Show 1 SEEKS CUT COT CUTI r OF BILLION IN INu INI I I FEDERAL TAX Jurden u So G Great t Business is Is Injured Says Former Secreta Secretary y WASHINGTON WASHINGTON March 5 An S.-An An im- im reduction In 1 fed- fed Si taxes was vas su suggested ed In a state- state tnt ent issued here by William 0 3 G. Mcdo Mc- Mc doo do former secretary of the treas- treas ri nt The present tax burden is too eat real he said and Is having an In- In unous uriouS effect on business air lr McAdoo proposed that collection of a tax to establish a sinking fund retirement of the war debt which nas 9 recommended by former Secre- Secre ary ry ry Glass to begin with the fiscal ear 1920 be postponed for two years nd md that the def deferred payments of European interest be funded until Eul Eu- Eu l oP ope is in position to pay Its interest 1 harges Y ECONOMY The financial policies of the nation atlon s embodied In future congressional e eg said Mr Ir McAdoo should I alize the utmost economy in t dituro and might well fund in long term b bonds per annum t o on two years jears of the amount now raised by taxation i I under Tender the laws a tax to establish G a 1 l' l per cent sinking fund to retire now outstanding Is to be toll collected col tol- l beginning with the fiscal year This might well be postponed least two years and thus reduce the tax burden by an- an an- an n- n There too is the tho debt which I Europe owes us and which now amounts mounts to about If the Uneconomic economic restoration of Europe had proceeded far enough so that Europe Europe Eu Eu- rope pe could now pay Interest on this d debt bt as she Bhe will be ab able to within a afew few years we should have an income I from this source But that Is not now available Why hy not t Fund that amount against the day when it will wm come back to us By postponing for two years ears the establishment of a a. sinking fund and fund- fund n the deferred payments of European European European Euro Euro- interest we should cover of the billion dollars by which h might be reduced CT P BOND RETIREMENT j By discontinuing purchases of Liberty Lib Lib- erty lerty oer y bonds for tor retirement under provisions provisions provisions provi provi- of e existing law the treasury would be relieved of a large burden now no reflected In the floating debt and which otherwise will have to be made up by taxation It would seem that reduction of our tax bill for the next years ears in this manner could be ac- ac and that It would Involve theT het Issuance e of additional bonds to he extent of probably not more than AX X BURDEN TOO GREAT iI I trust that the ways and means ommittee of the house of iv Ives s In which all tax lax measures must course ourse originate will consider this In Its broad relations to our oc economic welfare The Im- Im burden of taxation Is too eat t. t It Is having an injurious ef- ef ct on business It Is a contributing actor of large proportions In the high I living Its lt inevitable tendency I Ito to stifle stine new enterprise and to rattle initiative It Is bot both unscientific and inequitable In Jn view of the decline In our export rt trade rade with the inevitable reduction in Ine volume e of business inthe in the country will become become- doubly Important to vise and to reduce taxation in order may not have to carry tax burden throughout period Is period o of readjustment |