Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1909-09-22

on the bonds and income tax proper
toned to a percentage of thV interest
to be paid on the bonds was that con
srcSs could not authorize a corpora
ton to rccoup itself in the payment Of
such Il tax from the interest to be
paid because thus to impose Il tax on
The bOndholdcrs proportional TO the
interest he received would be in Vio-
lation of the constitution as inter-
preted by the supreme court, as an
income tax not appOrtioned among the
states Now, If the proposed amend
mcnt to the constitution authorizing
the imposition of an income tax with
out app%ortioning il among the states
according to population passes, it viii
be possible to add TO our corpora
ton tax the feature of imposing a tax
on the bonded interest in that cor
poration by Il percentage tax upon in
tcrest to be paid, thus reducing the
amount Of interest which the corpora
ton would pay to the bond holders TO
the extend of tie tax collected. This
would make the corporation tax q
more beneficial measure and n
reaching interests hat ought to be
reached because. under modern sys-
tens OF financing corporations, he
hondholders Rnd stockholders are all
of them in a sense joint investors II
4 corporation income tax ought to in
cludr them all. Under the conditions
that existed with reference to the con-
situation II seems to me clear that the
corporation tax IS IN equitable bur
den. one reaching active business. not
to heavily retard 1t. but enough &C.
collect & substantial revenue from
those who are successful in business.
1t is IA tax easily collected-ono
that no corporation can oScape-one
on which perjury cannot play any I'M
portant part at all in an effort to es-
cape il.
Another feature of 1t is that Incl
dtntaliy it will give the federal ov-
eminent an opportunity 10 secure
valuable information in respect
TO the conduct OF corporations. their
actual financial condition. which they
are required to show in general terms
in a public return. In addition the
provides the means under proper
limitations of investigating fully and
in dctail their course of business.
This is to he done only after The
commissioner of internal revenue shall
ascertained from evidence thai
their returns required by Law are not
correct. Then the evidence which he
secures by his Investigations OF books
and naners and examination of Wit
ncsses IS not to be made public. but
it to be held in the secret archives of
government until the president
deem it of public interest and ac.
-ording TO Justice TO make the facts
.I,n ~ This time &c nav. M ado.
- -, ,ta,t.. no,oorrtna +, oor
Eyo, me
,ha,o,nr .b.t. ,iab, m,y no know
10 80 -, h,.ino.s 80 no,norattons
uororau, 4, a. s,ote az c-ornnL.,a
"a ans. ns,rumn,,out,. ~,
@rt.h 80. I'm 10 ~
,aiIoa - disoin.o lin orcuroc, n
General statement Of their conditions.
makes for the public good.
ndirectlv II would helm very much in
revision whenever that shall
ono because corporatious engag-d i'm
,usincss said 10 be affected hv the tar
If will have upon record in Washing
an the exact financial condition from ;
car 10 year in IN. matter of their in
~oxnenditures and debts. ,
m ,
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