The Key West citizen. [volume] (Key West, Fla.) 1879-current, 1926-06-22
UNITED STATES TREASURY
OVERFLOWS WITH REVENUE
Address By Peter O. Knight
At Luncheon of Orlando Chamber of Commerce Today

a corporation tax, or a corporation
stock transfer tax, or a severance
tax, or a tax on intangibles, or an
income tax, or an inheritance tax.
And while the remaining tax bur
dened states of the Union are
looking for more sources of rev.
enue, and are even endeavormg to
force Florida to levy a state in
heritance tax, because their finan-
cial condition is such as that they
cannot repeal theirs, the state ad-
ministration in Florida is actual
ly contemplating a reduction of
the state tax; and probably short
ly one will be made amounting to
about twenty per cent
"This is the story that can be
told about Florida and cannot be
told about any other state.
"And it ought to be told and
repeated over and over again by
the state press, the chambers of
commerce, the boards of trade, and
the individuals of this state.
eve have not capitalized this
asset. We have been talking
about our soil, our climate, our re-
sources, our sunshine, palm trees,
and mocking birds long enough.
They have all existed since 1892.
And when Hamilton Disston, in
1880, purchased four million acres
of land in Florida for twenty-five
cents an acre, he sang the same
song that has lately been sung by
the real estate agents and adver-
tising men of this state. And it
is time that we should capitalize
our real asset, of which we have
an absolute and complete monop-
oily.
"Florida's real, extraordinary
development dates from the time
the Legislature of this state pass
cd the constitutional amendment
prohibiting the levying of a state
income or inheritance tax. 1t
placed FLORIDA definitely on the
front page of the magazines and
newspapers of the United States.
Immediately it was passed, | be-
gan receiving inquiries from all
over the country concerning it. 1t
so happened that that summer l
went abroad and, going over and
coming back on the ships, and
travelling around Europe. when
ever / came in contact with an
American, he asked me about it;
and when | explained the situation
to him he always replied, 'Oh, the
people of Florida will never adopt
that amendment When they did
adopt it by a vote of four to one
in November, 1924, the future of
Florida was assured.
''The people who have made
good in the United States and ac-
quired riches. do not care for
money as such. The total estate
and Inheritance taxes collected
amounts to only one hundred and
ten million dollars annually; and
we have at least two individuals
in the United States each of whom
was born poor and who have given
five times that amount for
charitable. religious, and educa-
tional purposes. We all know the
spirit of the American citizen who
has millions for defense and not
ono cent for tribute.
And business having been
harassed and annoyed and ham
mcrcd by the demagogues and
politicians of this country to the
extent that it has been by the re-
spcctiVe states during the past
quarter of century. when finally
there was state whose citizens
still believed in the Constitution
of the United States and the prin-
eiples upon which this republic
was founded. these people said.
That is the state we want to live
in And that in consequence
thereof many of those people have
moved into Florida can easily be
proved
When The first quarterly fed
eral income taxes were paid in
March this year. the astonishing
fact was revealed that Florida led
the nation in the percentage Of in
crease in income tax payments.
Although a small state in popnla-
tion, it was actually ninth in point
of taxes paid. It actually paid
more income taxes than any of the
southern states. Although income
taxes were materially reduced, it
actually paid twelve million dol
la-s as against four million dollars
year ago. So that Florida will