I
THE INCOME TAX _Pages 43 to 60_
II
RETURN UPON TAXABLE AND TAX-EXEMPT SECURITIES _Pages 61 to 70_
_War Taxation_
The recent publication of a little pamphlet entitled "Some Comments on
War Taxation" elicited numerous interesting comments by the readers.
The points to which these comments mainly related were the statements
contained in the pamphlet that:
_First._ If our neighbor Canada continues her present policy of not
taxing incomes, or if she imposes only a moderate tax while rates of
income taxation in America are fixed at oppressively and unnecessarily
high rates, there can be little question that the ultimate result will
be an outflow of capital to Canada, and that men of enterprise will
seek that country.
_Second._ Moneyed men not having their capital engaged in active
business, if they are so constituted that their consciences permit them
to evade their share of monetary sacrifice, can put their funds into
tax-exempt securities.
In reference to the foregoing points, I have written two letters in
answer to correspondents. These letters contain an elaboration of
certain arguments and viewpoints set forth in the original article on
War Taxation and also refer to some additional phases of the subject.
Those who have done me the honor of perusing that article may possibly
be interested in reading these letters.
In order that they may be presented as a part of the argument as a
whole, the original article with a few additions and slight revisions
is printed in the first part of this pamphlet, followed by the letters.