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.

3 30 gE 3 ; @ 5 — ¥ § iz 3 3 3 A Q he wm ny > \) vy) 4)! > on ? i ND -— wh 0 wt ~~ } c <Q © I =] <D ] = N So rd i: 0 ni i SOURCES OF ADDITIONAL REVENUE 309 general property tax. Although an analysis of the results obtained in a number of states might be valuable, it would have very little significance in the present study, for the reason that Missouri has a state income tax and the adoption of a low-rate tax on intangibles by a state that levies an in- come tax would be of doubtful advantage. However, the experience of a neighboring state may be summarized. In 1925! low-rate taxes were applied to money, credits, and real estate mortgages in Kansas, but were recently abandoned.? The results obtained have been appraised by J. P. Jensen as follows: “The low rate taxes on intangibles have not so far been signally successful from a fiscal point of view. They have produced something like two thirds of the revenue produced by the general property tax on intangibles. This too meagre result has been fostered by the hostility or apathy of many county assessors and still more deputies, and by the opposition of many taxpayers who believe or affect to believe that all property, whether tangible or intangible, is alike for purposes of taxation. As a result some owners of tangible property who own no taxed intangibles have had to pay higher taxes, where the assessment of intangibles has been ineffective. Thelow rate taxeshave also been the occasion for the present impasse in bank taxation, though bankers were complaining of excessive taxation before the advent of the low rate taxes; and the conflict would have appeared anyway though perhaps in different form.” In short, the low-rate taxation of intangibles in Kansas was not successful either from a fiscal or from an administra- tive standpoint, and it further complicated the question of bank taxation. Kansas endeavored to continue the taxation of national banks by means of a tax on the value of the shares, but, in accordance with the competing moneyed capital concept, it would seem that they were not legally taxable at a rate higher than five mills. The impasse in bank taxation was one of the principal reasons for the abandon- ment of the low-rate tax on intangibles in that state. The 0 va >> wl oO 0 4 1 The law was modified in 1927. A secured debts classification was added, and the rate on money and credits was increased. 2 The mortgage registration tax was continued. 8 Jensen, J. P., The Kansas Tax on Intangibles, Lawrence, Kan., 1928, pp. 62, f. 3 2 wm 8g » oo on + 0 0 A 3 mo 0

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