National Conference on Taxation (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1901. Excerpt: ... form prescribed by the State, and audited by State authority. If there should be any profit in excess of the legal limit it can be absorbed in whole or in part by a graded tax on gross receipts." THE SOLUTION OF THE PROBLEM. The franchise question, The rate of charge question, The discrimination and secret rebate question, The capitalization question, The taxation question, all have an identical solution. This solution affects the interests of every person engaged in agriculture, mining, manufacturing and commerce; it is in the direct interest and should have the undivided support of the whole people. It will fix rates as low as they can be maintained and provide a good service on a self-sustaining basis. It will make discriminations and secret rebates impossible. It will permit the earning of interest and a reasonable profit on an actual investment only. It will enable the people to know the true cost of service and to determine their own policy regarding taxation. If they relinquish all taxation they will be compensated by better service or lower prices, or both. If they wish to tax net income, gross income, or the value of the investment it will furnish the facts upon which such action can be based intelligently. It is as easy to solve the entire problem as it is to solve any one of its branches. In fact, none of the branches of the problem can be correctly solved except through the solution of all of them. In view of these facts I affirm: 1. That public service corporations are the agents of the public engaged in transacting a public business. 2. That all of their accounts, necessary for the determination of the true and entire costs of the services rendered by them, should be kept as public accounts in form prescribed by State or national authority, ...