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Forum » Programming » Visual Basic » terms that will encourage investment in (terms that will encourage investment in)
terms that will encourage investment in
ssyereDate: Friday, 2013-05-31, 11:18 PM | Message # 1
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terms that will encourage investment in
 domestic transportation companies and other public utilities, notwithstanding the proposed reduction in the tax on foreign securities. We therefore recommend that this question be considered by the General Court, together with the plan for taxing intangible property.The immediate duty of the commission, however, is to recommend desirable changes in the tax laws of the Commonwealth; and we recommend the taxation of intangible property at a uniform rate ofmills as the most practicable method of curing the chief evils in the present system. If this class of property is to be taxed at all, the rate must be uniform, and must be reduced to a moderate and reasonable figure; otherwise, there can be no remedy for the unsatisfactory conditions which are universally admitted to exist.It has been suggested to the commission that there may be constitutional objections to the proposed reduction of the tax upon intangib[http://michaelkorsoutletonline19.tumblr.com/ <b>Michael Kors</b>]le property to the rate ofmills. The Constitution of the Commonwealth provides that "assessments, rates and taxes" must be "proportional;" and the Supreme Court has held in a number of cases that a tax, in order to be proportional, must be levied at the same rate upon all classes of property. But the Legislature has power to grant reasonable exemptions from taxation, and it is not improbable that it has power to exempt intangible property. In any case where it has power to grant total exemption, it undoubtedly has the power to exempt in part; and our tax laws have always contained provisions by which some classes of property have been taxed at a lower rate than others. This is true to-day of the income from annuities, the interest which any individual or partnership may have in ships or vessels engaged in the foreign carrying trade, and of incomes from professions, trades or employments. There is a further probability that, if the question should be directly presented, the court would hold that the Legislature may classify property in a reasonable manner, provided that the tax is uniform upon all property of the same class. This conclusion is supported by the recent trend of judicial decisions in other jurisdictions, and particularly by the decisions of the Supreme Court of the United States.But, while there is reason for thinking that the proposed law is constitutional, the commission believes that it should not be enacted until the Legislature secures the opinion of the Supreme Judicial Court, as it has authority to do. Serious complications might arise if the law should be enacted and subsequently declared invalid; and we believe that the only safe course is to ascertain the opinion of the court in advance.If the court should decide that the proposed law is unconstitutional, the commission recommends that the Constitution of the Commonwealth be amended in such a way as to secure to the Legislature the right to classify property in a reasonable manner for the purposes of taxation. This is a cou[http://michaelkorsoutletonline19.tumblr.com/ <b>Michael Kors Outlet</b>]rse which not a few States have already taken, in order to free themselves from antiquated systems of taxation; and in at least three States the question is now before the people for consideration. At a recent conference held at Columbus, O in which thirty-four States, including our own, were represented, the following resolution was unanimously adopted: Whereas,The greatest inequalities have arisen from laws designed to tax all the widely differing classes of property in the same way, and such laws have been ineffective in the production of revenue; and whereas,the appropriate taxation of various forms of property is rendered impossible by the restrictions upon the taxing power contained in the constitutions of many of the States;Resolved,That all State constitutions requiring the same taxation of all property, or otherwise imposing restraints upon the reasonable classification of property, should be amended by the repeal of such restrictive provisions.If it should be found that Massachusetts is bound to an
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