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Show High Tax Seen Business Bar WASHINGTON, Nov. 1 WV Eric Johnston urged congress Wednesday to remedy what ha termed the "hamstringing" effects of the high taxes and scarcity of risk capital on buslnees expansion. Johnston, president of the Motion Mo-tion Picture Association of America, Amer-ica, waa a wltnea before a house judiciary aubcommlttae Investigating Investigat-ing monopoly power In business. To get business and partlcu-larly partlcu-larly amall business out of th "atalemste" in which It now finds Itself, Johnston proposed: 1. Revision of the federal tax laws to provide a system of graduated gradu-ated Incentive taxes. Johnston aid this would enable email business busi-ness men to put a part of their profit back into business expansion. expan-sion. H coupled this with th suggestion that taxes be levied on average earning over a period of yeara instead of on peak earning in good yeara. . 1. Cooperation by federal and private lending agencies to make operating capital and investment money more readily available to small business. "For example, I should Ilk to aaa the federal ae system au-thonzed, au-thonzed, in a sharing partnership with private banks, to make long-term long-term loans to buslnei especially mall business," he told the committee. com-mittee. Johnston aaid while amall busl-neaa busl-neaa la the "heart and core" of the economic system, anyone la "Incredibly "In-credibly naive If he believe big business could be abolished without with-out smashing up the whole economy." |