ILLINOIS: $4,500,000,000 Found

In 1935 when Congress amended the 1934 Revenue Act, a provision was included permitting local governments to inspect Federal income tax returns. To Cook County, Illinois' Assessor John S. Clark the provision seemed to offer interesting possibilities. Like many other local tax units, Cook County levies a tax on tangible and intangible personal property. The $495,000,000 at which Chicagoans' total personal property was assessed seemed to Mr. Clark considerably too low. He saw a chance to reckon the true value of their intangible personal property—mostly stocks and bonds—by checking on the...

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