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Show TAX EXEMPTS i J. Ogden . Mills, a banker at the National Tax conference, declared that tax-exempt securities were the greatest, evil . In the whole field of taxation. He declared a progressive income tax nnri tax-exempt scurities could not exist side by. side, and latter would destroy the former. "Is there any need to point out how excessively high surtax rate sin against- the fundamentals of a sound tax system, in that they are becomingly unproductive that they encourage evasion and are too great a burden on industry, initiative and thrift ' "Can there be anything more fantastic fan-tastic than the government of the United' Sattes solemnly declaring , its purpose to take fiS per cent of a man's income and then providing the' means whereby he will pay no , tax at all? 1 "What are you deing through the tax-exempt securities, backed by a high a very high progressive income in-come tax rate? You are not only drying , up this investment fund, but yo'u are drying up this fund of initiative, ini-tiative, itif' energy of business ability.- ' : ' .''lis thre anything more likely. It history means anything, to engender en-gender class hatred and prejudice, and is there anything more likely to bring into general contempt a government gov-ernment which not only permits such a situation but one which has actually actual-ly created it?" |