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CONTENTS.

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Letter of transmittal:

Review of conditions.
Massachusetts:

Poll tax...
General property tax
Mortgages....
Personal property
General corporation tax
Railroads
Summary of results
Street railways.
Banks
Trust companies
Insurance companies
Inheritance tax.
Liquor-license tax.
Nature of personal property taxed..
Recommendations of the tax commission
Minority report...

Report of the legislative committee..
Connecticut:

Property tax
Property directly taxable.
State revenues.
Railroads
Tax on nonresident stock
Domestic insurance companies.
Foreign insurance companies
Savings banks.
National banks..
Telegraph and telephone companies.
Express companies
Charter fees on capital stock..
Investment tax.
Military commutation tax.

Inheritance tax.
New York:

General property tax
Real estate
Personal property
Taxation of corporations.
Special franchise tax.
Organization tax
License tax on foreign corporations

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New York-Continued.

Capital-stock tax on corporations
Transportation and transmission companies.
Street and elevated railroads
Water, gas, and electric companies, etc..
Insurance corporations
Foreign bankers..
Banks.
Taxation of railroads...
Excise tax on sales of liquor
Transfer or inheritance tax.

Report of the joint committee
New Jersey:

Local taxes
General property tax.
Deductions for debts
Boards of equalization and review
Taxation of corporations
Incorporation fee..
Franchise tax
Tax on gross receipts or earnings
Franchise tax on capital stock.
Special franchise tax
Local taxation of corporations..
Banks ....
Railroad and canal companies
Inheritance tax...

Liquor licenses.
Pennsylvania:

State taxes
Bonus on charters
Tax upon capital stock
Tax on loans of public and private corporations..
Tax on gross receipts of corporations ...
Tax on premiums of insurance companies
Tax on bank stock.
Tax on net earnings
Building and loan associations....
Excise tax upon express companies
Railroad taxation
State tax from counties..
Tax on collateral inheritances
Tax on direct inheritances..
Tax on writs, wills, deeds, etc
Licenses....
State taxation....
Merits of the system.

Recapitulation of the State taxes on corporations
Ohio:

General property tax..
Real estate ...
Personal property
Listing system
Corporations in general..
Banks.

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Obio—Continued.

Foreign insurance companies
Railroad companies ....
The Ohio tax commission's report on railroads
Telegraph, telephone, and express companies
Sleeping, palace, chair, d'ning, and buffet cars, and freight line and

equipment companies
Excise tax on electric light and gas companies, etc.
Collateral inheritance tax

Liquor and cigarette taxes
Indiana:

General property tax.
Personal property
Corporate taxation
Rate of taxation...
The Indiana system

Abstract of tax duplicates from 1878 to 1899
Michigan:

General taxation system....
General property tax exemptions
Personal property
Listing
Board of State tax commissioners..
Banks..
Corporations in general
Specific taxation system
Railroad specific-tax law
Express, telegraph, and telephones companies.
The Atkinson law of 1899..
Insurance companies
River improvement companies.
Mining companies...
Road companies.
Franchise fees.
Liquor tax...

Inheritance tax.
Illinois:

Constitutional restrictions.
Local assessment system
Personal property
Mutual building and loan association stock
Property of banks, bankers, brokers, and stock jobbers...
Pawnbrokers..
Capital stock of corporations and franchises of persons.
State and national banks
Railroads
Telegraph companies
Insurance companies
Inheritance tax
Assessment of property-.
Inequalities and iniquities in assessment.
Assessment of the capital stock of corporations
Personal property assessed in 1890.-
Illinois tax commission...

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Wisconsin:

General property tax
Liquor license fees
Poll tax
Defects in the property-valuation system
Taxation of notes, bonds, mortgages, and other securities.
Taxation of corporations
Railroads
Sleeping-car companies.
Freight-line companies and equipment companies..
Express companies
Telegraph companies
Telephone companies.
Street railway and electric light and power companies.
Gas and water companies
Trust, annuity, and guaranty companies
Banks.
Title guaranty companies
Boom companies, etc
Plank and toll roads...
Fire and navigation insurance companies.
Life insurance companies..
Casualty companies
Summary
Report of the Wisconsin State tax commission
Personal property.

Recommendations of the commission...
Iowa:

Assessment of real and personal property
Listing
Mortgages
Valuations..
Banks.
Shares of corporation stock....
Stock of building and loan associations
Telegraph and telephone companies
Insurance companies
Railroads
Water and gas works, electric plants, street railways.
Express companies

Collateral inheritance tax
Texas:

Real estate....
Personal property
Mortgages
Poll tax...
Tax on occupations.
Corporations
Railroads
Express companies
Other special taxes
Banks....

Incorporation and franchise taxes.
Supplementary report on taxation in Michigan.
Special report on taxation in Canada

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TAXATION IN VARIOUS STATES.

To the Industrial Commission:

I have the honor to submit herewith a report or compendium of the systems of taxation with especial reference to corporations in each of the following States, viz: Massachusetts, Connecticut, New York, New Jersey, Pennsylvania, Ohio, Indiana, Michigan, Illinois, Wisconsin, Iowa, and Texas. These States were selected, as directed by the Commission, because of their industrial prominence and the varied character of the systems of corporate taxation therein.

It was found that one feature common to all these States, and running through all systems, namely, the general property tax, or as it has been designated, the "American system,” applies not only to individual properties, but also, directly or indirectly, to a greater or less extent, to corporate property as well. This observation is doubtless true of all States in the Union.

For this reason it was deemed necessary to set forth the distinctive features of the entire system of taxation in each State applicable to general as well as corporate property, not only as a matter of information, but in order to present an intelligent and comprehensive view of the various methods for the assessment and taxation of corporations, the reasons and principles upon which they are based, and their comparative merits and results.

While in some States there is a marked tendency toward the segregation of corporate property from the general property tax, and its subjection to special methods better adapted to property of that peculiar character and reducing the taxation thereof to a rational and harmonious system, thus far the separation is nowhere complete.

An effort has been made therefore to present the characteristic features, the merits and defects, of the system in vogue in each State, and in some instances the efforts made to reform it and the difficulties encountered, giving especial attention to the taxation of corporations.

In each instance it has been necessary to examine the taxation laws, the work of legislative committees and appointive tax commissions, and a mass of public reports and records in order to present intelligently the system of taxation existing, that your Commission might in the end have a basis for suggestions and recommendations as to changes and reforms in the State systems, and as to interstate action with a view to uniformity of taxation methods applied to corporations.

This investigation has necessarily been somewhat tedious and laborious, and this report, in view of the limitation in the time allotted therefor, is submitted with the consciousness that it is not as thorough and complete as the w er would have desired and not devoid of imperfections. I trust, however, that it may serve the purpose of your Commission.

REVIEW OF CONDITIONS.

In the States hereinafter reported upon are represented substantially all the special methods thus far devised for the taxation of corporations of a quasipublic character, except that of a fixed rate upon net earnings, which is in vogue in the States of Delaware and Virginia, and advocated by some distinguished

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