Show THE bax TAX MENACE A GROWING CRISIS by FRANCIS H SISSON president nt american bankers association 0 danger economic or social more NO seriously menaces our life happiness and prosperity than the rising title ot of taxes which threaten to engulf as this Is not simply a problem ot of tho the depression it has been developing or many years growing more serious all the he time T the h e depression merely brought it to a climax unless drastic steps are taken to reverse this trend F H SISSON the problem will not end with the depression it will continue to weigh down and regald progress for or an indefinite period in city county state and nation the orgy of spending has hag run on it Is estimated that in the united states the total cost of alt all government Is nearly live fire times what it was wag before the he world war many blany localities have been brought to the verge of 0 bankruptcy by their expenditures while many have saddled their citizens with a debt burden that will darken their lives anti and hamper their progress for or years to come the total cost ot of federal state and local government in the united states Is estimated at forty six million dollars a day based on national income in 1930 this represents about one fifth the total income of 0 our people or about lor for every individual in the nation total taxes in 1931 are esti mated to have taken more than 22 per cent of 0 the national income it I 1 is occasion for serious thought on the part of everyone when one days income out of every four or five must be contributed to the maintenance of machinery reductions possible I 1 united states government expenditures were reduced one hundred slid and lorty forty million dollars during the first brit quarter of 0 the current fiscal year the recent action ot of bankers in calling a halt to unnecessary expenditures of new york city as prerequisite to loans will reduce the cost of government in the count rys metropolis which Is second in its expenditures to only the federal government no state stale in the union in fact act no other government on oil this hemisphere spends halt half as much as this one city these savings in federal and municipal costs are only the beginning of a movement needed throughout the country it w we are to be ba led out of 0 depression in into to prosperity unless the people can be made to realize that money for gove governmental ro mental expenditure can come only fram their own pockets as taxpayers casting d depressing effects on both individual effort and general business there la Is ao an imminent threat that we may be forced to meet economic difficulties similar to those that have so seriously handicapped other countries the question Is not primarily one of merely paring government salaries or shaving budgets but rather of 0 curtailing government ment activities tor for which ve e cannot afford to pay the idea that money for or these mounting extravagances can be raised by following the slogan soak the rich Is utterly fallacious tor for such a policy will simply exterminate the rich and eliminate sources of revenue re rever verue us it Is also important to realize that corporate business in this country Is la it no DO position to withstand the effects ot of indefinite advances in tax rates current earning reports reveal blat tact fact beyond shadow ot of doubt the tax base must be brOdd broadened ened and it therefore seems likely that congress will be called upon to reconsider the sales tax at least as a temporary measure to help meet a critical condition in the nations finance |