Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-07-15

where the inheritance Is direct to
the surviving spouse. parent, lineal
idescendent, or legally adopted
child of the deceased; and a tax of
8 per centum where the inheri-
lance is collateral. There are ex-
emptions of $4,000 in case of the
direct inheritance, and certain
other usual exemptions as to works
of art and like objects left to cor
porations or societies for, public ex-
hibition and benefit.
1.-THE franchise tax on corpora
tions is absurd in some of its pro-
visions. For instance. !. calls upon
corporations to make certain re-
ports, when the same information,
except peGhaps in the case of for
eign coif orations, could be had
from the state corporation COM
mission. 1t states that the state
tax commission shall assess this
franchise tax, provides for appeals,
etc, and yet the law itself fixes the
tax at the rate of $40 for each
100000 of capitalization author
lied. The law is a nuisance. a
penny wise and pound foolish pro-
vision to hinder growth in the cor
porate form of doing business, and
should be repealed at once.
-.. Gasoline Tax Blunder.
THE gasoline excise tax is an"
other monstrosity which should
be repealed. The law provides for
eight inspectors. one for each Ju-
dicial district, to draw a salary of
$500 a year and expenses; pro-
vides for an excise tax of 2 cents
gallon to pay their salaries and
expenses, and the validity of the
law has been rightfully attacked
on the ground that it to a certain
extent infringes on the interstate
commerce clause Of the federal
constitution. The inspectors ap-
pointed under this law-at least
some of them-would not know
gasoline from kerosene. A law
providing that gasoline should
measure up to a certain number
of degrees under test and proV1d-
ing a penalty for a sale of inferior
grades--together with some sys-
tenn of inspection as is provided
for sweights and measures would
be sufficient. We need to en-
courage the use of automobiles and
not retard such use.
Budget law Hopeful.
However, the budget law is
more hopeful type of legislation.
1t provides that the various execu-
tive departments shall furnish es-
Inmates to the governor, and that
he in turn shall submit a budget
to the legislature showing the esti-
mated needs and probable reve-
nues for the various departments
of the state government. That Is
a splend plaza plan without
which an individual would be
bankrupt, and which should be
adopted by every government.
Gentlemen, as good citizens,
give heed to your government ex-
penditures, and in turn you VIII
receive the benefit of lower taxes.
Consider carefully the bond issue.
1t is a deceptive mode of raising
revenue unless the purpose is one
of which the benefits will out last
the period over which the bond
issue has to run. No bond issue is
justified unless the future genera
ton. which is to pay its share OF
the principal and interest will be
then enjoying the benefits of such
public undertaking. For that rea-
sion it is to be hoped that eaeh
and every one of you will carefully
study the report of the Taxpayers
association on the question of the
100000 road bond issue which Is
to be presented for your consid-
Grafton at the fall election.
This is time in the world 8
history when not only the 1ndi.-'
yidual must carefully guard
against bankruptcy, but when
states and nations will pay the
penalty of reckless extravaganza.
Retrenchment is called for down
the whole line, for the nation. Tor
the state and for the Individual.