9 °

WHO PAYS YOUR TAXES?

“ (2) That he owned one hundred thousand dollars ofUnited States bonds.

(3) That he owed one hundred thousand dollars.

“ Let us suppose that the Tax Commissioners of thecity of New York have guessed that A owned one hun-dred thousand dollars of taxable personal property, andhave placed him upon the books of Annual Record,which are opened for correction on the second Mondayof January, as assessable in this amount of one hundredthousand dollars. At any time before the first day ofMay, A calmly presents himself at the Tax Commis-sioners’ office. He states to the Tax Commissioners thefact that he owns two hundred thousand dollars of per-sonal estate, one hundred thousand dollars being investedin United States bonds and one hundred thousand dol-lars in taxable personal property. The United Statesbonds must, of course, be thrown out, and the onehundred thousand dollars of taxable personal estate isextinguished and marked off by the indebtedness of ahundred thousand dollars, which A naturally takes painsto bring to the attention of the Tax Commissioners. Itis of no consequence whatever that A has bought theUnited States bonds and incurred his indebtedness forthe express purpose of being relieved from his personaltaxes. It is immaterial, and indeed impertinent, for theassessing officer to ask A what his motive was in pur-chasing the bonds and running into debt therefor. Ahas violated no law, but has acted strictly in accordance