OCR Text |
Show INDUSTRIES VERSUS SECURITIES : Thoro seems to be the disposition of Congress and of the state legislatures to create additional taxes for industries and to further ex- ; empt securities from taxation. In Congress-the Ways and Means Committee has been authoriz- ' ed to give privileged status to the proposed constitutioual amendment ', prohibiting further issue of tax exempt securities. ', Prediction is said to have been made by Representative Wingo, a member of the Banking and Currency Committee, that a constitu- . tional amendment to outlaw tax exmpt bonds would never be ratified by the required number of states even if it received approval of Congress. Con-gress. The best that probably can be accomplished is to make all future fu-ture issues taxable. |