Salt Lake Telegram | 1932-12-29 | Page 4 | A Moral for Tax-Makers

E A MORAL lORAL FOR TAX MAKERS THE THE HE federal government enters 1933 with a ai i deficit of approximately six ore months to go before the fiscal year is ended and 2nd recent figures showing Uncle Sams Sam's red ink entry try mounting at thc the rate of more than at da day Total receipts for the fiscal year car through December Dember De De- c cember 15 says a treasury report were vere as against expenditures of Despite a small gain over the preceding month November revenues from the nuisance ta taxes es enacted acted last summer totaled only as against estimated average monthly receipts of For the first five months of the present fiscal fisl fis us- cal l year despite year despite the new taxes and the in increases in- in creases s made in old oid ones Uncle ones Uncle Sams Sam's internal revenue revenue collections showed a big decrease as compared j with the year before The moral for tax-makers tax not only in Washington Washington Wash Wash- j ington but in state legislatures and other bodies s seems ems to be that increased taxes do not always produce increased r revenues ve Beyond a certain point which point which is greatly reduced by existing economic eco eco- conditions the conditions the law of diminishing returns applies p All AU of which emphasizes the importance of e economy the onomy-the the curbing of waste and extravagance as as a major factor in the problem o of balancing governmental budgets under present conditions