Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1913-04-22
RADICAL REIMBURSEMENT
OF NATIONS FISCAL l'OIsfC'

Washington, April 22. ffpst ntink
the completed Democratic tariif rec
Vision bill to he house today. tho
democrats of the ways nd means
committee recommended "a radical
re-adiuslncnt of the eptire fiscal
policy of the nation. They proposed
to make an income tHx the means ct
accurately adjusting the FUNDS Ia be
raised by taxation TO correspond with
necessities for government eNpendi-
lures
The report after outlining the OPP
eratiuns of the proposed income TAX
said:
''The revenues from an Income taxi
es readily respond 10 changes Ot
rates und the latter can hc raised or
lowered within u few days time with
out business disturbances such as gen
orul tariff Chunges occusinu. it is be-
lievcd that budget or other effect
i've system by which congress may be
able closely 90 calculate ana deter
mine IN advance forthcoming eNprnd-
iturcs and revenues such as ia prac-
tised in most other civilized conn
tries with other sources of revenue
| revised "a honest aud fixed basis, aud
the income tax a permanent part OF
| our revenue system and ut all times
affording "a subAHnti amount oi
revenue. congress could. and u neces-
sary. should annually raise or lower
| the income tax rates ln such manner
as would prevent either IA deficit or
surplus In the treasury.
'"ro eliminate protection of profits
and to cut off duties which enabled
| industrial managers TO exact bonus
| for which no equivalent is rendered.
"T0 introduce In every line of in-
/ dustry a competitive tariff basis pro-
| vidinR for Il substantial amount OF
| importation To- the end that no con
corn shall be able To feel that u has
u monopoly OF the home market 'cN-
cept through the fact that u is able
| 10 furnish better goods AT lower
| prices
(which ls the wiser course for our
| government 10 take" the report
| asks. the one that demands the pro-
lection of profits. the continued pol
los of hothousc growth ot our indus
! tries. the tasnatlon OF development nj
that follows where competition
ceases, or the reduction oi our tariil
laws 90 "a basis where the American
manufacturer must meet honest com
petition. ln our Judgment the iutuf'
growth of our great Industries lie
beyond the seas
"a detailed table was presented
| showing. hy schedule, the total rev
cnue secured under the Payne las
tor 1919. aud the estimated revcnu'
under the new law for a ~ months
period The table showed mat u
1919, s769.209,ol5 worth of import
pnid S3O4b97O85 IN duties ot dl
equivalent average ad valorem rat
of 4O1e per cent 70 estimated the
under the new hill si,0OO.aa0.0O
worth OF imports would pay S2b6,
a 7Ol,O00 Ia duties at an average a
, Valurrm rate of 2g 80 per cent. Thu
the new hin would raise saf ,hat, 90
less than the present law,
I'm close conjunction with the mig
h cost Of living. the report Auggeste
the development of trusts ana indus
|. trial combinations during the sam
3 period. aud gave lisi ot s2b sue
I combinations organized since 1881
} II also referred to the rapid eNhauf
) tion OF natural resources, Under ~
protective system,
J., "Of the Democratic theory of iarii
q revision, u said
= TO protect profits on nrcesssi'
y means 90 protect incitlctncy'
X In sorics of tables, the ropnl
states that the articles dulinhie ~
der the Payne law. aud placed ON th
first year under the Underwood hili
- ihe last year yieid,g revenue
e. s9t,GaS aeG on imports oi tlV2'fo2
V a7a. The committee took from tf
~ present free list and levied dut'
Continued on Page 2, Column ~