No  one  with  his  eyes  open  is  going  to  invest  money  in  mining,  in
states  like  Idaho,  where  the  initial  investment  is  so  great,  where  the
returns  are  so  far  in  the  future,  and  where  the  hazards  are  so  great,
and  take  a  chance  on  the  entire  profits,  or  a  great  portion  thereof  at
least  being  taken  from  him.  I  believe,  that  the  tax  officials  in  my
state,  who  have  given  this  matter  consideration,  agree  that  under  our
net  profits  tax  law  the  mining  industry  is  bearing  its  full  share  of
the  load.
In  our  state  the  lands  and  mining  claims  are  assessed  on  the  ad
valorem  basis,  the  land  itself  being  assessed  at  the  price  paid  the
government  therefore;  all  machinery  and  equipment  improvements  are
assessed  at  full  cash  value,  and  then  the  annual  net  proceeds  are
taken  as  an  additional  assessment  value,  for  purposes  of  taxation.
