Thank you for visiting SNEWPapers!
Sign up free
Editorial
December 27, 1934
Montana Labor News
Butte, Silver Bow County, Montana
What is this article about?
Editorial supports higher income and inheritance taxes on the wealthy to redistribute unjustly amassed fortunes, citing examples of large New York estates from progressive organizations like the American Federation of Labor for social betterment.
Clipping
OCR Quality
98%
Excellent
Full Text
Higher Income and Inheritance Taxes
A good many progressive organizations, including the American Federation of Labor, advocate the levy of higher income and inheritance taxes on the well-to-do and rich in order to remedy in part the essential injustice by which a few of our people amass fortunes at the expense of the many. The taxes so acquired, it is held, should be used for the social betterment of the masses, thus in a round-about way resulting in a merited redistribution of wealth,
The continued existence of unjustly accumulated wealth in the hands of a few indicates the fertile field which still exists for this form of patriotic taxation. This is revealed by the estates left by citizens of New York State, which has a modest inheritance tax law. Recent issues of the New York daily papers list the following net estates appraised according to the law:
John Kneeland. New York City. retired grain merchant, $1,680,954. Prior to his death Mr. Kneeland set aside trust funds in excess of $1,000,000 for members of his family. These funds, not included in the appraisal, raised the estate to $2,680,954.
Curtis A. Peters, New York City, a justice of the State Supreme Court, $605,511.
Mrs. Charlotte D. Tidd, New York City. wife of George N. Tidd, president of the American Gas and Electric Company, $1,216,695.
Mrs. Margaret R. Thompson, New York City, widow of J. Walter Thompson, advertising agency head, $398,027. Just prior to her death Mrs. Thompson transferred $352,509 to her son, which would have raised the estate to $750,536.
Ambrose H. Burroughs, New York City, former counsel of the American Tobacco Company, $4,204,345.
Van Horne Norrie , New York City, chairman of the executive committee of the Bellevue Hospital Board, $2,543,222.
Miss Georgiana Kendall, New York City, $665,428.
Ernest S. Randall, banker and realty director, Freeport, Long Island, $1,000,000 (estimated.)
It is axiomatic that large fortunes like these are never acquired by honest labor. They are secured through various forms of power used by the wealthy to dispossess other citizens who were relatively helpless. They are a social menace and should be penalized by having larger and ever larger portions sliced off with sharp inheritance and income taxes together with new principles of wealth distribution which will prevent the accumulation of these large estates by future plunderbunders.
A good many progressive organizations, including the American Federation of Labor, advocate the levy of higher income and inheritance taxes on the well-to-do and rich in order to remedy in part the essential injustice by which a few of our people amass fortunes at the expense of the many. The taxes so acquired, it is held, should be used for the social betterment of the masses, thus in a round-about way resulting in a merited redistribution of wealth,
The continued existence of unjustly accumulated wealth in the hands of a few indicates the fertile field which still exists for this form of patriotic taxation. This is revealed by the estates left by citizens of New York State, which has a modest inheritance tax law. Recent issues of the New York daily papers list the following net estates appraised according to the law:
John Kneeland. New York City. retired grain merchant, $1,680,954. Prior to his death Mr. Kneeland set aside trust funds in excess of $1,000,000 for members of his family. These funds, not included in the appraisal, raised the estate to $2,680,954.
Curtis A. Peters, New York City, a justice of the State Supreme Court, $605,511.
Mrs. Charlotte D. Tidd, New York City. wife of George N. Tidd, president of the American Gas and Electric Company, $1,216,695.
Mrs. Margaret R. Thompson, New York City, widow of J. Walter Thompson, advertising agency head, $398,027. Just prior to her death Mrs. Thompson transferred $352,509 to her son, which would have raised the estate to $750,536.
Ambrose H. Burroughs, New York City, former counsel of the American Tobacco Company, $4,204,345.
Van Horne Norrie , New York City, chairman of the executive committee of the Bellevue Hospital Board, $2,543,222.
Miss Georgiana Kendall, New York City, $665,428.
Ernest S. Randall, banker and realty director, Freeport, Long Island, $1,000,000 (estimated.)
It is axiomatic that large fortunes like these are never acquired by honest labor. They are secured through various forms of power used by the wealthy to dispossess other citizens who were relatively helpless. They are a social menace and should be penalized by having larger and ever larger portions sliced off with sharp inheritance and income taxes together with new principles of wealth distribution which will prevent the accumulation of these large estates by future plunderbunders.
What sub-type of article is it?
Taxation
Economic Policy
Social Reform
What keywords are associated?
Income Tax
Inheritance Tax
Wealth Redistribution
Progressive Taxation
Social Injustice
Large Estates
New York
American Federation Of Labor
What entities or persons were involved?
American Federation Of Labor
John Kneeland
Curtis A. Peters
Mrs. Charlotte D. Tidd
Mrs. Margaret R. Thompson
Ambrose H. Burroughs
Van Horne Norrie
Miss Georgiana Kendall
Ernest S. Randall
New York State
Editorial Details
Primary Topic
Advocacy For Higher Income And Inheritance Taxes On The Wealthy
Stance / Tone
Strongly Supportive Of Progressive Taxation For Wealth Redistribution
Key Figures
American Federation Of Labor
John Kneeland
Curtis A. Peters
Mrs. Charlotte D. Tidd
Mrs. Margaret R. Thompson
Ambrose H. Burroughs
Van Horne Norrie
Miss Georgiana Kendall
Ernest S. Randall
New York State
Key Arguments
Progressive Organizations Advocate Higher Taxes On The Rich To Remedy Wealth Injustice
Taxes Should Fund Social Betterment For The Masses, Redistributing Wealth
Large Fortunes Indicate Need For Patriotic Taxation
New York Estates Exemplify Unjust Accumulation Despite Modest Inheritance Tax
Large Fortunes Acquired Through Exploitation, Not Honest Labor
Such Wealth Is A Social Menace Requiring Heavier Taxes And New Distribution Principles