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Forum » Programming » Visual Basic » revenue of not less than (revenue of not less than)
revenue of not less than
ssyereDate: Friday, 2013-05-31, 11:17 PM | Message # 1
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revenue of not less than
 , or more than , from this source. At the present time it is believed that very few corporation bonds, and practically no municipal bonds, are returned for taxation in the Commonwealth; so that the revenue estimated above would be secured from property which now contributes substantially nothing.In this connection a word should be said concerning the taxation of municipal bonds. The commission has elsewhere recommended that the Legislature exempt future issues of municipal bonds from taxation. If this is done, the bill would apply only to outstanding issues, which no one proposes to exempt from taxation, and the revenue derived from the -mill tax upon municipal bonds would gradually disappear as these issues mature. Any loss at this point would be more than made up by the increase in the yield of the tax from the bonds of Massachusetts corporations. With the tax reduced tomills, a larger market would be created in Massachusetts for the bonds of domestic corporations, and the revenue would steadily increase.In drafting the bill, the "commission found some difficulty in deciding whether the tax on intangible property should be left as a local tax or should be made a State tax, the proceeds of which would be distributed in some equitable proportion among the several cities and towns. In favor of the proposal that the tax should be a State tax, it was urged that intangible property has been concentrated in a small number of towns largely by the operation of our tax laws, and that it is not just that these localities should enjoy the whole revenue from property now found within their borders. On the other hand, it was argued that the effect of a uniform rate coupled with a uniform enforcement of the law would be to distribute this property in a more equitable manner, so that matters would gradally right themselves, even if the tax were made a local tax, as at present. The commission inclines to the latter view, but if experience shows that the uniform rate does not go to the root of the difficulty, it will be possible for the Legislature to take such further action as the situation may require.The commission finds that fear is entertained that the proposed change in the tax on intangible property will aff[ <b>Michael Kors</b>]ect the market for shares in the capital stock of domestic corporations. Such shares are exempt from taxation in the hands of the investor, since the property they represent is fully taxed under our laws for taxing corporate franchises. This fact has induced trustees and other investors to purchase large amo[ <b>Michael Kors Outlet</b>]unts of the shares of our publicservice corporations, in preference to other securities liable to local taxation. The commission believes that this fear is not without justification, although opinions differ concerning the extent to which investments would be affected by the measure proposed. If the advantage in the holding of shares of domestic corporations over the holding of bonds or the shares of foreign corporations is materially lessened, the result might be to make it difficult for companies to raise the money necessary for the proper development of our transportation facilities and other public utilities. The obvious remedy for such a difficulty is to impose less severe conditions.on the issue of new stock by public-service corporations, so that shares may be issued upon terms that will attract purchasers. Massachusetts investors have a natural preference for the securities of our own corporations, and this preference would be sufficient to insure such companies all needed capital, if stock could be issued upon equally favorable terms. This is a question which, in the judgment of the commission, will demand consideration before long, irrespective of changesin the tax laws of the Commonwealth. It is, however, intimately connected with the question of taxation; and we are of the opinion that, if the -mill tax is to become a law, such changes should at the same time be made in the law relating to public-service corporations as will permit the issue of capital stock upon
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Forum » Programming » Visual Basic » revenue of not less than (revenue of not less than)
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