The Big Sandy news. [volume] (Louisa, Ky.) 1885-1929, 1917-01-12
| The New Tax Law
i: Of Kentucky ii

Il
superficial readeR n.
The proposed changvs n ths TAI
laws. denuded Of legal pAnaeniogy,
may be explained 10 follows
Property will be classtae6 and the
taxation OF each class 50 levted a. to
secure q fair assesement and pot q
stop 70 hiding and evasion.
Assessments win be equAifDeds not
by counties, but according % indi-
yidual ownership, and put en- end to
the practice Of forcing the honest tax
payer TO pay the taxes q his less
scrupuious neighbor.
The state tar rate VIII be-foFty cents
on each 800, instead OF fftSflve cents
as at present.
Each class OF property WIN b taxed
uniformly. whether for state, county,
town or school purposes, according 10
location
| State taxes, which alI Taxpayers are
liable for viii be uniform on all classes
OF property except bank deposits.
which may be paid either by the banks
for, or the depositors Themselves. the
rate being ten cents on Zach 500.
County, town and school taxes will
be fxed as at present by the local
taxing authorities and Will be uniform
in each locality
| Intangible personal property, inciud.
ing bonds, notes, cash In hand and
mortgages. will be eliminated from To-
cal taxation OF counties, towns and
school districts, but the new law con-
templates the collection Of 20 much
more revenue from sourucs, not now
contributing fair share, the deficit
In local revenues win not only be cops-
pensated for, but Justify reduction
in local tax rates. Mortgages running
over three years Will pay a registra-
tion tax In addition. TO catch the long.
time loans OF foreign corporations,
who would otherwise escape taxation.
Farming implements and manufao-
turing machinery. raw material and
products in course of manufacture.
will be taxed for state purposes only.
/ Farm products raised within the year
and undisposed Of arc enempt from
all taxation
Merchandise In stpres and ware
houses. including distilled and matted
spirits, will continue 70 be ts1ed for
both state and local purpuees as at
present
Corporations will be taxed the some
as individuals on the sAme ciasses Of
property owned. and IN addieion. on
their franchises based on their pub
lished statements. vilanas the prop
erty ot individuals Is me1eiy -esti.
mated By assessors.
Banks win continue % be esseseed
as at present on The safue d their
shares OF capital stoct. surplus and
undivided prodtA FOR hssh state and
local purposes. and rns rropusAd tax
on bank deposits v1n dUfbtnEs be
paid by the banks In rrcfnrenre- TO dis
closing their custorDegB Identify. the
effect os which viii b IN incseaas In
the present bank tazHA TINT as this
win get moro money N orculatton.
the banks and people vii both be
benefited.
Local sssevyors and supavlSurs WIN be
4
Board q EQUALIZATION. Rchrd q Valuation
and Assessment and offe taxing pfivileees
OF the Railroad COMMISSION yin be dis
pensed With and n QuestlUns OF state
tarntion be Delegated 10 ,bi-pertisan
permanent State Tax Conrifssdon With
| power 10 enforce the law. UndW the
present system. state ofnctats easctad for
four years, and With Other ouek0us duties
TO perform. can hardly be erproed 10
acquire the knowledge and put In prsccce.
during their brief terrpe Tn intrioacies
/, OF taxation. hence the uved ~ a perrna-
neut, experienced centrAi aDtbQ4ty. free
from iocnl Influences and In perennial ses-
sion TO secure the bnat resuits for tho
taxpayer. as well as the st1fA The ex-
pense q such cornrthzfon e insignifl-
cant In comparison with the ADVANTAGES
and win be Offset By enonpuai@ In collect
ing the revenue witch now costs over
10 per cent. obviously eanpeselee
The new system cpnterupiates the equa-
bic assessment Of all clasasns of property,
and by actual eQuaiizution distrfbute the
burden In such manner as TO require
every Individual and corporation owning
taxable property and enjpying the protec-
ton and privileges m citizenship In Ken
\ lucky TO share the expenses OF the gov
eminent In exact proportion TO their
holdings, and when all ciasses Of prop
erty contribute according TO a fair and
iapphi htWt NiStiy 1tlfHiT1StPFen, Ine
reveaue will be ample. the penalty light
and taxation viii be so just and mild It
| will be the question of least concern to n
prosperous and progressive peppie
THY new law is authortzed by the tax
i amenHment to the constitution. which
was twice adopted by the General Assem-
bly,. in 1912 and 1914. and twice ratified by
thy people in 1913 and 1915
1.-THE Legislature Of re7s adopted a reso-
luton calling for the appointment OF n
State Tax Commission 10 investigate tho
question of taxation in this and other
states and revise the tax laws.
The membership OF the Tax Commits
sion:
Seldom r. Glenn OF EddswiIie,
II NJ. Brock. OF Harlan.
A. J. Oliver OF Scottsvfne
Hite IL Huffaker, OF Louisville
I 7. r. Gardner, Of BarNiveil
Geo. l., Pickett OF Shelbyvirle, and
Reuben r. Hutchcraft. ~ or Paris.
comprises men OF dffferent puifticai par
ties. farmers. lawyers and business men
Six are residents of sInaQ tpwnsc and only
one from city. and six munfhsA csas spent
In securing Information and consulting
authorities on taxation.
The result OF their labus has been com
mended by nearly every newspaper IN the
state. over twenty cprprnerclAl and agri-