Author: U. S. Committee on Banking and Currency

Publisher: Forgotten Books

Published: 2017-12

Total Pages: 144

ISBN-13: 9780265614709

Excerpt from Exemption of Joint Stock Land Bank Bonds From Taxation: Hearings Before the Committee on Banking and Currency, United States Senate, Sixty-Sixth Congress, Second Session on S. 3109, a Bill to Amend Section 26 of the Act Approved July 17, 1916, Known as the Federal Farm Loan Act, January 10, 12 and 13, 1920 The occasion of our being here, as, of course, you all know, was the introduction of Senate bill 3109, and report of your committee, No. 317, thereon. I have this report before me, and wish to say, first, that it admirably condenses the reasons usually given against tax exemptions in general, and those in the joint stock land banks in particular. It very succinctly states those reasons. It seems that the process of reasoning by which your committee reached its conclusion must have been somewhat along this line: That tax ex emptions were wrong in principle; that there was a great public need for revenue, and that as many sources as possible from which revenue could be taken were to be sought; that here was a corpora tion created by Congress and iven certain privileges, among them the tax exemption on bonds; tfiat, operating under those privileges, this corporation, chartered by Congress, had earned such excessive profits that the privilege of tax exemption could be taken away and still the corporation permitted to live and succeed in business. That, I say, appears to be the process Of reasoning followed, and the statements here, including the tabulated statement on the back of your report, go to show that. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.