Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1919-05-21

3
/ ing power. We have found the main
sources from which it must ne drawn.
! take ID for granted that it's main
/ syaNs viii heucefurth be the income
lax. the excess profits tax, and the
! estate tax. Ali these can be so add
/ justed TO Yield constant and adequate
returns and vet not constitute TOO
/ gIicvous burden on the taxpayer A
| revision of the income tax has already
| been provided for by The act of 1918.
/ but j think you win find that further
I changes can he made to advantage.
! both in the rates of tax and the meth
/ Cd of its collection. The excess profits
( tax need not long be maintained at
/ the rates which We're necessary While
/ the enormous expenses Of the war had
! to be borne; but it should be made the
/ basis OF a permanent system which
| Will reach undue profits without dis
/ couraging the enterprise and activity
! OF our business men. The tax on in
! heritances ought, no DOUBT, to be re
/ considered in its relation to the fiscal
/ systems Of the several states, but it
/ certainly ought to remain a perma-
I nent par of the fiscal system of the
federal government also.
/ Repeal of LUXURY Taxes
Many Of the minor taxes provided
! for in the revenue legislation of 1917
and 1918 though no doubt made nee
essaIE by the pressing necessities of
war time could hardly find sufficient
! justification under the easier CirCum-
stances of peace and can now happily
be got rid of, Among these, | hope
you will agree, are the excuses upon
various manufacturers and the taxes
| upon retail sales. They are unequal
in the incidence on different industries
and on different individuals. Their
collection is difficult and expensive.
! Those which are levied upon articles
sold at retail are largely eyaded by
the reimbursement Of retail prices. ON
the other hand | should assume that
ii is eXpedient TO maintain Il consider
able range of Indirect taxes; and the
fact that alcoholic liquors will pres
emily no longer afford source of rev.
enue may he found which will be
legitimate and not lurdensome to
draw upon. But you have at hand i'm
the treasury department many experts
who can advise you upon the matters
much better than | can. | can only
suggest the lines of permanent and
workable system, and the placing of
the taxes where they will at least
hamper the life Of the people.
There is, fortunately, no occasion
for undertaking in the immediate full
ture any general revision of our sys-
TEN of import duties. No serious dan
per Of foreign competition now threat
ems American industries, our country
has emerged from the war less dist
turbed and less weakened than anyI
of The European countries, which areI
our com Pe'l'oiH III lll"Iiulo'l uIV' il.ll
lhuuSlIla' eS'a''l'Sll''leli '.aEe peg'
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