OCR Text |
Show THE TAX EXEMPT IJOXD EVH When Secretary of the .Treasury Mellon declares that tax exempt bonds issued by nation, states and municipalities dry up the sources ol industrial capital and places a premium pre-mium on extravagance in governments, govern-ments, he is stating 100 per cent facts. When he tells congress, as he ha on several occasions, that tax exempt securities constitute one of the greatest great-est economic evils the country eve: has faced, no man can disprove what he says. As long as a large percentage ol those most able to pay taxes, escap; all tax burdens through lnvestemems in tax exempt government securities, the balance of the population must pay double taxes to raise needed revenue. |