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 295 income tax attributable to Missouri was $34 million, it would follow that the federal tax on corporation income would be comparable to the total taxes collected by the State of Mis- souri in 1928, which amounted to only slightly more than $34 million. Although an exact computation is not possible, the large volume of federal corporation income tax payments affords a reason for accepting the conclusion that ““the busi- ness interests of Missouri, excluding farms, pay half or more of the total taxes.” Another factor that tends to support the conclusion arrived at is that large business enterprises are taxed for state and local purposes at higher rates on assessed valuation than is property on the average. The higher rate is the result of the urban location of industrial and mercantile concerns and the fact that urban general property tax rates are much higher on the average than they are in rural sections. In a recent year the combined state and local tax rate in St. Louis City was $2.69 per $100 of assessed valuation and $3.09 in Kansas City. It is rates such as these that must be regarded as representative for industry, and not an average rate on property for the state. Tue BurDEN oN STATE AND NATIONAL BANKS National banks are instrumentalities of the Federal Gov- ernment, and it follows that they may be taxed for state and local purposes only to the extent that is permissible under the federal statutes. According to the federal statutes, national banks may be taxed in any one of four ways: (1) by a tax on the shares, (2) by a tax on net income, (3) by a tax according to or measured by net income, and (4) by including dividends on bank stock in the taxable income of the owner or holder. In addition to the taxation of national banks in any one of the four ways indicated, real estate may be taxed for state and local purposes. Missouri taxes na- tional bank stock under the general property tax, and it fol- lows then that this form of tax operates to the exclusion of any other form of tax except the general property tax on real estate. 1 The Taxation System of Missouri, 1929, p. 30.

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