56

WHO PAYS YOUR TAXES?

both violate their oaths in the returns that are made ; andif for no other reason than that the law debauches thepublic conscience, it should be abolished, and some othersystem should be adopted. And it can be done. Fol-lowing the example of Pennsylvania , New York in 1880and 1881 passed a franchise and income tax against cor-porations. What has been the result? There has beensince 1871 a steady decrease in the value of personalproperty, and there has been no acceleration whatever inthe rate since 1880; but let us concede that the totalshrinkage of personal property in the last three years hasbeen due to the removal from the tax assessors’ books ofstock belonging to individuals who are now exempt fromtaxation thereon.

The assessed personal in 1880 was $322,468,712“ “ 1883 “ 315,039,085

A diminution of. $7,429,627

“Turning again to the Comptroller’s report, we findthat corporations in 1883 paid $1,935,179,31 ; and thislarge amount, the Comptroller took pleasure in saying,has been promptly paid. It is safe to say that, by thislaw, the personal tax is increased $1,750,000. Pennsyl­ vania realizes from its tax on collateral inheritances$600,000, and this State will, undoubtedly, at the samerate of taxation, realize $1,000,000. The total amountrequired by the State is about $9,000,000, and thesetwo laws, with a proper excise law, will give half the