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Show TAN-EXEMPT BONDS ROB THE TAX ROLLS. In commenting on the iniquity of the tax-exempt bond and its robbery of the government and common citizen, citi-zen, Robert S. Lovett, chairman of 'he board of directors of the Union Pacific system says: "The processes of common sense seem to bo reversed in our basis of taxation. Instead of a premium on -nterprise and industry by a lower 'nx on earned than invested income, lust, the opposite is the law. A salary sal-ary or a profit made by personal effort ef-fort is taxed the maximum rate un-''er un-''er the provision for surtaxes, while "ipilal escapes the tax altogether by 'eing invested in municipial securities. securi-ties. The result is not only a sense of injustice suffered nnd discouragement discourage-ment in the individual relying upon his own efforts, but an orgy of recklessness reck-lessness and extravagance in municipal muni-cipal expenditures unparalled in history. his-tory. "These huge sums are not only going into tax-exempt securities, shifting the burden of taxation to Industry, In-dustry, but are being withdrawn from investment in industrial enterprises enter-prises of all sorts that employ labor, nnd, in the building of homes for housing the people. "But that is not all not by half. Tax-exempt bond issues bv villnee town. city, county and state, with other extravagances which attend wasteful habits, are increasing stale and municipal .taxation to an extent that is truly alarming." |