The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-02-04
NATIONAL 7 4 X
CONF FERENCE
FEB. IS
Washington Bankers interest
Sd in Meeting Of Experts
Here on Feb. 10 and 20
By RICHARD. HATTON.

Considerable interest is being
evfnced by officials Of District of
Columbia trust companies and banks
in the National Tax Association 8
announcement that conference will
be held in this city on February
10 and 20, at which representatives
Of the Federal Government and rep
resentatives OF the taxing authori-
ties Of various States will discuss
some Joint action looking to a re-
moyal of certain existing friction
and Inconvenience caused by the
overlapping of various State inheri-
lance tax laws as well as the dis
turbing effect OF the Federal estate
tax.
The cali for the coming meeting
IN Washington was issued by the
National Tax Association after its
last annual conference and is adj
dressed to '.all who experience the
results Of the present chaotic, con-
flicting and multiple taxes levied
upon transfers at death.
Duplication Of Taxes.
II was pointed out by District OF
Columbia bankers today that the
present system OF imposing estate
transfer and succession taxes in
the United States. by which the
Federal Government and the sew
eraT States impose separate, diverse
and accumulative taxes, resulting
In the duplication Of such taxes,
added expense OF administration
and an unnecessary delay bearing
uneQually upon different estates
and making possible the practical
l. Ss.ai1
urgently requires remedial legisla-
ton.
It is reraIled in banking circles
here that President Coolidge in a
message on Federal tax revision
recommended a joint conference
of State and Federal officials with
view to making a thorough study
Of the complicated Federal and
State laws taxing inheritance and
transfers at death. Secretary Mellon,
also, has expressed an opinion
against tho existing levies OF death
duties. and ut the last annual meet.
ing OF the trust division OF the
american Bankers Association, a
resolution was passed authorizing
the appointment OF q special .sOIn.
n1fftee on Inheritance tax revision.
The opir10n Is expressed here
that CORPORATE fiduciaries can exert
considerable influence In behalf Of
State and inheritance tax reform,
and that they should be heard at any
gathering of State and Federal
officials Tt which action looking
toward reform is considered In or
der that the view OF the banks and
trust companies as well as the
position u the taxpayers be given
full consideration. The interest Of
the banks end trust companies, it
Is pointed out, is tremendous with
annual exactions Of over 5000, 0O0, 900
IN death duties, and with saccl-
fices, expense and delays entaiIed
uIsOn thoFe who pay the tax far
out Of proportion to the amount
OF taxable revenue.
Under existing laws each State
taxes the entire estate OF q resident
Edecedellt. and, in general. the prop.
eFty OF e. nonresident decedent to
the extent that such property is
located within the State or is other.
wise within the taxing Jurisdiction.
Thus, about so per cent OF the
States, II Is pointed out, impose the
tax on stock Of q corporation or.
ganized under the laws of the State
DetOuQlng TO the estate or non
resident decedent, even though the
stock certificates are not located
within the State.
Unfair Conditions.
Another example Of the unfair.
ness of conditions at present Is
found In the case OF certain railroad
securities. the railroads being in.
corpOrated in several different
States. Each Of these States may,
therefore, tax the same shares of
stock, an obviously unfair and un.
just arrangement.
In considering the possible good
results to be obtained by the com.
ing tax conference, a strong point
against the present system was
made by one trust company official
who stated that the inheritance
taxes on a decedent's estate at
present might easily exceed the
total Of the taxes paid on the In.
come from the property for all the
years preceding. The inheritance
taxes, moreover, must be borne, as
q rule, not by going business but
by dependents who may have little
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