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Show MOKK T.lA-l- KfclJ PiXJIM.E l,KSS TAX-t'ltKE liO.l. Cougres at its next session v.: consider an amendment to the Kial'-a-al constitution which proviues i. , taxing the income trom future i.u' of state and municipial bonds by tie Federal government. It also proviu . that states may tax the incomes Ii'im tuture issues of government Luiel. that are owned within their border',. In plain English this means that the Income derived from tux-exempt bonds, instead of being tax-free i.: in the past, would hereafter be subject sub-ject to taxation in the same manner as income earned in any mannai whatsoever. More than a billion dollars is now diverted every year from agricuh ui': and business to tax-free bonds. TUi-is TUi-is a knife that cuts both ways. It deprives de-prives industry of the needed capital and it shifts heavier taxes upon agri-ulture agri-ulture and business. If that leak ii stopped by the passage of the amendment, amend-ment, agriculture and business will thrive as never before. |