156 THE FISCAL PROBLEM IN MISSOURI 
information that he desires, even with the utmost effort. 
Property cannot be readily assessed unless it is visible, and 
intangibles, with the exception of bank stock, which can be 
readily valued because of the publicity given to bank state- 
ments, do not fall within this category. The taxpayers in 
Missouri who do not report all of their intangibles are in the 
great majority, and it is highly probable that a large propor- 
tion of those owning taxable intangibles do not report any 
part of such property. 
Another important factor is the confiscatory aspect of 
general property tax rates when applied to income from in- 
tangibles. Joplin, for example, has a total tax rate on city 
property of approximately $4.00 per $100 of valuation. 
Assume that a resident of this city owns a taxable security 
yielding a return of 6%. If this security is returned for 
taxation, the taxes will amount to two thirds of the income, 
provided that it is assessed at full value. It is true that 
other forms of property are not assessed at full value, but 
nevertheless there is the legal right to assess the security at 
full value if it is returned. Under the circumstances it is not 
surprising that such a security is not returned for taxation. 
Considering the confiscatory aspect of the rates, it is remark- 
able that the volume of intangibles returned for taxation is 
so large as it is. 
Another element of the problem involves the question of 
fractional assessments. Missouri assessors probably would 
be the first to admit that real estate assessments are not on a 
1009, basis. It requires, however, considerable imagination 
on the part of the assessor to value a dollar at less than a 
dollar. It is perhaps natural that intangibles reached for 
taxation should be assessed at a higher percentage of true 
value than is tangible property. 
A large amount of livestock in Missouri escapes taxation. 
In many cases it is doubtful if the assessor is able to make an 
accurate count. For example, if, when the assessor calls at 
a farm, cattle are at pasture a considerable distance from 
the farm buildings and cannot be seen without considerable 
delay, the easiest way is to accept the owner’s statement 
concerning the number and value of the cattle. The assessor 
receives a relatively small stipend per name on the assess-