Show Skimmed Milk l Starves Business Taxes are arc high high exorbitantly exorbitantly high high now And if some public officials have their way they willbe will willbe willbe be higher in the future I the 1 he case of New York is one in point It is proposed that a gross receipts tax and a municipal in income income income in- in come tax be levied on all aU business in the metropolis The latter would be fixed at 15 per cent of the tax paid the federal govern govern- ment City officials justify their demands demands demands de de- de- de mands on the grounds that the city's income is no longer equal to its outgo No one knows what will ill happen to New York business if these new proposals go through- through but it takes no seer to forecast that the effects will be adverse that businesses will retrench or move away that people will lose their jobs that Investment income will vill drop or disappear that New NewYork NewYork NewYork York will find that hard times can become still harder One does not have to be an alarmist alarmist alarmist a- a to say that present tax policies which extend through ev ev- v- v ery cry form of government are driving ing ng us slowly but inexorably to toward toward toward to- to ward national bankruptcy During During Dur- Dur ing ng years In which national income income in in- come como has dropped the cost of local government local to national national- has las ste steadily risen Depression has spurred the growth of bureaucracy bureaucracy bureaucracy bureau bureau- cracy the extension of political and official spending It is high time that public officials officials officials of of- reverse their thinking process process process pro pro- cess and figure it out not how income may be increased to meet expenditures but how expenditures expenditures expenditures expendi expendi- tures can be kept within the bounds of reasonable tax income We cannot nourish employ employ- sustaining ment-sustaining industry if we allow alow al al- low ow w politics to fatten on the cream and leave business only skimmed milk Industrial News Review |