Show THE TAX MENACE A GROWING CRISIS DV by FRANCIS H IL SISSON president american bankers association danger econ economic omle or social more mora NO menaces our life happiness and prosperity rity than the rising r title tide of t taxes a X e 8 elili ti threaten to engulf 1 1 1 as this Is not biln ply a problem of tho the depression depies slon it has been developing A cormany years growing more so e rious all the ilia time T the h a depreast jn merely brought tt it to a clim climax x up un less frasile steps stepa are taken to re verse this P 1 11 I SISSON blem will tile pr p 0 not end with tho de depression an it W will continue to weigh down and repaid progress for or au an indefinite period in city county state stale and nation the orgy ot of spending has run on it Is esil mated that in the jolted Jul te states tile the total cost of 0 all government Is nearly five times what it was before lie he world war many localities have been brought to the verge beige or of bankruptcy uy their expenditures while many have so saddled addled their citizens with a debt bur den that will darken their lives and hamper their progress tor for years to come the total cost 0 of federal state and local government in the united states Is estimated at forty six million dollars dollan a day on national income to tn 1930 this represents about one drill the total income of our people or about for or every individual in the na thou total taxes in 1931 are esti mated to have taken more than 23 22 per cent of the national income it Is 13 occasion for serious thought on the part of everyone when one days day income out of every four or five must be contributed to the maintenance of ma chinery reductions possible united states government expend tures turea were reduced one hundred and forty million dollars during the cirit quarter of 0 the current fiscal year the recent action of bankers lu irr calling ailing a halt to unnecessary expenditures of new york city as prerequisite to loans w will III reduce the cost of government in the count rys metropolis which Is second in its expenditures to only the federal government no state in the union in fact act no other government 0 on a this hemisphere spends ha half if as 1111 much as this one city these savings in federal and municipal costs are only the beginning of a movement needed throughout the country it if pv p a v are to baled bo led out of depression into cixto pros p erity j unless the people can be made to realize that money for governmental expenditure can come only falm run their own pockets as taxpayers casting depressing effects on both individual ef e fort and general business there Is ie an imminent threat that we may be omd forced to meet economic similar to those that have so seriously handicapped other countries the question Is not primarily one of merely paring government salaries or slin shaving ving ets eta but rather of curtailing govern ment activities for or which 0 we o cannot afford to pay the idea that money for these mount ing extravagances can be raised by tol fol lowing the slogan soak the rich la is utterly falia fallacious clous tor for such a policy will simply exterminate the rich and eliminate sources of ue it Is also important to realize that corporate business in tills this country Is in no post lion to withstand the effects of iridell elite advances in tax rates current earning reports reveal blat fact act be yond shadow of doubt the tax base must be broadened and it therefore seems likely that congress willi will be called upon to reconsider the sales dales tax at least as a temporary measure to help meet a critical condition in the nations nation a finance |