The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-05-09
CHAMBERS
DISCUSS
FINANCE

In view Of the interest Of business
men in the great task OF financing the
war and the urgency for action. the
National Chamber has called upon the
Hammond and East Chicago Chambers
Of Commerce for quick consideration Of
a referendum just sent out. CONNER
eial organizations everywhere are dis
playing at the present time intense
patriotism and desire TO aid. In or
der that the opinion of the business
men shall make itself felt and be OF
service TO Congress in forthcoming
legislation it must be expressed with
all possible promptness.
Under ordinary conditions forty-five
days are allowed. but officers of the
Chamber of Commerce explained that
a definite result could be recorded after
two-thirds of the entire voting strength
of the National Chamber had expressed
itself in favor of a proposition
War Taxation Methods Recommended
In the referendum submitted TO the
Hammond Chamber of Commerce. the
National Chamber committee recon-
mends that:
!. Approximately s40o,00o,o00 of the
amount raised by taxation in the first
year should be obtained. as war
measure. from increased individual
income taxes. through such increased
super-taxes and decreased exemptions
as the committee recommends.
2. Approximately 100000, 0e0 of the
amount raised by taxation in the first
year shoulf be obtained, as war
measure. by additions to the present
excess profits tax, with amendments of
the law which the committee recon-
mends.
3. The frst-class postage rate. IS a
war measure. should be increased fifty
per cent. to yield spproximat ely $780,
900 900 in the first year.
A. Stamp taxes should be imposed.
as a war measure, TO yield approx
mately $3.50. 900 in the first year
8. Customs duties should be imposed
as a war revenue measure. on articles
to yield about SEQ Ooo,O 900 in the first
year.
g. Excise taxes should be imposed,
as war measure. upon q list of ar
ticles of luxury and general use and
which would yield about s5o0o0o,0o0 in
the first year
T. Retroactive taxes should not be
lnpOStQ uROfi ihSOAbtS am IACiAN1"
g. The amount of exemption from
the capital-stock tax should be de-
creased from 500, 900 to $4,000
Arguments Against Committee Report.
1t is the invariable practice of the
National Chamber in submitting a ref
erendum to give an abstract of the ar
suments against the committee report.
The main heads of arguments in the
case in question are: (a) The report
indicates it is desirable to raise through
taxation a large sum for the initial
budget of war expenditure. Against this
position il can be fairly argued that the
tendency of taxation which in large part
falls upon production, whether by IN
dividuals or by modern business units.
is contrary 10 present national inter
est (b) Large initial additions 70
taxation will lead to subsequent diff
culties IL the war continues for any
considerable period. (c) Taxation should
not be used for social and economic
purposes. and especially not in time
of war
Opposed to Exces War Profits
The universal sentiment of the bust
ness men throughout the country is
that a few should not be permitted TO
profit greatly by the war at the ex-
pense of many. the committee declares
Industry owing TO large profits secured
during the last two years is in an un-
commonly strong position and able TO
bear it's full taxation.
War borrowing leads TO extrava-
gance; war taxation leads 20 economy,
the report goes on. Through war taxa
ton a direct and immediate check can
be placed on extravaganza in individual
consumption. This sets free labor and