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Anderson again:
“'The continuation of hi^h ind.'vidual and corporate income .tax rates in the postwar period has made the complete exemption from Federal income taxes which is enjoyed by State and local government securities very valuable.
“A high corporate income tax rate has made corporations more inclined to borrow than to issue Stock, since interest payments are deductable for incotbe tax purposes, but dividend payments are not. Moreover, from the standpoint of the average small saver, Federal Insurance of bank deposits arid savings loan shares has practically eliminated 'any difference in risk between private savings and government bonds.”
“The problem of encouraging more long-term investors to buy and hold Treasury securities is also increased by the tendency among some investors to prefer stocks to fixed dollar obligations because of
53.9%