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Show FIGHT TAX-FREE SECURITIES rJothing but Havens for Wealthy Who Wish to Escape Paying Their Proportion. "Tax-free securities are nothing n -ire or less than havens for the rich who wish to invest their money and escaff lr-t.ving Uiej proportion of the expenses of the gOTCmment." said H, C. McKeuzie, tas expert of the American Amer-ican Farm Rurcau federation, recently commenting upon the house resolution introduced by Representative Green of Iowa which would do av ay with all tax-free federal bonds. "People with irge incomes who formerly lent large sums on farm mortgages have entirely retired from this field of investment owing to the fact that a 5 per cent tax-free bond will give them as muYh : Income as the income from a 10 per cent taxable mortgage. 'The annual loss in taxes to the federal government is at least t0.-Ouvt.Oiii) t0.-Ouvt.Oiii) per year, according to Professor Profes-sor Sciigman of Columbia un'versity. j In addition stares having income tax j laws lose a very large amount. The j net result Is to increase the taxes on all other property. The last report of the New York state tax commission shows that while 'Jo per cent of the Incomes of the people of the state comes from real property. 70 per cent of the taxes are paid from this suvrce." |