The unsatisfactory conditions relating to state and local taxation in this country continue to elicit protests from prominent business organizations. Between 1921 and 1923, U.S. Federal taxes have been reduced about a billion dollars, and should continue to decrease in the future by the steady retirements of Liberty Bonds from European debt payments. State and local taxation, however, presents a very different case. Lavish borrowing by the issuance of tax-exempt bonds has been the order of the day ever since the armistice. In 1919, state and local governments in this country borrowed $691,000,000;...
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