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

340 THE FISCAL PROBLEM IN MISSOURI relatively over taxed. The problem is largely a matter of intangible property escaping taxation under the general property tax. The Missouri income tax is predominantly an urban tax. For taxes of 1928 the per capita personal income tax levy in St. Louis City was $1.40. St. Louis City, St. Louis, Jackson, Buchanan, and Greene counties accounted for 89.9%, of the personal income taxes levied in the state, and in this group of counties the per capita levy was $1.34, an amount twice as large as for the state as a whole. An analysis of the com- bined personal and corporation tax levies leads to the follow- ing conclusions: (1) the per capita income taxes levied are larger in those counties that have a large urban population; (2) the poorer counties contribute almost negligible amounts to the receipts from this tax; (3) the corporation income taxes are paid largely by the comparatively few counties of the state in which the larger cities are located; and (4) when all of the counties in the state are considered, it appears that the Missouri income tax is largely an urban tax. In the absence of satisfactory data, no definite conclusions can be laid down in respect to the relative burden of taxes on corporations in Missouri and other states. In the calendar year 1928 the federal corporation income taxes collected in Missouri amounted to a little less than $34 million. Although the amount of federal income tax payments attributable to business done in Missouri cannot be accurately determined, this figure and the relatively higher urban tax rates on property afford reason for accepting the conclusion that “the business interests of Missouri, excluding farms, pay half or more of the total taxes.” National banks in Missouri are taxed on their real estate, and the shares are also assessed for the general property tax. In addition to these two taxes, banks chartered by the State pay a corporation franchise tax and are assessed for the income tax. The result is a discrimination against the state- chartered banks. Since state banks are ordinarilyin competi- tion with national banks, the two extra taxes cannot be shifted to customers, except possibly in unusual cases. Other things being equal, the extra taxes would result in smaller dividends or smaller total capital Liabilities.

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