Show explaining THE AMENDMENT this this amendment proposes changes in sections 2 and 3 of article 13 to allow 10 w the legislature greater it liberty berty in pr providing 0 viding tor for a tax which will shift part of 0 the burden from tangible pro pio perty to income As the state constitution now stands it pr provides 0 video that all property including both tangible and intangible must be assessed at uniform and equal rates for taxation purposes while this my appear to be a fair basis it ha has B been proved by long experience in this and all other states to result in the roost most inequitable distribution ot of the tax burden tho the constitution exempts mortgage loans and batocko stocks completely and as a result all intangible pio property perty Is thus placed in a class where it cannot be brought to the tax rolls consequently while the present constitution may appear to require a uniform and equal rate of assessment lor for all property yIt it la Is limited in actual effect to tangible property such as farms homes livestock etc less than one half percent of 0 the states valuation in 1929 was intangible property though it Is well known that there are hundreds of millions of intangibles tangi bles owned in utah we may say therefore that for foi all practical purpose a the intangible class ofa rope T utah ignot la not assessed at to joithe the tact that the a ae f ba U r pr sen U secondly co ay tact fact that what wha remains Is P principally aln money in the banks and this Is not assessed because the tax ramps are so high that property propel ty cannot P pay Y them without being confiscated opponents of the amendments are attempting to tell the people that our present constitution requiring the full cull taxation tai ailon of intangibles should be enforced this la Is a false argument recognized as such not only by the taxing authorities of this state but ot of the uniform rUlO it cannot be done dona there Is nothing so complicated about the propos proposed ed amendment to justify the thick smoke screen of contusion confusion and doubt behind which the opponents of tax reform have attempt ed to cover their activities the changes proposed by the second amen amendment d ment upon which the people will vote are simply to continue to tax tangible property as we are now doing but repeal all the exemptions granted to intangible property and give power to the legislature to classify and tax intangibles at low rates either as property or to tax the income received receive from it the selection Is left to the legislature to do one or the other but not both and it if the income Is taxed then intangibles cannot again be taxed as property there are 34 states doing what utah Is proposing to do bathis by this amendment namely place a portion ot at the tax load on intangible property if this amendment no 2 Is adopted all stock of corporations whether foreign or domes tic all bonds all notes all securities all credits will be subjected fa 0 taxa tion within such r rate a to limitations a as have been proved b by y experience to tc b be economically soun sound d in other states this would replace our present condition under which we are getting practically no revenue from this class ot of property and its just share of the burden has been shifted upon tangible holdings it Is particularly significant that this amendment requires the money raised from intangible or income taxes to be applied to reduce the tax load on tangible property this would be a constitutional mandate and no legislative or administrative authority cou could id ignore it the te question involved in this amendment may be briefly stated thus do the taxpayers at utah want to continue to collect all the direct taxes from farms homes livestock etc or do they want the owners of stocks bonds notes mortgages credits etc to help carry the load it if the tax payer wants the tax to be collected from property alo alone nethen then he should vote no but it if he be wants intangible property taxed also and part of the untaxed income to be brought to the tax rolls then he should vote I 1 yes to amendment no 2 1 F 11 FOWLER chairman tax revision league |