GENERAL SUMMARY 
339 
expenditures for capital purposes recommended by the State 
Survey Commission are taken as the basis for the discussion 
of this problem. The total expenditures for capital outlays 
and extraordinary repairs, as recommended by the Commis- 
sion for a ten-year period, amount to $39,615,000. The 
principal amounts included in this total are for buildings at 
penal, eleemosynary,and educational institutions. Smaller 
amounts are included for public school buildings, a state 
office building, and a new governor’s mansion. In view of the 
very small capital expenditures for other than highway pur- 
poses in recent years, there is little doubt that a large part of 
the total is in the nature of an accumulated deficiency. This 
conclusion is substantiated by the several reports of the 
State Survey Commission. 
A large part of the capital expenditures of the state in the 
immediate future will be for buildings that have long been 
needed by the penal and eleemosynary institutions. If these 
expenditures were to be met entirely out of currentrevenues, 
there would undoubtedly be further delay in providing the 
buildings that are badly needed at the present time. The 
same applies to certain buildings that are needed at the state 
educational institutions. It seems clear that a pay-as-you- 
go policy is not applicable as a method of financing such 
capital requirements as are in the nature of an accumulated 
deficiency, and serious consideration should be given to a 
bond issue as a means of eliminating the present deficiency. 
ProsLEMs oF Tax BURDEN 
Problems of tax burden considered in this study include (1) 
the burden on tangible and intangible property; (2) the 
burden of the Missouri income tax, with specific reference to 
the urban nature of the tax; (3) the tax burden on corpora- 
tions; (4) the burden on state and national banks; (5) the 
burden of motor vehicle taxation. 
Although it is usually contended that tangible property, 
particularly real estate, bears a disproportionate share of the 
state and local tax burden and that intangible property is 
paying less than its fair share, it appears that intangibles 
which are actually reached under the general property tax are