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Show CUT DOWN THE TAX. One of the first acta of the new congress t" be elected this fall isH should be the amending of the income ami eXCCSS profits tax law. An Icasteru paper shows that for the year ended June 30, 1919, the income in-come and excess profits taxes were (2,600,000,000 and from all internal in-ternal revenue sources (3,840,000,000. For t i year ended June :!. V20. excess profits and income taxi s were $3,1'"7.0U0,UUI) and from all internal revenue sources (5,408,000,000, r an increase of (1.35G 000,000. This is viewed as excessive, in facl Secretary of the Treasury Treas-ury Carter i;la made this recommendation in his annual report-"it report-"it encourages wasteful expenditure, puts a premium on overcapitalization over-capitalization ami a penalt) on brains, energj ami enterprise, dis-COurages dis-COurages new ventures and confirms old ventures in their monopolies Jn many instances ii acts as a consumption tax. is added t the cost Of production upon which profits are figured in determining price and will, so long as it is maintained upon the statute bonk- . on linue to be a material factor in the increased cost of living . " "Such being the evil effects of the excess profile tax, a greatly increased collci tiuu of revenue therefrom should reflect a greatly i enlarged and intensified operation of the evil effects." says the New York World ' And the record for the pasi yeaJ up to June 30 last of credit inflation, overcapitalisation, price-lifting profiteering and monopolistic manipulations of commodity markets susiains tin-conclusion, tin-conclusion, The government got its increased revenue, but at whai vastly greater cost to the masses of the American people |