The Fight Against Mortgage Taxes
The Chamber of Commerce warns that taxing mortgages will drive away capital and hurt economic development.
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The Chamber of Commerce has made a vigorous and timely protest against the enactment of the proposed mortgage tax law by the legislature. The taxation of mortgages has had a fair trial in Oregon, where the law has just been repealed upon the sound ground that such taxation keeps foreign capital out of the state, gives the local money loaner a monopoly, creates a tight money market and increases the actual rate of interest. The foreign capitalist declined to send his money into Oregon; the local money lender added the amount of the tax to his interest in the form of a bonus or commission, thus making the borrower pay it, or he sent his money into the state of Washington to lend. Under the circumstances productive enterprises suffer for want of cheap and abundant money, and a yoke is placed on the neck of state development and prosperity.
“Under the circumstances productive enterprises suffer for want of cheap and abundant money, and a yoke is placed on the neck of state development and prosperity.”
Concerns about capital flight and the impact of tax policy on real estate and housing accessibility are enduring themes in Washington politics, mirroring modern debates about tax reform and market growth.
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