| ssyere | Date: Friday, 2013-05-31, 11:17 PM | Message # 1 |
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n which the average rate of taxation was about , or one-third less than the average for the Commonwealth. It is evident, therefore, that, although intangible property may have constitutedper cent. of the total personal property subject to local taxation, it contributed much less thanper cent. of the taxes collected upon personal estates. We may safely assume that intangible property did not contribute more thanper cent. of thecollected from personal property in , and may have paid approximately . Whether the law proposed by the commission would yield more or less than this sum depends upon the amount of property that would be disclosed for taxation at the -mill rate.In Baltimore the result of the law ofwas an increase of the assessment fromtoin the first year. It would be unsafe to predict that the immediate result would be equally striking in Massachusetts, because with us the taxation of intangible property has not been such a complete farce as it was in Maryland prior to ; but there can be no doubt that there would be a large increase in the assessment of intangible property, particularly under the stringent provisions which the commission has suggested for collecting the tax on corporation and municipal bonds, and from executors, administrators and trustees. In other cases a little time might be required for taxpayers and assessors to get accustomed to the new regime; but it is not to be doubted that, with better machinery of assessment than exists in Pennsylvania and Maryland, we should see a rapid increase in the amount of property disclosed for taxation. If it is unsafe to predict that the assessment of intangible property would increaseper cent. in a single year, as it did in Baltimore in , it is safe to predict that in ten years we should see some such i[http://michaelkorsoutletonline19.tumblr.com/ <b>Michael Kors</b>]ncrease as occurred in Baltimore subsequent to the year just mentioned. In that city, even after the initial impulse imparted by the law of , the assessment of securities advanced in ten years fromto over . With the improved machinery proposed, we believe that, although the immediate result may [http://michaelkorsoutletonline19.tumblr.com/ <b>Michael Kors Outlet</b>]be less striking, the ultimate outcome will be even better than that of the Maryland law. Massachusetts is a wealthier State than Maryland, and has a larger amount of taxable personal property. Our people are not less willing than the people of Baltimore to make reasonable contributions to the support of public charges. With improved methods of administering the law, the result of a moderate tax levied at a uniform rate on intangible property could not be less successful here than in our sister State.In judging of the immediate effect of the proposed law, it should not be forgotten that the moneyed capital of bankers and brokers is left taxable at the full local rate. This property must have formed not less thanorper cent. of the whole amount of intangible property assessed in , and the revenue from this source would be in no wise affected by the measure proposed. We are dealing, therefore, with property which contributed aboutof theof taxes levied inupon the general mass of property in the Commonwealth.It is possible to make a rough estimate of the probable yield of the taxes which would be deducted by corporations and by counties or municipalities from the interest on their' outstanding bonds. Inthe aggregate indebtedness of public-service corporations organized in Massachusetts was , and the interest-bearing debt of municipalities in the Commonwealth, exclusive of bonds held in sinking funds, was over . These two items amount to ; but it is necessary to make large deductions for bonds owned outside the Commonwealth, held by corporations not liable to taxation, and held by the Commonwealth in its various funds. When such deductions are made, it appears that not less than , and perhaps as much as , of the bonds of Massachusetts corporations and municipalities are owned by residents of the Commonwealth liable to taxation. At the rate ofmills it may be estimated that the law proposed by the commission
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