OCR Text |
Show TAX-EXEMPT SECURITIES BURDEN BUSINESS The unrestricted issuance of tax-exempt tax-exempt securities to the extent of billions bil-lions and billions of dollars has meant wasteful and extravagent expenditures ex-penditures by states and municipalities. municipali-ties. It has driven those who would have otherwise invested their money in industrial enterprises and pursuits which would have employed a host of labor, to put their money into places where its return would not be taken away by taxation. Out of it all, however, has come some good, for it has widened the security se-curity market and brought an army of small investors into the taxable securities se-curities field those with incomes not affected by the high income surtaxes. It has brought about ownership of great industrial undertakings and public utility properties by the many instead of ownership by the few. |