Norwich bulletin., 1921-02-24
STATE LOSES MILLIONS
 IN TAKRG aN R0NnR

STATE LOSES MILLIONS
 IN TAKES ON BONDS
 Figures indicating that millions of dol lars are annually withheld from the state of Connecticut by the failure of a large percentage of residents to pay the mill tax on taxable bonds. notes or other in- tanEIbles were made public Tuesday by Tax Commissioner Blodgett at Hartford It was also shown that approximately ;111,000 more than necessary was paid In taxes on ss,947,31e of such securities because the holders paid through the towns in which they live rather than, to the state direct.
 Owing to the fact that there Is no | central authority to require owners of i such taxable intanigles to report their | holdings, the average amount per capita | acknowledged by Connecticut residents to | be invested in such securities and there
 fore assessed Is only sss.1s and varies
 as much as s1,7t9 per capita in different
 towns. according to the last available fg-
 ures compiled in the tax department and
 announced for the first time. The ave- rage per capita investment acknowledged 1 by Norwich residents is s1oo.41 as against s11o.5e for New Haven, s5s.o1 for Water bury, sI5426 for Hartford, s34.eO for
 Bridgeport, ts3Ls2 for Pomfret. sse0s2 | for North Canaan, t422.1o for Litchfeld
 and S1.74s.64 for the little town of Wilmington. No one in Bolton. Killing
 worth or Salem, acknowledged owning any such securities.
 The tax commissioner pointed out that the present law taxing intangibles is much like passing the hat" for revenue.
 as the state is able to assess only such securities as are held by people who are willing to come forward voluntarily and
 report what their holdings are. The com missioner stated his belief that the pres
 ent session of the legislature/would either
 take steps to bring about complete col
 lection of the revenue to which it is en- ltitled under this tax law or would adopt
 the alternative of a personal income tax.
 Taxable jntangibles include bonds notes, credits and other choses in action not exempted for any of various reasons
 applying to securities, and excess of credits over debits of merchants. as well
 as all money over $500 at interest in
 this state and elsewhere. which is the l property of Connecticut residents, and money on hand or on deposit The Connecticut law leaves it optional with the holders of taxable intangibles Co pay taxes on them to the state or to ? the towns in which the holders live Those who choose to register such secur- ! ities with the state treasurer get the : benefit of the state rate of mills ? whereas those who make return through their respective towns are required tc ' pay at the existing tax rate iu such towns : the average of which is about 20 mills T plus.
 Instances of tax evasion are frequent
 ly brought to the tax commissioners at :. tention in the inventories of estates, an, the state imposes a tax of per cent for each of the five years after a per z sons death on all taxable property of al estate upon which no city or town ia:
 has been assessed or state tax paid dur
 ing the year preceding the decedent'
 ldeath.
 Those who register taxable Intangible Y with the state treasurer receive cert ,o fcate exempting them from taxation o ,, these intangibles by the townsojn whic in they live. The aggregate of the par valu - of securities registered with the stat '. treasurer as of September 90. 1919. wa " s125.s17.S5S.s5, from which the state r, M M alized about s503,0e0 during the pa. year
 .' Only s.S5s people in entire state acl = nowledged they had taxable intsngibl, te and 1,434 of these were in Hartford. 7t .s in New Haven. 1s7 in Waterbury. 16S 1 9 h9 Norwich. 2s5 in Bridgeport. Is fin Pon no fret, 56 in North Canaan. A in Litchfie nc and one in Wilmington. For the sake |, comparison the same cities and towns a M mentioned as those cited in the secor re paragraph.
 oh Based on the returns made to the sta , and all the towns the par value of z ne taxabl" intangibles held in Connectic a as of lntember 90. 1919, the date of il 'es last available figures. was s132, 2,765. .17I ns S5; yet the state grand list was s1,ss1 he 776,72s.
 h. Showing of Different Towns. ;e- The following table shows CD the nun OK be rof persons in each city or town nd New London. Windham and Tollsr CT counties who registered their taxab ms intangibles with the state or the tow A CD the par value of such taxable intaI la, gibles and (3) the amount per capii ss based on the ls2e census, of the holding : ! ia. ..