OCR Text |
Show Hj LET ALL PAY TAXES. H Senator Reed Smoot of Utah has Hf proposed an amendment to tho Con- H atjrution that would permit the Fcder- H, al Government to tax securities H issued by the state and municivalities. H: At present, bonds of that nature are j tax-free, and Mr. Smoot estimates H that $700,000,000 is lost annually to H the Government because of its in- H ability to levy against them. "Tho H! enactment of some such provision is H absolutely uccessary," declares Sen- H ator Smoot, "if the Government is to H collect any material amount of taxes H i,n the future from persons of largo H incomes. My information is that the H taxes from this source have fallen H from $917,000,000 a year down to an H estimated amount of less than $200, B 000,000 for the year 1920. Th a- H mend men t of tho Constitution in the H way I have suggested seems to me n H matter of necessary self-protection H by the Federal Government , |