Show I GOVERNMENTAL SPENDING HELD NO TRADE BAR Chamber Governors Express Views Vie in Referendum Denial that the combined federal state and local government expenditures expenditures expendi expendi- tures demand so mu much h of the national na na- na- na donal income as to discourage busness busIness busi bus business ness threaten the sc security of wages and savings and retard employment was recorded in a vote by the chamber chamber cham chain ber her of f commerce board of governors Monday This action was action was taken as the governors governors gov gov- voted on a 17 question 17 referendum referendum ref ref referendum submitted to its membership membership membership member member- ship by the United States chamber of commerce After overruling a motion that the referendum be disregarded as partisan in nature the board members mem mem- bers voted bers' voted on 15 questions but declined de de- de- de cl dined ned to consider the other two Vote rOtO Declined The questions on which a vote was declined were 1 Should the fiscal plan In Include include in- in clude elude provision that after the budget is balanced expenditures be decreased at the earliest practicable practicable date date in order to reduce 5 taxes 2 Sho Should ld the federal estate tax be bc repealed repealed- and inheritance taXeS takes be avoided in order that these rev revenue nue sources be left to the several states The chamber board voted in favor of so coordinating the federal fiscal I policy to insure a balanced budget wI without out Increased taxes They voled also that use of the federal taxing power primarily to c compel states or individuals to conform to social ocial or c economic readjustments wit with revenue revenue only incidental is contrary contrary contrary con con- to sound Iou d public policy Urge Discontinuance They also urged discontinuance of oC federal expenditures that would extend extend ex ex- ex tend government activities that compete compete- with private business Federal revenue policies the board members voted voted- should protect protect pro pro- the established tax revenue sources of the states and th their ir sub lub- divisions Warning Yarning that mounting tax rates tes may tend to destroy inc incentive to invest funds in private te enterprise and thereby diminIsh I the fund funds on which the government must rely for future revenue was was was' sounded b by bythe bythe th the board members A substantial portion of federal revenues rc should be raised by excise excie taxes at low rates on articles articles' not of oC first necessity they suggested Favor or Tax Clum Changes The board voted in favor of placIng placing ing federal tax collecting on a strict civil service basis ot of maintaining the board of oC tax appeals of disregarding garding capital gains and capital losses for income tax purposes of repealing the capital stock and ex excess excess ex- ex cess eess profit taxes on corpor corporations tion and of determining ning income for tax purposes to conform wIth actual income as identified with approved business accounting practices The board voted also that no tax liability or penalty should attach to the reorganization of corporate structures undertaken for business purposes and favored a applying pl ing t tat tax tac at a flat rate on earnings of ofa a. a corporate corporate cor car enterprise Irre irrespective of its size or whether it i is composed of one corporation or a agro gro group p p. |