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Show I.KSS INCOME MORE TAXES. A chart in the New York Times pre'en's a vivid picture of the ad-,. ad-,. i e effects of rising taxat'on on our national spending power. It shows that in 1929, the nation's taconw was $81,000,000,000. The cost of operating all units of government ma $13,000,000,000. The cost of interest in-terest on government obligations was 7,000,000,000. As a result, government govern-ment took $21,000,000,00024 per cent of our income leaving $61,000,-0 $61,000,-0 0,000 for us to spend. In 1934, the national income had droppe.-i to $60,000,000,000, including money borrowed by government which nust be repa'd in the years to corr.e. The operating cost of government govern-ment was $15,500,000,000, and interest inter-est charges on government obligations obliga-tions were $5,000,000,000. This total, $20,50 ,000,000, amounted to 34 per cent of our national income and left us with $39,500,000,000 to spend for the products and serv'ces which make jobs and payrolls, and keep our farms and factories going. To sum up, the reservoir of income in-come actually available to our citizens citi-zens shrank from $61,000,000,000 to $39,500,000,000 in four years while the cost of government rose $2,500,-000,000. $2,500,-000,000. Dur'ng depression every industry and every individual has been forced to retrench, in order to make outgo balance income. Government has pursued pur-sued a diametrically opposed course it has raised its expenses during years when the national income was steadily going down. Here is one reason why the country coun-try finds the road to recovery so hard. Billions of dollars that would otherwise other-wise be used for productive purposes are going- ino public treasuries and vast government borrowings make the outlook for future tax relief dark. These are facts that political efforts to minimize the tax problem cannot hide. |