Mexico weekly ledger., 1908-05-14

prepared and submitted by the Gen.
eral Assembly as result OF this In
vestigation, and should be adopted for
the following reasons:
FIRST. 1t will at once relieve the
people Of the State from the burden
OF the present State tax which is now
l7c, which will be withdrawn from
the general real and personal property
of the State. The State tax now
amounts TO over two million dollars,
and Its removal will be an immediate
relief to every tax payer in the State.
SECOND. This removal OF the State
tax will remove the existing inequal-
tiles OF the different cities and coun-
ties OF the State in payment Of the
State tax, resulting from the present
system Of levying that tax upon the
same assessment whereon city, county
and school taxes are levied.
THIRD. 1t will save the cost Of
collecting the State revenue from the
general property tax, as we'll as the
expense OF the State Board OF Equal
ization In their futile effort to remedy
the inequalities in the payment OF
that TAX by the different counties
growing out Of the unequal valuation
of property therein.
FOURTH. 1t will enable the State
to substitute an effective for an inef-
fectiye system Of taxation, by provid-
Ing q State revenue from such a tax
as State recording tax on mortgages,
which has proved so successful In New
York, realizing four to five million
dollars per annum. such tax can
not now be levied under the present
Constitution, as the State has now no
power to exempt mortgages from
local taxation, and such tax
cannot be levied without such exemp-
ti0n. A tax Of ! OF / per cent upon
the debt secured by the mortgage In
lieu Of all other taxation, would prove
In Missouri, as 1t has In New York
and other States, a benefit TO both
borrower and lender as 1t would
facilitate the making Of loans, and
thus cause q reduction In 1.-THE rate Of
interest thereon, while at the same
time, 1t would secure q revenue TO the
State which would be direct relief
to the tax payers, from source where
now there is little or no revenue. This
mortgage recording tax would apply
to foreign lenders as well as to those
Of our own State, and the former now
escape all taxation. Such tax, ii is |
estimated, would realize annually in |
Missouri at least one million dollars
and probably considerably larger
amount.
FIFTH. The State could also levy a |
corporation tax. Thus the Tax Com |
mission Of 1908, and also Gov. Folk re- |
commended tax of LIS OF per cent |
upon the capital stock and surplus OF |
corporations. Such a tax was objected
to because it would be an unjust bur
den with the present State tax upon
the real and personal property Of the
corporation. But with this tax re.
aosou' sneie .ou,u 70 no ou,eooion "
~ euu ~ wouiu oe an sucoSlse 'aA'
p.ouu0lns iesenue " 'he 0aA payers
u vne S'ase
SiAfh'
These available and possiblersources
OF revenue dispose OF the apprehen-
sion that the State would appropri-
ate the county tax upon the railroads
OF the State. AS this power would be
exercised by the representatives Of
the counties In the General Assem-
Wy, .neie % ~ uanser sn@v Uney
tha,r omr co,,nt,os 1. avas,noL,naI
a,o,, .ra,,.,,o .o,,-aas ~ ravonno as
soI 49,. 80" 49, .s.e.s,..s su 80 aaa oorno
-at,os -. ~s,o,, .onathar worla
aa.s,. !, ~, 80 raeSo nm tho rav
$500 ,.ar, III ~ n.osart s,s.o rrorar,v
49, -
sryr,,r,,
i
aue provision ior nohe-iuie VI ioos'
opV'on, "ne'eoy 'ne peopie ., eaoh
iooai''y ',n cis'es unuer 'ne illni"a
elons Oh 'ne'r cnaroelsl eau uevermine
iof themselves sne .aAa'lon u une'f
omn piope,'y iol eneil iooai neeus, az
'ney how uoveini'he quesVionS u pusi