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THE ATLANTIAN
19
third full value. State assessment is
limited. It reaches only the excess of
capital stock value over the value of
tangible property of domestic corpora
tion and the value of certain physical
property of railroads. Of the prop-
erity assessed by the State, the equal
ized value of “main track" “rolling
stock” and excess of capital stock of
railroads, and also the excess of tele
graph companies, are distributed on
the mileage basis to the counties
through which the routes pass. The
tangible property of all corporations
other than railroads is assessed local
ly. Original lines of the Illinois Cen
tral Railroad are taxed by the State
for the State purposes on gross re
ceipts and property. Shares of stock
in domestic corporations are exempt.
Shares of stock for foreign corpora
tions are taxed to the holder when the
property is not taxed in the State.
Bonds of foreign and domestic corpo
rations are taxed to the holder. Of
the total collected from corporations in
1910 (about $3,000,000) railroads paid
approximately $1,800,000, or 64 per
cent., and insurance cmpanies $459,-
323, or 16 per cent. Collections un
der the capital stock tax, including
about $10,400 from railroads, amount
ed to less than $135,000.
Michigan’s total revenue from taxa
tion in 1910 was nearly $12,000,000.
Of this amount 45 per cent, was from
corporations. The important corpora
tion tax in Michigan is the State-ad
ministered ad valorem tax. It is levied
at the average rate of taxation and
applies to railroads, telegraph, tele
phones, express, and car companies.
Other State taxes on corporations,
though comparatively unimportant,
are levied at specified rates upon the
paid-up capital stock of canal and riv
er improvement companies and upon
the net profits of plank and gravel
rad companies. Taxation by any of
these methoods is, in Michigan, de
nominated by statute "specific taxa
tion.” Revenue therefrom is, by con
stitutional provision, applied to the
primary school fund only. Revenue
for support of the State is from the
general property tax. Double taxa
tion has been Judicially declared un
constitutional. Where the corporate
property is taxed shares are exempt.
Specific taxation is in lieu of other
taxes on property used in the opera-
ton of corporate franchises.
Michigan was the first to value all
railroad property within the State ac
cording to the “inventory method sup
plemented by a consideration of the
effective earning capacity.” Probably
the physical valuation of railroad
property for taxation purposes had
never before been attempted on qo
large a scale. Taxes .collected from
railroads in 1910 amounted to about
$4,400,000 (37 per cent, of the total
State revenue from taxation), insur
ance companies over $480,000, tele
phone companies $324,000, other cor
porations about $183,000, and the gen
eral property tax something over
$6,000,000.
Of the total State tax receipts of
Wisconsin in 1910 (nearly $6,000,000),
71 per cent, was from general prop
ATLANTA BAGGAGE & CAB CO.
ESTABLISHED 1865
BONDED AGENTS OF ALL RAILROADS
TELEPHONES: Main 204-205-260-10004500
Railroad, Passenger and Baggage Trans
fer Largest and finest equip
ment in the South
NICE CABS ON CALL AT ALL HOURS
Baggage Checked Direct from your residence to destination.
Baggage Transferred from one part of the city to another.
When ticket is purchased request ticket agent to check your bag
gage from hotel or residence direct to destination.
OFFICES AND AGENTS AT 80TH STATIONS.
AGENTS ON ALL INCOMING TRAINS.
W. C. WILSON, A. N. COOK,
President and Gen*l Mgr. Supt. Pass. Dept.
I
J.PALLEN&C0
51-53 Whitehall St.
Womens and Misses
Ready to Wear Garments,
Millinery and Shoes.
New Fall Models
in every depart
ment now ready.
erty, and 5 per cent, was from inheri
tances. There is a tendency toward
separation of sources of taxation. In
come from special sources is general
ly sufficient for ordinary State ex
penses without resort to the general
property tax. At present, the support
of schools and the building of a new
statehouse occasion the only State
levies on general property. Peculiar
to Wisconsin is the fixing, by statute,
at the State capitol, of the legal situs
(for purposes of taxation) of all real
and personal property of corporations
subject to the State ad valorem tax.
The rate is the average rate of taxa
tion and is in lieu of all other taxes
on property necessary to the operation
of the corporate franchise. Following
the example of Michigan, Wisconsin
annually values the physical property
of railroads. This is done under the
direction of competent engineers. In
Michigan the original valuation was
made by the State; in Wisconsin,
largely by the railroads and verified
by the State. The physical valuation,
together with the average market
prices- of the securities, forms the
basis for determining as an entirety
the true value of each steam and
street railroad within the State.
Administration is exceptionally cen
tralized. County supervisors are un
der the direct control of the State
Tax Commission. These supervisors
direct the attention of county boards
to omitted or undervalued property,
and they have power to cause the re
moval of local assessors. Local as
sessments, however, can not be chang
ed by the tax commission, except up
on appeal.
In 1-910 there was received by the
State from ralroads about $3,200,000,
from insurance companies about $725,
000, from various other classes of cor
porations $168,000, and from incorpora
tion fees $95,000. Total State tax re
ceipts were nearly $6,000,000.
J. L. BURNETT.
Better Known as “Uncle Jim,”
Prominent in Secret and Fra
ternal Orders and a Good
Friend of Labor—His Motto- •
“Better Be Safe Than Sorry.”