The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1917-01-11
The New Tax Law
+: Of Kentucky Il:


meaning is sometimes obscure TO the
superficial reader.
The proposed changes in the tax
. laws. denuSed OF legal phraseology.
nav be explained as follows:
Property viii be classified and the
taxation OF each class so levied as to
secure fair assessment and put a
stop 10 hiding and evasion.
Assessments viii be eeualized: not
BY counties. but according 10 indi-
vidual ownership. and put an end TO
the practice of forcing the honest tax
payer 10 pay the taxes of his less
scrupulous neighbor.
The state tax rate will be forty cents
on each 500. instead of fiftyfive cents
as al present
Each class OF property will be taxed
uniformly. whether for state. county
town or school purposes. according to
location.
State taxes. which all taxpayers are
liable for. will be uniform or 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 each $3.50.
County, town and school taxes will
be fixed as at present by the local
taxing authorities and will be uniform
In each locality.
Intangible personal property. includ-
ing bonds. notes. cash in hand and
mortgages. will be eliminated from ls-
cal taxation Of counties, towns and
school districts. but the new law con-
ten plates the collection OF so much
more revenue from sources. not now
contributing a fair share. the deficit
in local revenues viii not only be com
pensated for. but justify a reduction
in local tax rates Mortgages running
over three years will pay a registra-
ton tax in addition. 10 catch the long
time loans OF foreign corporations,
Who would otherwise escape taxation.
Farming Implements and manufac-
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 are exempt from
all taxation.
Merchandise In stores and ware
houses. including distilled and matted
spirits. will continue 20 be taxed for
both state and local purposes as at
present
Corporations viii be taxed the same
a indiv iduals on the same classes OF
property owned and in addition. on
their franchises based on their pub
iished statements. whereas the prop
erty Of individuals is merely "esti
mated" by assessors.
Banks will continue TO be assessed
as at present on the value of their
shares OF capital stock. surplus and
undivided profits. for both state and
local purposes. and the proposed tax
on bank deposits win doubtless be
paid by the banks In preference to dis
closing their customers identity, the
effect Of which will be IN Increase in
the present bank taxes. but as this
viii get more money In circulation.
the banks and people will both be
benefited
Local assessors and supervisors win be
continued as AT present. but the State
Board OF Equalization. Board Of Valuation
and Assessment and the taxing privileges
OF the Railroad Commission viii be dis
pensed with and all questions Of state
taxation b delegated to . bipartisan
permanent State Tax Commission. With
present system. state officials elected for
four years. and with other onerous duties
TO perform. can hardly be expected to
acquire the knowledge and put in practice
during their brief terms. the intricacies
81 TAXATION. hence the need Of a perma-
nent. experienced central authority free
from local influences and in perennial ses-
sion to secure the best results fer the
taxpayer. a. well ~ the state The ex-
psnse Of such . commission IL Insignia
cant In comparison With the advantages
ana Win BE offset ~ economies In ceIlect-
ing the revenue. which now costs ever
| 10 per cent. obviously excessive
The new system contemplates the cana :
Bile assessment Of all classes Of property.
and BY actual equalization distribute the
burden In such . manner ~ 70 reeuire
every individual and corporation swnine
taxable property and enjoying the protec-
tion and privileges Of citizenship in Ken
lucky to share the expenses Of the row
ernmsHt In exact proportion to their
holdings. aRd when all classes Of pron-
erty ecntrfests according to a fair and
nuenaI law. wisely administered. the
revenue VIII Be ample. the penalty neht
and tsxatien Will be - Just and mia IL
VIII be the question Of least concern - :
prosperous and progressivs people.
The new Nv IL autherized By The tar
emendnent to the constitution. which
bly,. In 1919 ana 1914. asd twice rn,sS~S -
the people. In 1919 and 1915.
The Legislature 81 1915 adoptea \ v,ss-
tuition calling fer the sppointment - :
State Tar Commissfsn - investieats fhs
question Of taxation In this as1 eaher
otatss Al revise the tai Iawu.
The nsmbsrship q the Tax o..
sisn:
Il Seldom n Glenn. q E1Ayv1l1a
| H n Brock. Of Harlan
/ A. J. Oliver. Of sesttsvfns.
/ 6ite u. HuRaksr. Of Lsuisvfuo
/ =. y. Gardner. Of Bar6veu
| Gee. L p1ekstt. ef SheiSyviua -
Rsussa = Hufshcraft, ~. Z -.
eomprisss men Of Different pelse,,., -
ties. farmerB. hwyers ana 6uu6uor1 -
Six are residents Of small tovno ~ -
enc from city. and sin month"; - 49,
In securing Information a. or6SitS10
authorities On tAxatfon- =