Page:The Wizard of Wall Street and his Wealth.djvu/297

 is taxable at 1 per cent. All property left out of lineal descent would be taxed at 5 per cent. on its clear market value."

In spite of Jay Gould's many millions, he was down on the tax-lists for very modest amounts. He seems to have had as much ability in keeping down his taxes as in piling up his millions. Despite his immense accumulations, he paid taxes on only $500,000 in personal property. The real estate on which he paid directly was confined to the Grand Opera House, of which he was the owner, and to his home on Fifth avenue. At one time he also paid the taxes on his son's home on East Forty-seventh street, but after that formally passed out of his possession he was, of course, relieved from paying any further taxes on that property.

Notwithstanding the very conservative estimate placed upon the value of his personal holdings, Mr. Gould tried, a few years ago, to escape paying any personal taxes at all in this city. He urged the familiar plea of outside residence, and because he paid personal taxes in Westchester county on his belongings at his country home at Irvington, insisted that he was being unfairly treated in being compelled to pay even on that supposititious $500,000 of personal property in this city. He did not press the matter, however, and continued to allow his personal property to be placed on the tax-list at $500,000.

Commissioner Baker, of the tax department, said that it was impossible to tell just what Mr.