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Show the tax mm A GM6 GBISSS By FRANCIS H. SISSON President American Bankers Association NO danger, economic or social, more seriously menaces our life, happiness and prosperity than 4 f fbuHtfiM.H&t'- V. H. SISSON the rising tide of taxes which threaten to en gulf us. This Is not simply a prohlem of the depression. It has been developing de-veloping for many years, growing more serious all the time. The depression de-pression merely mere-ly brought it to a climax. Unless drastic steps are taken to reverse re-verse this trend the problem will not end with the i epression. It will continue to weigh down and retard progress for -n indefinite period. In city, county, state and nation the orgy of spending has run on. It is estimated that In the United States the total cost of all government govern-ment is nearly five times what it was before the World War. Many localities have 'ieen brought to the verge of bankruptcy by their expenditures, ex-penditures, while many have saddled sad-dled thoir citizens with a debt burden bur-den that will darken their lives and hamper their progress for years. The total cost of Federal, state and local government in the United States is estimated at forty-six million mil-lion dollars a day. Based ou national na-tional income in 1930, this represents repre-sents about one-fifth the total income in-come of our people, or about $110 for every individual In the nation. Total taxes In 1931 are estimated to have taken more than 22 per cent of the national Income. It is occasion occa-sion for serious thought on the part of everyone when one day's income in-come out of every tour or five must be contributed to the maintenance of government machinery. United States tiovernment expenditures ex-penditures were reduced one hundred hun-dred and forty million dollars during dur-ing the first quarter of the current fiscal year. The recent action or bankers in calling a halt to unnecessary un-necessary expenditures of New York City as prerequisite to loans will reduce the cost of government in the country's metropolis, which is, second in its expenditures to only the Federal Government. No state in the Union, in fact, no other government on this hemisphere, spends half as much as this one city. These savings in Federal and municipal mu-nicipal costs are only the beginning of a movement needed throughout the country, if we are to be led out of depression tn'-j prosperity. Unless the people can ba made to realize that money for governmental governmen-tal expenditure can come only from their own pockets as taxpayers, casting depressing effects on both Individual effort and general business, busi-ness, there is an imminent threat that we may be forced to meet economic difficulties similar to those that have so seriously handicapped handi-capped other countries. The idea that money for these mounting extravagances can be raised by following the slogan "Soak the Rich" is utterly fallacious, for such a policy will simply exterminate extermi-nate "the rich" and eliminate sources of revenue. It is also important impor-tant to realize that corporate business busi-ness in this country is in no position posi-tion to withstand the effects of indefinite advances in tax rates. Current earning reports reveal that fact beyond shadow of doubt. The tax base must be broadened, and it therefore seems likely that Congress will be called upon to reconsider the sales tax. |