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Show SAPPING T.AX RESOURCES I President Harding thinks that this country ought to put an end to tax-exempt tax-exempt securities and it is understood under-stood the administration will favor the passage of a bill designed to. this end. A great financial menace to this country today is the growth of tax-exempt tax-exempt issues especially those issued by states and municipalities. The result of issuing these securities securi-ties cuts two ways-tax burdens are heavily increased as the result of accumulating ac-cumulating public debt but worst of all, every dollar of tax exempt securities secur-ities issued relieves the holder of the securities from paying any taxes on the income derived therefrom. Thus the public pays taxes to cover the mortgage it has placed against its property and it also must make up the taxes lost through exempting holders of tax-exempt securities from paying their just share of the cost of government. The latesi figures given at the recent re-cent convention of the Farm Mortgage Mort-gage Bankers association of America shows an outstanding amount of tax-exempt tax-exempt securities estimated at nearly near-ly $30,00,000,000. A wealthy man can put his money in these securities and escape all taxation tax-ation burdens. Should such a law remain unchanged? t A. . . |