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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XI. Sources of additional revenue

Collection:: Economics Books

304 THE FISCAL PROBLEM IN MISSOURI elimination of intangible forms of property from the general property tax base. An analysis of the problem indicates further that the attempt to tax intangibles as property no doubt has an adverse effect upon the receipts from the personal income tax. If the owner of intangibles reports the income from them in filing his state income tax return, there is some likelihood that they may be uncovered for general property taxation. It is true that the income tax law pro- vides that it is unlawful for any person or officer to use the information concerning income in any manner whatever in connection with or for the purpose of assessing the general property tax.! If a taxpayer reports to the assessor an in- come of $1,000 from intangibles, the same assessor is pre- sumably required to assess them for the general property tax in accordance with the statutes governing that tax, provided that the intangibles are taxable. On the other hand, the provision in the income tax statute forces him in effect to have no knowledge concerning the existence of the taxable intangibles, although he has definite information concerning the income from them which is reported for the income tax. The assessor cannot carry out one law without disregarding the other. The statement has been made that state income taxes, in so far as they apply to persons, “have served everywhere as the occasion for the exemption of intangibles from taxation as property.”? This statement is not applicable to Missouri, for intangibles have been subject to taxation at general property tax rates ever since the state income tax law went into effect. There 1s little doubt, however, that the exemption should have been granted at the time the income tax law became effective. The assessed value of money, notes, bonds, etc., has been decreasing rapidly, and, if the personal property tax on intangibles is not soon abandoned, Missouri may be faced with a classification under the general property tax to which little or no valuation can be assigned. The principal reason for continuing the taxation of intangi- bles under the general property tax has no doubt been the fact that it is difficult to obtain adequate revenues from a tax 1R. S. 1919, Section 13135, as amended by Session Laws 1925, pp. 370 f. 2 Lutz, H. L., Public Finance, New York, 1930, p. 425.

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