Jasper County Democrat, Volume 15, Number 63, Rensselaer, Jasper County, 9 November 1912 — SWEARS OFF TAXES [ARTICLE]

SWEARS OFF TAXES

CARNEGIE’S PERSONAL ASSESSMENT IN NEW YORK CANCELED. Takes Oath Hla Effects Are Worth But $3,500,000 While Debts Total $8,400,000. New York, Nov. 8. —Andrew Carnegie will pay no personal property tax to the city of New York this year. The ironmaster’s personal property was assessed at $10,000,000, but he appeared before the president of the tax department and made affidavit that this was erroneous. Mr. Carnegie swore that value of his effects in the city did not exceed $3,500,000, while his debts aggregated $8,400,000. Accordingly the assessment against him was canceled. Mr. Carnegie is not dodging taxes, but is merely declining to pay double taxes. The legislature passed a law requiring the registration of all bonds and mortgages with the comptroller and subjecting them to a state tax. Last year Mr. Carnegie paid his taxes into the city treasury and this year the amount goes to the state. Many other millionaires are expected to follow Mr. Carnegie’s example, end the city will be a big loser.