Author: California LegislaturePublisher: Forgotten Books
ISBN: 9780331049817
Category : Reference
Languages : en
Pages : 998
Book Description
Excerpt from Appendix to Journals of Senate and Assembly, of the Nineteenth Session of the Legislature of the State of California, 1872, Vol. 1 The percentage on life premiums is fixed at the low rate of one per cent., because such premiums are relatively higher than those upon fire or marine risks, and also because life assurance is a species of savings bank, affording, perhaps, to the insured a safe provision against the vicissitudes of fortune or the needs of advanced age, or securing the bereaved against want or dependence upon the charities of.the world. It is proposed to reduce the tax on foreign exchange to half the pres ent rate, but it is believed that with these rates a larger amount would be collected from these sources than under the present law, as being less burdensome and Oppressive, the tax would be more cheerfully paid. The discriminating tax at present levied upon premiums collected by foreign insurance companies, in my judgment, should be abolished. The insurance companies being already required by law to make state ments showing the amount of business transacted, to the Insurance Com missioner, and in view of the fact that this is exclusively a State tax, I think that it should be made the duty of that officer to collect the tax, and to pay the same into the State treasury. He should have the power to collect by a summary process, as experience shows that under the present law, exacting a tax on premiums collected by foreign insurance companies, certain of these companies avoid the payment of the tax when it is possible to do so. The following named companies are delinquent for the year eighteen hundred and seventy Manhattan, fire Phoenix, fire (brooklyn) Knickerbocker, life; Teutonia, life, and Excelsior, life. 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.