Show la A Tax Handcuff An editorial in n magazine published hy by byone one of our oil companies says that proposed proposed new taxes on time tho oil industry would have havo the tho following cumulative effect I impede economic growth tn- tn creaso unemployment o the tho economy reduce tax revenues ill it more than 30 o producing oil states and weaken the security or of America mill amid of the entire free world The immediate effect I would be to increase by millions of dollars the tux tax burden of an industry already paying at least its share allUre s would raise the petroleum industry's total domestic tux tax load loal bly above the tho average for all ull an inequity that almost certainly would lead leall to a shrinkage ill in inthis this nations nation's vital reserves because it would discourage the tho taking risk that is isn n an integral part of oil production fhe ho proposals would and affect adversely nf- nf both overseas and domestic operations of the US oil industry They would affect production from existing wells along with the search for new wells They would on an industry which must take extremely heavy risks a 11 tax burden greater than thun that borne by tries ill in which the tho 1 risk ik element clement is far farless farless I less M And they thoy would do this to nn an industry which is absolutely vital to the American merican economy mold mal to American security and to un mm industry on which u a great part of Americas America's economic strength power and prestige depends That dependency dency has been compounded e by the Soviet Unions Union's oil offe offensive sivo against the Vest which will require every overy conceivable effort by time the West if it is iF to be suc- suc successfully r met mId the West Vest is able to meet it or not will have a profound effect Oil on our standing in the cold war Hero is one tux tax program this nation cannot con con- conceivable afford |