Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1917-01-11


WIN WIN uniform success, if imposing z
low annual tax, uniform throughout
!he state, upon mortgages and other
lntanglbles, should be adopted. Systc-
matte methods should be DEVELOPED for
assessing franchise values and "cor-
pof2t2 eXcesses," and all public ser
wee corporations should be assessed
dlreety by the tax commission as a
central board and the entire revenue
/ from tni ssource should accrue to the
state, leaving to the counties and
minor subdivisions thereof the rev
enues from ether realty and perosn-
city; 1 am aware that the latter part
OF tins program will require a consti-
ttutlonai amendment, which in nv
Judgment, is OF such paramount i'm
portance that it should be submitted as
one CT The three amendments allowed
a. the next geenral election.
Abolish Fat Fees.
Filth: Our Inheritance tax law.
which has proved such a lucrative
source OF just revenue, should be
amended in accordance with the able
recommendations of the retiring at
| torney-general so as to include the
rights OF dover and courtesy. with ex-
emptions Of $4,000 in each case, and
| believe that the method of collec-
ton should be radically changed. This
tax, which in 1902 yielded only S602.11,
this year has already yielded revenue
CT 3Sl .oo3, but under our present sys-
tenn OF giving fees of 10 per cent to
the attorney-gener and his special
attorneys for collection of delinquent
inheritance taxes, the cost of collec-
ton has exceeded $4,000 per annum
Ter the last fiscal year. l respectfully
recommend to the general assembly
the passage Of a bill, Of the inheri-
lance tax creating the office of inheri-
tance tax attorney for the state, who
shall be appointed by the governor by
and with the advise and consent of
the attorney general, whose compen-
sation shall be $500 per annum, and
necessary travelling expenses, who
shall have exclusive charge of the COL
lection Of the inheritance tax of the
state and the power to file complaint
In the name Of the state in the pro-
bate court of any county having juris-
diction Of the estate from which any
taxes may accrue. If this saving in
the cost Of collection is effected, and
the rights of dover and courtesy,
statutory rights in Arkansas, are in
Guided within the phrview of the in
heritance tax, believe that within the
next biennial period the inheritance
tax will yield a minimum of $250,000
to the treasury Of Arkansas.
Sixth: The rate Of the present
franchise tax, charged corporations
doing business in Arkansas should be
increased from 1-15 Of 1 per cent of
the capitol stock employed to 10 of
per cent. Additional fees should be
charged common carriers, telegraph,
telephone, and gas companies; and the
law taxing insurance companies
should be amended SO as to fix the
tax rate paid by life, accident, surety
and miscellaneous companies at 2 IL
per cent on bulk premiums collected.
In the case of fire insurance conf
panes, l am Of the opinion that a
tax of 2 1-2 per cent on the gross, af
ter allowing for reinsurance in au-
thorized companies, cancelled and re-
turned policies, would be fair. This
2 IL per cent fee is in accord with
many of the states of the union.
A condition and not theory con-
fronts US. Arkansas it is conservative
" estimated, will be $753,31S.1S in
e:ebt on the first day Of July; our
state warrants are being hawked and
peddled around at a rate sometimes
as low as SO cents on the dollar; our
credit at home and abroad is being
seriously impaired; and our state in
stitutions are compelled to buy their
supplies at credit prices frequently 20
per cent higher than corresponding
cash prices.
Use Capital Tax to Pay Debt:
By aboishing our present state
capitol tax of is of mill, which pro-
duces an annual revenue of $4,000,
and taking care Of the maintenance Of
our beautiful capitol out of the gen
eral revnue fund, we could esaily
shift this is Of a mill as sinking
fund to protect short-time note is
sue, to run not exceeding 20 years,
issued in serial form SO that a pro-
portionate part of the principal and
interest would fall due each year,
bearing a rate Of interest not eX-
ceeding 1-2 per cent in such a way
as to take care of note issue OF
$780, 900. Such a note issue would
take care of our outstanding warrants
and would promptly cash them at par:
- II ,,,o1,Id redeem tho credit of