The labor world. [volume] (Duluth, Minn.) 1896-current, 1917-12-08
TAXATION, NOT BOND ISSUES.

TAXATION, NOT BOND ISSUES.
One of the problems demanding
the attention of congress soon is the
raising of several billions before next
July to be applied to financing the
war.
Recent newspaper articles eman-
ating from Washington state that
most congressional leaders believe
that the bulk of this amount must
be provided by the issue of bonds,
and Secretary of the Treasury Nc
Adoo has told members Of congress
that he favors that method.
While the resources of the peo-
pie are adequate, and their patriot
ism would most likely induce them
to absorb several more bond issues,
advocacy and support of bond issues
by our lawmakers to raise most of
the funds are indicative of cu!pable
misrepresentation on their part, or
1nsincerity and subservience to a
powerful invisible government ever
solicitous about the welfare of the
select few at the expense of the
many.
Here is an absolute fact: To issue
bonds means to place burdensome
obligations upon the present and fu-
ture generations; while to raise
money by taxation of excess profits
and incomes involves the infliction of
no hardships, affecting only those
who are we'll able to meet the war
demands of the government.
The business interests OF, this
country have waxed rich and &C.
CURED immense resources because of
excess profits made possible by war
time prices. At time when sacri-
fices are demanded of virtually every
body it is no more than just that
big business be compelled to forego
a portion of it's unearned wealth to
which the consuming class has con-
tributed, either directly or indirectly.
TO show that the big corporations
could bear a great deal of taxes and
yet make earnings equivalent to pre-
war returns, the following estimates
by Basil M. Manly are submitted:
After paying all war taxes, the
United States Steel corporations
earnings for this year will be $273,-
100000, while in 1913, one of the
best years in it's history, the net in
come was only $81,216,986.
The American Wooden company.
after paying it's war taxes, will have
left s7,760,000, more than four
times it's average net earnings for
the three years before the war.
The Central Leather company will
have $13,597,000 after war taxes,
within few dollars of four times it's
average net earnings in the three
pre-war years.
American Sugar Refining COM
oany will have $11,776.000 after
paying it's war taxes, more than
twice it's average pre-war earnings.
These illustrations are typical of
the wartime profiteering by corpor-
atoms controlling the basic industries
in this country, and convincingly
show that the present war taxes on
excess profits are inadequate.
Huge sums of money must be OBJ
tanned by the government in the
near future to carry on the war. The
most logical and feasible way to do
this is to materially Increase tue
present taxes on excess profits and
incomes, particularly the former.
If congress persists in ignorine
popular sentiment by reglecting t.:
adopt sane program of raising wal
funds, not few of the lawmakers
will hear from the people ct the cleo.
tions next November. and it will DC
the voice of an indignant constitu.
ency.
RED CROSS CHRISTMAS SEALS