US Presidency
1932

The Finance Committee has been advised that the setbacks of the past month now make it evident that if we are to have absolute assurance of the needed income with breadth of base which would make a certainty of the collections we must face additional taxes to those now proposed by the Senate Finance Committee. I recognize the complaint that estimates of the taxes required and reductions of expenses needed have been repeatedly increased, but on the other hand it should be borne in mind that if tax and economy legislation recommended from time to time since last December had been promptly enacted there would have been less degeneration and stagnation in the country. But it is unprofitable to argue any such questions. We must face the situation as it exists today. In the course of the 6 months during which the revenue bill has been considered in the House and Senate practically every form of tax has been suggested at one time or another, many have found their way into the bill later to be rejected.