tar rate 10 VERY much les
thaa one-ffth Of the income.
Life Insurance n Taxable.
II 10 worth while alss 20 consider thai
. risid enforcement u the pressz< lay
would require the taxatIsn OF Gil life
insurance pslieiss that hAvs . sur.
rsn1sr value" T1s tar pate would
- equivalent 70 . charge spon the
insured Of from enc 10 tive Ger csss
en- the value Of his policy and In
May cases wsuid exceed the present
premium which Ne has to pay Ths
ssfct Of such aa enforcsnest would
Induce many Dersoas whs are new
wisely asa we'll insupe6 to surrsnder
tAeir policies TAis Of itself would
create considerable financial disturb
sHee and weaiA operate - . astsr.
raat Of thrift
n general the snfsrcemezt Of the
yevenue Law - II stsEHs wsuid PRO
euse nsaacIal snd ecooemlc disturb
sascs Of great magnitude. Tho Tar
Amendment. to - voted en- November
:, VIII enable the Legislature to enact
laws providing fer reasonable rates
FOR tho taxation Of oil FERNS Of In
tangible values and for the exemp-
tion Of values which IN wisdom should
Get Be taxed ct ell.
a