Show I Stop toP The Leak There Thore Is now congress g gan an amendment to the federal constitution constitution con con- which provides for Cor taxIng taxing taxing tax tax- ing t the he I income from i issues is- is sues sued of or state and municipal bonds It also h by th the federal government provides that states may lav the incomes from flom future f e issues of gov- gov bonds that are ire owed within their borders In plain English this means menns that lh the income income in- in come rome derived from flom tax exempt bonds instead of being ta taa tiVi c rs as in the past would hereafter be he sub sublet Ct to lo taxation in tho the same manner as incomes earned in tu an any manner whatsoever on necessity for Cor Commenting on on the necessity for Cor forin forin in ill order to lo encourage the invest- invest in m nt and loaning of capital in productive enterprises and agriculture ture E E. E D D. Chassell secretary etar of of 0 th the Farm Mortgage Bankers Association Association Asso Asso- of America a. a says sas t i Wealthy Veal thy individuals subject to toa toa a federal income tax of 60 per nor pOl rant mut to 58 per cent ent are buying r fi I. per pel cent G 5 j h per pel cent and 6 G I per pr cent tax-free tax securities now at pat par or at a very sli slight ht advance A 5 6 Der er cent rent security tax exempt Int in t th- th h of a person receiving and income of o n 1 million dollars r F FI I I r lr him as much net income or ns 5 a taxable security pa paying in an aU annun an an- I nun nv ll I l Inter Interest st rate of 11 per cent For the l 1 st five Che years g gr gont at liar has been experienced exp in ob ob- t ining capital for forin for in industrial purposes for the reason that the wealthy wealth owners of such suche f e r Ital are laying their wealth awn away in fr tax tax free e investments That conditions will grow worse and worse vo or as the years go by and each y year Rr r tbd tbt demand for government aid tirl will become stronger and 11 cr as capital capita 13 is lured lu-ed away pin info tax free fre securities More than n a billion dollars ollars i i iQ irow rim row diverted c every ery ory year cal from agris agri- agri r nd bt business sines i s c to tax free h This i in is a knife that cute b rh h ways ti It deprive Ctr in industry of the needed capital l 3 and nd it shift h r taxes upon agriculture and business s. s I If Ir that leak teak is stopped b fl fh tho passage of the thC amendment a agriculture and busin business will th thrive lve ag as never ver before before t I |