OCR Text |
Show THE AMERICAN WAyI TAXES MUST fc$l BE CUT JStS Bv Gears peckmJLhilx.LX Historical records show that no nation can long endure ;md be prosperous and free, when taxes take as high as 25 of the national income. In view of this, let's examine the lax take in America todiy. As of the present time, our Federal, Fed-eral, Slate and local governments are collecting around 56 billion dollars annually in taxes of all kinds, or approximately 30 of the estimated 1947 national income in-come (180 billion to 195 billion). Before the Second World War, our Stale and local governments collected in taxes about twice as much , as did our Federal Government. Gov-ernment. Now, in the third year of peace, our Federal Government Govern-ment is collecting taxes in an amount about four times as high as the taxes collected by all our Slate and local governments, that is, for fiscal 1947 close to 45 billion dollars, as compared with around 11 billion dollars I prior to the war. Federal tax rates and collections collec-tions arc holding up stubbornly. A Presidential veto frustrated the 80th Congress in its attmcpt to effect some remedy. There seems to be little hope of reducing reduc-ing Slate and local government taxes for the next few years, because be-cause of the extraordinary population pop-ulation growth during the present pres-ent decade, and the resultant need for many new improvements improve-ments and facilities, such as roads, schools, sewers, water supply, etc. We must look to the Federal Government for any substantial sub-stantial tax reduction. Today the Federal Government is collecting 86V2 on incomes of $200,000 or over; 50.35 on incomes as low as $18,000. These rates must be cut to at least 25 if we are to encourage the creation crea-tion of venture capital, and the maximum production of goods, and are to maintain our Free Enterprise En-terprise System. Statistics show that any newly launched business busi-ness has far less than a 50 chance to succeed; and that of established business, year in and year out, not more than 50 make profits. The aforegoing shows that the cards definitely are "slacked" against both individual enterprises enter-prises and corporations. Disaster Disas-ter lies ahead if we let our Federal Fed-eral Government continue, to spend our money in peace time at anything like, the present rate. The larger incomes and es tates already have been substantially substan-tially "redistributed." The day is not far hence when the "rich" and those of moderate incomes, will not be able to bear the tax burden. There soon will be no rich or moderately wealthy. All incentives to risk taking and the production of more wealth and income are being removed. Our standard of living will be reduced re-duced to the level of those countries coun-tries of the old world, which we are now trying to support and revivify at our further expense, j Though I am not one of the I poor unfortunates in the high income in-come brackets, I definitely have a selfish interest in advocating that taxes on high incomes be greatly reduced. I have no desire to live in a slave state, and that is exactly the goal to which the United States is heading if a halt is not made to reckless, extravagant extra-vagant Federal Government spending. At this session of Congress, another tax reduction bill will be introduced and passed. Let's hope that the President, in the time that will have elapsed since his veto of the last tax relief bill, will have gained the wisdom to ' O. K. this one. |