John Pierpont Morgan, der Weltbankier

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Monograph

Identifikator:: 1780948581

URN:: urn:nbn:de:zbw-retromon-168414

Document type:: Monograph

Author:: Smith, Henry Justin http://d-nb.info/gnd/124454801

Title:: John Pierpont Morgan, der Weltbankier

Place of publication:: Dresden

Publisher:: Reissner

Year of publication:: 1928

Scope:: 310 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Elftes Kapitel. Zusammenschluss

Collection:: Economics Books

Causes of the Panic 39 borrowed money for the carrying of securities, it would be found that there are an overwhelming aumber of holders, who, because of this tax, do not sell. In our daily experience we find it common that men who are holding securities and desire to purchase additional securities in the market which they consider as having an intrinsic value in excess of the market price, do not feel that they can sell that which they have, but in the satisfaction of this desire they borrow either through their brokers or directly through their bankers funds necessary for such purposes, thereby placing added burden on the credit structure.” This tax on profits on the sale of stocks, bonds, real estate, and so on, was put into the original income tax law in 1913. It had no proper part in such a law, for the simple reason that profits on such sales represent a growth in capital, not a growth in income. In successive annual reports, Secretary Mellon had repeatedly called attention to the fact that such taxes hinder and prevent business trans- actions which would otherwise take place. If the law were repealed the loss in revenue would be, in a degree, counterbalanced by the encouragement which repeal would give to turning into real profits the paper profits on securities as fast as they accrue. These real profits might then be added to the capital fund of taxpayers, and put to work earning more money that would be taxable. Even during the calendar year 1927, when the long bull market was rising fast, the revenue from

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