, 1924-07-16

ctdtC thdl COulu pOSSlDll, ven
If he were so minded. give so
great a sum, ETC." is myself.
am afraid you are starting on
an incorrect hypothesis. Since Jan
uary last my wife and | have been
obliged to abandon Wyoming as our
legal residence and we are now re-
sidents of New York State. 1t was
with much regret that we took this
step. but the action of the Wyoming
legislature in raising the inheri-
n tax rate from 2 per cent to
8 per cent left us no other course,
If we were to protect our interests.
I was advised by my counsel that
as we maintained a residence in
New York and spent a portion of
cur time here each year our estates
would have to pay the New York
State Inheritance tax of 4 per cent
in addition to the Wyoming tax. I'm
ill recently the maximum federal
inheritance was rs per cent. and
congress has just raised it to 40 per
cent Between the federal govern
mcnt and the states, taxation is
fast reaching the point of confisca-
fon and will ultimately drive a lot
of capital out of the United States.
1 would not LAY objected to an in
heritance tax in Wyoming of 2 per
cent. but I think you can readily see
how I feel on the present rate of 8
per cent. which is 1.-The straw that
broke the camel's back"
Personally. I think the action of
the Wyoming legislature was very
foolish in machine e,oI
class legislation designed to penal
Ize. the very few people who could
be the most help to the tate. No
one could have taken exceptions to
the 2 per cent tax and it would ul-
timately have been a source of con-
siderable revenue to the state. 1
know of know better way of driving
out capital which is badly needed
for the development of the state
than through such legislation. As it
may be of interest to you l am en-
closing a pamphlet l recently re-
ceived on inheritance taxation.
which was written before the recent
raise in the federal tax.
I do not think the average person
realizes that the collection of heavy
al tdAtS Is SIMPLY the
taking the capital out of commercial
enterprises for public expenditure.
In raising the money to pay the in
heritance taxes it is often neces-
sary for estates to sacrifice secur-
tiles or property or withdraw money
from a business, thus working a
great hardship on others interested
in the same enterprise.
AS you know, we have given lib
orally to Wyoming charities and did
our full share in helping put the
liberty bond and war charity
drives lover the top" I have poured
into the state an enormous sum in
endeavoring to build up Park coun-
ty- l believe l am one of the largest
If not the largest individual tax
payer in hat county. Our change
OF residence has put a different pro-
spective on our activities in Wyo-
ming and we nave not the same in
centive in hat direction we former
ly had. 1t is still our intention TO
occasionally spend some of our time
there in the summer.
Many politicians apparently think
because they put through a tax
providing for taxes be-
tween federal and state up to say
so per cent of ones income and in
heritance taxes on ones estate
which between state and federal
taxes may reach SIS per cent, that it
will assure their reelection. This is
simply an attempt to fool the peo-,
pie These high taxes. so far as the
income a is concerned they leave
open an invitation for people of
large means to invest in securities
issued by the States and political
subdivisions which are tax exempt.
The effect of the high surfaces
IS the withdrawal of large sums of
capital for commercial activities
and its investment in tax exempt
securities, thus impending the devel-
opment of the country, which is so