OCR Text |
Show "Tails I Win, Heads You Lose" ' Everyone, right down to those in the low income brackets, brac-kets, feels the tremendous burden of present-day taxation. Everyone kicks about it. But there is one phase of the tax problem which is given much less consideration than it deserves and that is what it is doing to the whole financial fi-nancial struction of the nation. Economic Intelligence, a publication of the Chamber of Commerce of the United States, dealt with this when it said, "Steeply progressive taxation has virtually dried up the sources of venture capital, so essential for launching launch-ing new enterprises. It has become more and more difficult for the exceptional man, the ambitious employee, the man with a new idea, to set himself up in his own business. bus-iness. And such activities have been the traditional well springs of our American way of life." Taxes now take close to one-third of the entire national na-tional income which means that, on the average, each of us works one day out of three for the government. In the higher income bracket, taxes take the majority of the income. Thus, if a man takes a chance, risks his time and money and energy, and succeeds, as much as 90 per cent of all he earns may go to government. If he fails, he must bear the loss himself. It is strictly a "tails I win, heads you lose," proposition. Nothing is more damaging to ambition, am-bition, incentive, progress. A nation can destroy itself from within and no weapon is more powerful than excessive taxation, along with flagrant waste and corruption in government. This is the dark road we have been traveling. A A A A A |