Show t L Taxation Reform l S I w CAN CAiN be taken for granted in view yiew of the criticisms freely offered from eve every every direction t at there the Js is something rac radically c lly wrong with t te e present pr present taxation law v. i The main point of attack as naturally might b be supposed is the provision for the collection of on excess profits which is a most complicated complicated c ted form of taxation and for this reason is d difficult and thereby costly in collection This f feature ture while important in itself is not of curse course the principal objection to the imposition c 01 of excess profits tax It is generally admitted the excess profits taxman tax I plan man was adopted purely as a war income scheme a aBd d one that was expected to be abolished with withe the e disappearance of the exigencies of the occa occa- sf sion ston n. n The enforcement of the provision created at train of circumstances which resulted in an in injury injury injury in- in jury to the entire industrial situation and without materially benefiting the government in a direct manner 1 One important effect of the abolishment of the excess profits tax would be to encourage owners of large fortunes to invest in homes and andoh oh oher r income property and thereby relieve the present deplorable shortage in houses that exists nr hr every section of the country It can readily b be understood that p people ople with large incomes prefer un under er existing conditions to inv invest st their money thoney in nontaxable securities rather than put it into it-into into new enterprises Big insurance companies which formerly inv invested in invested in- in v vested ted many millions of dollars in real estate I and thereby encouraged construction operations have withdrawn a a. great portion of th these so investments owing to the imposition of et excess ess profits and have purchased other securities securities ti ties including those of a nontaxable character H The necessity of a revision of the tax l laws ws af ad simplifying many of their complex pro provi provisions vi sW s is proved by th the fact Jad that owing to the I uncertainties that have been engendered millions of dollars in taxes imposed as early as 1917 remain unpaid id |