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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. General summary

Collection:: Economics Books

GENERAL SUMMARY 331 capita in 1928. The amount of the net bonded debt at the close of the latter year was $64.4 million, as compared with only $1.5 million at the end of 1921. Only two of the eleven states selected for purposes of comparison with Missouri had a larger amount of net bonded debt than this state at the close of the year 1928. The net bonded debt of Missouri local governments is estimated at $153,041,000 for the year 1928. Of this amount the four largest cities in the state accounted for slightly more than $90 million. Combined state and local net bonded debt amounted to $60.68 per capita in 1928, and the ratio of state and local net bonded debt to wealth was 1.93%. Both of these figures are considerably lower than comparable figures for the United States as a whole. The cost of money obtained from the sale of the $60 mil- lion of state highway bonds varied from 4.052%, to 4.817%. The variation between the two extremes is largely attribut- able to differences in maturity dates. Excluding the first three series, which were issued for relatively brief periods, the maximum cost of money for any of the remaining series was found to be only a little more than 4.3%. The average coupon rate of interest on bonds issued by local governments in Missouri during the years 1926 to 1929 was 4.35%. This figure is only roughly indicative of the cost of money, since it is not known to what extent local bonds were sold either at a premium or a discount. Tae Missourt Tax SysTEM A number of constitutional provisions with respect to taxation are significant in that they impose conditions that must be observed or that can be changed only by amendment. Of these provisions, the uniformity rule and the section which provides that “all property subject to taxation shall be taxed in proportion to its value” are probably the most important. The constitution definitely limits the state rate on property, as well as the rates that may be levied by the local govern- ments. The principal taxes comprising the Missouri tax system are (1) the general property tax, including the private car tax; (2) poll taxes; (3) the inheritance tax; (4) the income

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