Lanterna Rally

Author: New York State Tax Commission

Publisher: Forgotten Books

Published: 2017-11-19

Total Pages: 532

ISBN-13: 9780331443653

Excerpt from Annual Report of the State Tax Commission, 1919 The insertion of the phrase and from which any income is derived in section 352 has resulted in great injustice to tax payers and in no end of confusion. This phrase clearly refers to and qualifies all that precedes it to which it may be applicable. The result may be characterized as absurd and so inequitable that it should be stricken from the section by amendment before it can possibly be put into execution. For example, the owner of a thousand dollar bond receiving 5 per cent interest thereon is exempted from the personal property tax and will pay only on the income, and may even be exempted from the income tax if the total amount of his income does not exceed the deduction of the or allowed, as the case may be. If he pays on the income the tax will be 50 cents, $1 or according to the rate at which he is taxable, while the owner of a bond which may still be worth par, but on which interest payments have been sus pended, is held for personal assessment and must pay a tax at the prevailing rate, which in New York city would amount to about $24. Bank deposits drawing interest are exempt while the money which may have been received from income and taxable as such' becomes taxable as personal property if it is not deposited at interest. By this process the owner of property not yielding an income may be taxed fifty times as much as the owner of similar property yielding an income. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.