Daily Kennebec journal., 1917-02-15

Another important fact be regarded is the limitation of our
power to tax only intangible personal property. There also
room for debate whether the constitutional amendment author
ICES an income tax at all whether the be upon the
property and not the income of the property However
this may be- for the sake of having every phase of the
presented we have discussed both plans.
Accordingly from all the information have been able
obtain and for the above FORTH your committee
OF the opinion that fiat rate far better adapted
the conditions in Maine than the income plan, if available
The next question Of Importance is that of the We
have found authority which has made the extremes
between and mills, and careful investigation
have had time to give fully persuades majority of your
mee that mills the practical and satisfactory
Massachusetts has the equivalent OF this rate Minnesota has
this rate, which has worked with admirable Mary
land has the rate with the addition Of the
Rhode Island has mills which Mr. Bliss informed your
nee due peculiar local circumstances An important
consideration in determining the rate is the way it will be
received by the payer and regarded by the public
adequacy and fairness 1t would incredible that
fair-minded would object paying mills the full
amount of his intangible property If he docs, then he will
at fall without the pale of public favor and he Justly
regarded dodger who is unwilling bear his share
of the public burdens Self-rcspec il not duty will prompt
discard avarce and obey the law On the other
hand if the is placed too high ii will be with the
disposition to secree this class of property
from the reach Of that has prevailed under the
present law is the universal experience of every state IN
e Union that there limit the OF taxing intangible
property beyond which the property disappears and the
that fair would otherwise produce substantially
We the final and important consideration
lost
egardng for the taxation of intangible property
he administrative features Of the First Where shall
the administration be vested. in local authority?
Second How shall the required OF this class of prop
crty be made by ezed list of each piece of intangible
property BY general list Of the valuation Of each class Of
property? For example the separate value of each bond each
share Of stock each etc. the aggregate value OF all
bonds class all shares of stock another and all notes
still another and Regarding the first proposition
nd dissent whatever. 1t is the universal opinion of all
the authorities which have discussed the question and Of all
the which have adopted laws for the taxation of
2be property that these laws should be administered through
department. very general and well founded
plan against the of real estate and tangible per-
sonal property based upon the that local
guilty of partialy and favorsm in finding and vaung
The property Of their negbors although these kinds Of prop
ery quite open inspection If local assessors be
charged upon these grounds, regarding the finding and val
Of property that entirely visible the discovery and fair
valuation of property entirely invisible could hardly be
eced their hands Accordingly administration of this
aw should be placed in the hands of authorities far
moved from local pressure that neither fear favor could
have the slightest influence upon the discovery and valuation
of intangible property Your committee accordingly
unanimous in the opinion that if law passed for the
alton of intangible personal property its administration should
be lodged in state department.
It may be presumed that the purposes be subserved by
enactng law for the taxation Of intangible property
only attain method that is just and equitable towards this
class of property but that will be eectua in giving
largest 1t is matter OF observation that
any law which ncurs the inherent hostility of the people i.
difcut of execution. And will not be denied that drastic
listing bill which requires property holder disclose in de-
tail every species of intangible value which he will be
regarded with disfavor and perhaps evasion 1t is therefore
desirable to find if possible form of return that will be at
the time effective and not offensive. In nvesga-
ton have found the objection TO dyugng every species
Of intangible property operating the strongest opposition
the proposed legislation We think the law be made
workable and effective without this Objectionable pro-
vicd the administration of the law vested in the authority
of the State.
YOUR committee accordingly would suggest that every holder
Of intangible property should be required make general
return of such property, classified money interest stock
bonds and and valuation of each class This
should be made under oath upon proper blank prepared for
the purpose and deposited in the department designated
10 it. and the maker thereof should If required be
subject interrogation upon oath the truth Of his return
he