OCR Text |
Show I THE PRESIDENT UPON REVENUE LEGISLATION Only fair, equitably distributed taxation tax-ation of the widest incidence and drawing chiefly from the "sources which would be likely to demoralize credit by their very abundance can prevent inflation and keep our indus-f indus-f trial system free of speculation and j wasta. We shall naturally turn, i therefore, I suppose, to war profits I and incomes and luxuries for the ad-j ad-j ditional taxes. But the war profits and incomes upon which the increased taxes will be levied will be the profits and Incomes In-comes of the calendar year 1918. It would be manifestly unifalr to wait until the early months of 1919 to say what they are to be. It might be difficult, dif-ficult, 1 should imagine, to run the mill with water that had already gon over the wheel. Moreover, taxes of that sort will not be paid until the June of next year, and the Treasury must anticipate antici-pate them. From the President's Ad dress to Congress. |