The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1919-05-20

interest throughout the world OF en-
tcfprise. and that our dealings with
the countries that have need OF our
products and our money will teach
them TO deem Us more than ever
friends whose necessities we seek IN
the right way TO serve.
Shipping Legislation.
Our new merchant ships. which
have in some quarters been feared as
destructive rivals. may prove helpful
rivals, rather, and common servants,
very much needed and very welcome
Our great shipyards, new and old, will
be so opened 10 the Use OF the world,
that they will prove immensely serv.
iceable 10 every maNtime people m
restoring, much more rapidly than
would otherwise have been possible.
the tonnage wantonly destroyed IN the
war, ] have only 10 suggeS, tina, there
are many points at which We can
facilitate American enterprise in for
cign trade by oppor,une legislation
and make il easy for American mer-
chants TO go where they will he wei
coined as friends, ra,Ncr than as
dreaded antagonists. America ha,
great and honorable service TO per
form in bringing the commercial and
industrial undertakings OF the world
back TO their old scope and swing
again, and putting solid structure OF
credl, un.cr them. All our legislation
should he friendly to such plans and
purposes.
Reform Urged In Taxation.
And credit and enterprise alike will
be quickened by timely and helpful
legislation with regard to taxation. |
hope that the congress will find il pos
sble 10 undertake an early rccOnSd.
Grafton OF federal taxes in order to
make our system OF taxation more
simple and easy of administration and
the taxes themselves as little burden
some as they can be made and yet
suffice to suppor, the government and
meet all Us obligations The figures
TO which those obligations have arisen
are very great indeed, but they are
not so great - 10 make II diff
cult for the nation to meet them and
meet them, perhaps. in Z single gener-
alton. by taxes which will neither
crush nor discourage. These are not
so great ~ they seem. not so great
as the immense sums we have had 70
borrow, added 10 the immense sums
we have had to raise BY taxation,
would seem to indicate; for a very
large proportion OF those sums were
raised in order that they might be
loaned TO the governments with which
We were associated in the war, and
those loans will, Of course, constitute
assets. not liabilities and will no, have
to be taken care OF by our taxpayers
ThH Icain thing we shall have 10 care
iofSs that our taxation shall rest as
lightly as possible on the productive
resources OF the country that its rates
shall be stable. and that it shalt be
constant in its revenue Welding power.
We have found the main sources from
which il must be drawn | take il for
granted that its malnstays will hence
forth be the income tax. the excess
profits tax and the estate tax. All
these can so he adjusted TO yield con-
slant and adequate returns and yet
not constitute a too grieyous burden
on the taxpayer.
A revision OF the income tax has al
ready been provided for by the &C, of,
1918, but | think you will find that
further changes can be made to ad-
vantage both in the rates OF tax and
the method Of its collection.
The excess profits tax need not long
be maintained at the rates which were
necessary while the enormous ex-
penses Of the war had TO be borne
but it should he made the basis of a
permanent system which will reach
undue profits without dscouraging
the enterprise and activity Of Our
business men. The tax on inheritances
ought, no doghs, to be reconsidered in
its rlations 10 the fiscal systems of
the several states, hut il certainly
ought to remain 4 permanent part OF
the fiscal system Of the federal gov
ernment also.
Eliminate Minor Taxes.
Many Of the minor taxes provided
for in the revenue legislation Of 1917
and 1918 though no doubt made neces-
sary by the pressing necessities OF
wartime 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 excises upon
various manufacturers and the taxes
upon retail sales. They are unequal in
the incidence on different industries