Show REAL Hi ESTATE M MEN WANT AMENDMENT ADMENT Declare That Mortgage t Tax is Is Evaded Evad d by Those Intended Intend d to Be Reached FOREIGN MONEY FAVORED WORKS WORKS HARDSHIP ON LOCAL CAPITALISTS The Salt Lake Real Estate association tion tl n has hns Issued an address to the voters vot rs of oft the county in which they are asked to vote In favor filor of or the proposed amend amendment amendmEnt ment merit to the constitution of ot the state exempting mortgages flom taxation at atthe atthe atthe the election Tuesday TU A committee was appointed a few days ago by the tho association to dratt the address The members of this com corn committee committee were O 0 F Peterson A H Par Parsons Parsons ParSons sons and Freeman Morningstar Mornings r This committee has prepared an address set setting setting ting tIns forth the tile reasons which appealed to to the members of the association and which have haye prompted them to urge the adoption of the proposed amendment The address is as follows Reasons for fop Request The Real Estate association re respectfully respectfully requests all voters next Tuesday to vote Yes on the amend amendment amendment ment to exempt mortgages from tax taxation taxation at on Tho justice of a mortgage tax Is not questioned but a faithful trial for ten years has demonstrated beyond ques question question tion that the tax is evaded by practically practically cally all whom It was intended to reach and that its repeal is for the best in interests Interests of the people generally Premium on Deceit The law has never applied to non nonresident nonresident nonresident resident mortgage holders and it has bas been evaded by resident through the method of incorporating loan companies In other states Banks and building and loan associations are exempted through an opera operation operation operation tion of law not necessary to explain at this time Nonresident Capitalists capitalists and these loan and trust companies may loan without limit in their own names and genuine foreign may do like likewise likewise wise while a local capitalist c who has sufficient money to make It worth while and who does not have too tender a conscience borrows the name of a friend residing without the state takes a power of attorney to do the tile business and loans his own money thus evading the tax In that sense the present law lawIs lawIs lawIs Is vicious and is against public morals Corporations Profit This leaves to bear the burden of the mortgage tax the widow and or orphan orphan orphan phan and the simple minded honest man manof manof manof I of small means who may have a little money saved from daily earnings a asman small patrimony some insurance money or the thc like to and here Is where the hardship comes in The rate of tax In Salt Lake City is 3 per 1 er cent the interest rate 7 per cent net income on mortgage loans 3 1 per cent c nt Con Consequently Consequently Consequently Widow Doe loans her money to the savings bank at 4 per pei pe cent The savings bank loans it out at 7 per cent pays no mortgage tax and Widow Doe loses 3 per cent flat The net result of the whole matter Is that the wealthy whom it was intended to reach evades the law wholly holly while the resident citizen of small means me ns on whom the tax is an actual hardship is the only one who has bas to pay Day and he not the wealthy Is the one who is bear bearing bearing bearIng ing the burdens of our schools and oth oUt othor or Cr public Institutions Therefore be sure you vote Yes on the repeal of the mortgage tax taxI I |