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Show TAX EXEMPT BURDEN High taxes and the issuance of tax exempt securities by states and mu nicipalities hinder development of business and industry. Long ago it was established as the law that no state of' the Union could tax the securities issued' by the United Unit-ed States as tax exempt and that the general government cculd not tax the tax-exempt securities of any state or its subdivisions. Under this arrangement billions of tax-exempt securities have been issued. is-sued. The states and their several subdivisions, animated by a desire for public buildings, highways, parks and other improvements, have been duplicating the general government in the issuance of non-taxable bonds. As a result of these investments being attractive, less money goes into industries and utilities. Taxes levied by state and nation are so high that invstintr money in non-taxable securities se-curities brings mor eincome than capital put into railroads, farms or factories. |