Show explanation of the amendment for classification of property proper ly 1 y 7 4 this amendment proposes changes lit in sections 2 anda and 3 of article 13 to the legislature greater liberty in providing for a tax which will shift part of the burden from tangible prop pi op erty to income As the state constitution now stands it provides that all property prop eity including loth both tangible and intangible must be al assessed at uniform and eual rates for taxation purposes purpose s while this may appear alvear to belu bea it has been bean proved prove dby by long exper experience lence in this and all other states to result in the most moat inequitable distribution of tho tax burdon don the constitution exempts mortgage loans and stocks completely and us as a result all intangible property is thus placed in a class claas where it cannot be brought to the tax rolls consequently while we the present constitution ution may appear to require a uniform and equal rato late of assess tor for all property it Is limited in actual effect to tangible pro property lerty such as firms farms homes livestock etc less th than all 0 one ne and one half per cent of the states valuation in IWU was intangible pr prop op arty though it is well known that there are hundreds of millions of ides bles owned in utah we may say therefore that for all practical purposes the intangible class ot of property in utah is not assessed at all this is due clue to the fact that thy the greater part of intangibles are exempt by our pm present E rit constitution secondly to the fact that what remains is principally money in the links blinks and this is not assessed because the tax rates are so high the property cannot pity them without being I 1 opponents of the amendments are attempting to tell the people that our present constitution requiring the full taxation of intangibles should be enforced this is a false argument recognized zed ay as such not only by taxi tax authorities of this state but of every other state lit in the union which has attempted to operate under finder the uniform unicorn rule it cannot be lone done there Is nothing so go complicated about the proposed amendment to justify the thick smoke screen of confusion and doubt behind which the opponents oftay of tax reform have attempted to cover their activities the changes proposed by the second amendment upon which the people will vote tote are arc simply to continue to tax intangible property as we are now doing but repeal ml all the exemptions granted to intangible it n gible property und rive give power to the led slature to tax intangible at low rates either cither as property of or to tax tl the ie iri conie rec received elved from jt it the selection la Is left to the legislature to do one or the other hut bat not both and it if the income Is taxed then intangibles cannot again bo be taxed qs prope there arc st S t states doing what utah la 19 proposing to do lv bv till this amendment namely place a portion of the tax load co continued on last page page E explanation c of amendments continued cm intangible property if this no 2 1 ts adopted all stock cor whether foreign or dailies doilies tie tic ill bonds all al notes noted all nil credits will ire he sulya t to taxi within anoli r ift linita tiong i h liec tv been proved liv by experience to ti bp be sound in ill other states ji othild replace roil co our present con Il tInn under willell WP are arc sett tn i Tract leally no nn nip from froin this clas chiss mid its it just ha hare of the jo iian liels been uvon t lille holdings it I 1 jv vi 1 that this ilic money i tilled ed frai tilt or nr income t tn ia q i to tb be tn tho the tax loll loid on oil p this would ho bc n and 1114 vo nn IP 0 coald 1 isnora nore it the Inesti nyi in ili rim fim endi nent lif ii li rlpH alin to the of pt ih want to continue to all tho the birtt tax PS from roni fakilis far ilis boin boins s et eaf or do if ta t willit ant 0 o s rif of atoms bol hnida 1 notes q jer credits edits acte ct I 1 0 kielp earry the lond lonal tf T ali alip wants alie ta K to lie iio ealic ona from froin alone then lit hf all 1 ild vote N xo lut but if lie iio wants in tn e illif tv taxed also and part pari income to he be ly rought to the tax rolls rolli dpn lip should vote toto yes tea to no 2 t |