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Show Not Time to Reduce Taxes A moderate cut for most income in-come taxpayers is predicted as a result of the end of the war against Japan and the suggestion is made that the excess profits tax on corporations will be promptly elminated. The reader should not lose sight of the fact that Congress has already relieved corporations of around $6,000,000,000 in connection con-nection with excess profits. This action was taken despite the continuance of the war with Japan, an expected deficit of $40,000,000,000 for the present fiscal year and the apparent fact that the corporatoins of the nation, na-tion, making huge profits out of war-in-spired prosperity, are able to pay their taxes. It will not be popular, but nevertheless, there is little immediate im-mediate necessity for great reduction re-duction in taxes. There is every prospect that busrness will enjoy a considerable prosperity for two or three years. If this is correct, the Government should not hesitate hesi-tate to tax profits heavily and to retain high income rates in order to make a start in reducing the public debt. In connection with taxation, it is wise for governments to collect heavy taxes during years of pros- perity in order to be able, if a depression occurs, to give taxpayers tax-payers positive relief. Cutting down taxes in prosperous years means little to the majority of taxpayers, but cutting them down in the midst of a depression will mean a great deal to everybody. The fiscal prospect of the U-nted U-nted States Government is not very reassuring. With a national debt of amazing proportions and with the apparent necessity of spending public funds to guarantee guaran-tee full employment, the Government Govern-ment will need all the money that it can get. The time for getting get-ting the money is when the people peo-ple have it and that time is still at hand. |