The fiscal problem in Missouri

Bibliographic data

Monograph

Identifikator:: 1833271335

URN:: urn:nbn:de:zbw-retromon-230042

Document type:: Monograph

Title:: The fiscal problem in Missouri

Place of publication:: New York

Publisher:: National Industrial Conference Board, Inc.

Year of publication:: 1930

Scope:: xvi, 359 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. Problems of tax burden

Collection:: Economics Books

PROBLEMS OF TAX BURDEN 279 rates and the income from such property is taxed at the income tax rate, it follows that the tangible property is over- taxed as compared with the intangibles escaping general property taxation. The problem of the respective burdens on tangible and intangible property is not so much a ques- tion of tax burdens as a question of property escaping taxa- tion. Such discrepancies in burdens as exist are largely the result of the widespread failure of assessors to assess intangi- ble forms of property. As will be set forth later, a practical method of dealing with this problem is to tax intangible forms of property by means of an income tax and to confine the general property tax to real estate and other tangible forms of property. At the present time, the burden on taxed intangible property is no doubt much greater on the average than is the burden on real estate, and the greatest discrepancy exists between those intangibles which are as- sessed for the general property tax and those which escape assessment. Certainly the difference between no property taxation and taxation at full value in the case of intangibles is much greater than any discrepancy between real estate taxes that may be attributed to differences in assessment ratios. By abandoning general property taxation of intangi- bles, it should at least be possible to place the taxation of such property on a uniform basis, which evidently cannot be accomplished under present methods. It might be contended that, if such a policy were adopted, the discrepancy between the taxes on tangible property and those on intangible property would be so great as to con- stitute a serious problem. It must be kept in mind, however, that property taxes, particularly those on real estate, are capitalized at least in part, and that in progressive urban communities the general property tax on rented property is shifted in large part to the tenants. Also, it is not possible to bring about absolute uniformity in the taxation of two kinds of property so different in nature as real estate and intangibles. The abandonment of general property taxation of intangibles would at least seem to represent a practical approach to the problem, in that it would tend to eliminate the wide discrepancy between the intangibles that are assessed and those that are not assessed.

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