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Show AX I'XKAilt KXEMFTIOX. The returns from all sources of income bearing property are subject to taxation under the income tax law except such securities as government, State and municipal bonds issued for public. benefit and to sorie extent these are taxable. But Farm Loan Bonds issued under un-der guise of a federal undertaking, but in reality being for parley personal person-al aud private gain, are entirely free from all forms of taxation and the general public makes up the taxes lost on over $3000,000,000 of "these bonds already issued. One of the first things congress should do is to amend the Farm Loan Act making income from such bonds taxable the same as income from other property. |