"The general character of the law and the circumstances attending its adoption leave no doubt that the income tax was intended to be very largely a substitute for the tax on personal property; and in pursuance of this policy, stocks, bonds, money and other important classes of personalty are exempted from taxation after 1911. This exemption was in exchange for or in consideration of the imposition of an income tax; and until the income tax becomes operative the exemption has no force. Accordingly a tax on personal property assessed and levied in 1911, but paid, say on January 10, 1912, cannot be used to offset an income tax assessed in 1912 and paid, say on December 30, 1912. In other words, the two assessments must be of the same year. To hold otherwise it is believed would amount practically to making the exemption of stocks, bonds, moneys, etc., take effect one year earlier than the date specifically set by the legislature.
"For analogous reasons taxes paid on personal property in other states cannot be used to offset the income tax of this state. A tax paid on personalty in one assessment district, however, may be used to offset an income tax in another district."
The rates are low, the exemptions reasonable and 70 per cent of the revenue will go into the local treasury. The wording of the administrative portion is very strong with centralization in the tax commission. The assessors will be selected under civil service and no pains have been spared to make the act enforceable and equitable to a high degree. Perhaps no other state in the Union could attempt to install machinery of this sort without political wire pulling or favoritism. This part of the law reads:—
