Proceedings of the Annual Conference on Taxation Held Under the Auspices of the National Tax Association-Tax Institute of America Volume 13, PT. 1920 (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. 1921 Excerpt: ...of Business, Columbia University Every thoughtful student of taxation will agree that the preservation of the integrity of the federal income tax is of fundamental importance at this time of strain in our national finances. Most students will also agree that in our states the hope for rational tax reform depends largely upon the complete and accurate assessment of personal and business incomes. Any proposal which threatens to weaken the income tax must be subjected to the closest scrutiny. The results would be most serious and far-reaching. Yet such a proposal is now made in the form of a plan to exempt from federal and state income taxation the interest from real estate mortgages. This proposal deserves the serious consideration of all who are truly interested in our fiscal welfare. The attack is insidious and indirect. It appears as a proposal to solve the housing problem, 'just now the occasion of acute distress, particularly in New York and other large cities. Bills tocarry it into effect have been introduced in Congress 1 and in the New York state legislature.2 Both the party platforms in New York contain planks approving the project. Its precise form varies. In the bills the proposal is to exempt from income taxation the interest received on not more than $40,000 of real estate mortgages. That limitation has been discarded in the planks of the political platforms and they declare for total exemption of all mortgages on all kinds of buildings for any amount, the only re 1 The Calder-McLaughlin Bill, S. 2094. 2 The Lock wood-McWhinney Bill in New York; Senate Int. 17. A Bill introduced at the special session of the New York Legislature which met late in September, 1920, failed of passage and it is believed that the issue is now settled so far as New Yor...