Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-02-14
Tax on Bank Stock

Tax on Bank Stock
Opposition to the bill introduced by
Representative Winn Of Lisbon, pro-
vidinS for a return of the old plan of
taxing bank stock by the various
municipalities of the State was voiced
from all parts of the State. at the
hearing Tuesday afternoon before the
taxation and banking committees,
the ground being taken that the
method of taxation adopted in 1921
resulted in the returning to the as
SCISSORS of Il larger amount Of bank
stock and at the same time by the
lower rate making the bank stock
more attractive to individuals as an
| investment. The case of the OPP
poncnts was conducted by Joseph w
Simpson of York, former State treas
urer.
Representative VIM Of Lisbon
Representative Cummings of Port
land. George +. Eaton. city solicitor
of Bangor and Charles \. Jordan, as
SCISSOR of the town OF Lisbon were the
principal speakers in favor, taking
the ground that the law of 1921 dis
eliminated against the owners of
other property and diminished the
taxable revenues of the munlclpal-
tiles.
The hearing was held in the Sem
i.te chamhor and was attended by
4 more Than 100 neonle. rcnresentinc
lhan,,ir., INSTITUTIONS from ii, n.rts If
IN St.,+o 80 Ioo,l Lo.,dc Of ,seac-
,.nr. ,,, ,oII ci+i.ons rcpo,,ll,.
Co,,,+n,. ,,la, nf En,i. ,.bairn,,n ~
10 t,,..,t;n., ',o,,l,,i,,an ,,,,osiLn,1
"r orris,,tnr', ,st tn, n,Hli,,,
a,o 7ar;e,',tie I ,,,,inn ~.
800 i,.f7,,,'., ,','I 1871 no o+,,
800 - :, -, - vi Ir ,l.>
81 ~ pay ils,s'.i. r'el. ..r, 80 :
~. ~ iiii ~ i.i' pl'V'''.i7 .,.;,I.
.le NV - l'Si', 'llc 1',te VI taAitioii
- cht'l'lS 700 low nc eoii u, ~. =,
Inc Town OF LISBON rece!Neu FNl ~
from me oiu iaW ana St't.i- uil"eI
me IA" OF l'-l' sald ne. Ne must
go SLOW IN thls kind OF class l'SiSla-
tea III TINS period OF great unrest;
such laws as that we seek TO repcal
may be but the beginning Of taking
all the powers from the towns and
cities and now is the time to repeal
this law before other measures come
] in. We might just as justly make Il
! special tax rate to tho farms rs for
! the bank stock owners"
George Eaton. city solicitor of
Bangor, said that the result of the
! law OF 1921 had been n higher tax
tate upon the cities and towns. sad
died upon the home owners. If
those who held bank stock were in
need of charity a method was pro
yidcd for seeking eXeinntions.
! Charles \. Jordan. assessor of the
! town of Lisbon. insisted that the
nlacinr Of hank stock under n snc-
cjal fifteen mill rate as the law of
1921 urovidcd was nassinr tho bur-
I
home owners
Tho hilI came I'M like an illegal
child TWO voars AGO ana the asses
sors of o,,, town di1 NOT know any
1hino ,ho,t il until tbny started to
assess the han1, stock" said Mr.. Jor-
dan "Oro town in Aroostool, as
scs.os q Sixtv mill r,te on IFS other
nronc,tv while tho hank fax Goes
Win - fftncn mill rate Lewiston
reccivcd s15 AZ undor the old bill
ava mic ,.c,r s-O7-. prcsn,,o Islc.
s3ooo under tho old method and
soo1o co undcr the Law. of 1921.
Io,,ito s "l'. ~, 90 ' fo,ma,v and IS
coo nnder tho law Of 1921 Sou
oou,dn,t h,,, Inann coolido.'s block
of stocl, in tho Lisbon TrIst Com
nor,. for $40 y sborc vbv should if
p1, fftoon mills wbv should If not
,,ay &c n,cb &C rool oetnteo"
"Thc tav n1cstion is a very simple
n,ot,or Until if is confused nv spc-
cial leeisl,tion soid Represcnta-
! ti,te C,nn,n,ings of Portland ar we
NV honl- stool, wbv should vo not
&c III n+bor int,ngihle nronortv IF
tha f e., ,;oosn.t nns, he f,rn,er sells
he cnv.s If Inc h,nl, stock doesn't
/ NV 1ot tho owner soil his stool,
! Insnn, " cir,nson of yorl, for.
,or St,to troasmror in ononin,. tho
caso for tho ,nnnonst,,nts to tbe
N.;nr lin soid th,t villa 1rdor tho
ola la Inv, h,,+ SO ono ooo ,rnrth of h,n1.
slack vac taycd undor 10 now law
s15 ooo 100 of honI. e.oo,. Ma ,no,,
ta~od TIC rosr1t undor ttn o1d !, w.
hnd h,o,, ~ ooa irntanoo ~ that III la -"
s ,it'" i, tho CT, of por+innd hnd
bocr hn,d Nv, y boldino Cow nnn,,on'
bo,!;n, its oa;ooa ;n W, lr1, , li'ua u
,,ian+atin,, ,1.ho,a i ,,nid - to,e of H., =
si~ 90. so,.on Mills p''' ''-> VI '''
''H ,r' y. ~, 1 nni'iia. .1 A..
Hn o ~ ,Io a;t,1 ~ .., ,le l,
49,, :, y" VII, Sp,n+, ~ t",,n e'' rpair
~ +o, ,,ta r,e for+, f,,a ,,,;IIs.
,,,,;,a No. stooI, ;tso,f ,,.os o,,,. INV,
;ro h,,+ o;obt no.. cont ooc owl p" ~
NIr S;n,nson pN ' ''NN''" ''7 ~
,rh .,'' ,ass j., +oor ,raox +lo ,o,,,
&c 100, IS ,l,,+ eto oon o,oo, ,,in '" ~,
| Mr. Cip,ncop'c fc,rnS op6 with tho
,adnc+in, j., tho ct,+n +.x +horn Viii
he No los 1nss -, W. ,.oar ,rhi1a +he an,
omit If tsxahIe bonl, stncl is ,i,inIv
", incro.co If Tho law of 1oo1 is 70,
toirnJ wv
E,roJ II 1,vrorce ~ sl,onbos,r
st,te banl, conn,ise;oner coI,ad g.
tention IN the Fact FIAT ne nunbor of
so,,inos H,nI. donns tit a mni' tto Wv
amounts had greatly increased Win.
in the mast few Years and that The
hanks Maid franchise tav on these
savings dcposits which is now one
of the LARGEST sources of our state