Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1919-05-23

great shipyards, new and old, will be-
so opened TO the use Of that world that
they Will prove immensely seryiceablC
30 every maritime people in restoring
much more rapidly than would other
wise have been possible, the tonnage
wantOnly destroyed ia the war. 1 have
only to suggest that there are many
points at which we can facilitate Amer
lean enterprise in foreign trade by OPP
pOrtue legislation and make IL easy
for American merchants 10 90 where
they win be welcomed as friends rath-
er than as dreaded antagonists.
America has a great and honorable
service 10 perform IN bringing the
commercial and Industrial undertake
ings of the world back 10 their old
scope and swing again and putting a
soiid structure Of credit under them.
All our legislation should be friendly
10 such plans and purposes.
Taxation Reforms.
Aud credit and enterprise alike will
be quickencd by timely and helpful
legislation with regard to taxation. /
hope that the congress will find IL pos
siblc 10 undertake an early recOnsid-
GRAFTON Of federal taxes in order to
make our system Of taxation more sim
pie and easy of administration and the
taxes themselves as little burdensOme
as they can be made and yet suffice to
support the government and meet all
its obligations. The figures to which
those obligations have arisen are very
great indeed. but they are not so great
as To make It. difficult for the nation
to meet them and meet them. perhaps,
In a single generation. by taxes which
VIII neither crush nor discourage
These are not so great as they seem,
not 50 great as the immense sums we
have had to borrow, added to the inn
mense sums we have had 10 raise by
taxation, would seem to Indicate; for
a very large proportion of those sums
We're raised in order that they might
be loaned to the governments with
which we were associated in the war,
ana those loans viii, of course, con-
stitute assets. not liabilities, and will
not have TO be taken care of by our
aXpayerS.
The main thing we shall have to
are for is that our taxation shall rest
rs lightly as possible on the productive
'esOurces of the country, that its rates
In It's revenue yielding power. |
Ne have found the main sources from |
which 1t must be drawn.
II take It for granted that its main |
tays viii henceforth be the income /
NIX. the excess profits tax and the es-
ate tax. All these can so be adjusted /
o yield constant and adequate re-
urns and yet not constitute too /
.rievous burden on the taxpayer
A revision of the income tax has
iready been provided for by the act
+ 1913, but | think you will find that
urther changes can be made to adj
antage, both in the rates Of tax and
he method of its collection
The excess profits tax need not long
e maintained at the rates which were
ecessary while the enormous eX-
enses of the war had to be borne;
ut 1t should be made the basis of
ornament system which will reach un-
ne profits without discouraging the X
Enterprise and activity of our business
zen.
The tax on inheritance ought. no
oubt. to be reconsidered i'm its rela-
on to the fiscal systems of the sew
raj states, but IL certainly ought to
amain a permanent part of the fiscal
ystem of the federal government also.
Minor Taxes.
Many of the minor taxes provided
,r in the revenue legislation of 1917 [
nd 1918, though no doubt made nee ,
ssary by the pressing necessities of
artime could hardly find sufficient
under the easier circum-
? got rid of Among these. | hope
)u will agree, are the excuses upon :
iriOus manufacturers and the taxes Z
pom retail sales. They are unequal .
the incidence on different industries !
nd on different individuals. Their !
election Is difficult and expensive. |
hose which are levied upon articles ;
I'D at retail are largely evaded ny I
e REIMBURSEMENT of retail prices. On '
e other hand | should assume that /
is eNpadient to maintain a cOnsid- {
able range of indirect taxes and the Il
ct that alcoholic liquors will present I
no longer afford u Source of revenue a
! taxation makes II the more neces-
ny that the field should be carefully Il
studied In order that equivalent 4
urces OF revenue may be found q
hich II will be legitimate and not il
lrdensome to draw upon. But you il
we at hand In the treasury depart a
ent many experts who can advise {
N upon the matters much better "
I'm | can, can only suggest the lines II
permanent and workable system, o
ii the placing of the taxes where n
ey viii least hamper the life of the o
ople n
import Duties q
There is. fortunately. no occasion for D.
dertakng in the immediate future
y general revision of our system of ~
port duties our country has ~
lerged from the war less disturbed ~
q less weakened than any of the
ropean countries which are our com
iiorS In manufacture. Their indus O..
al establishments have been subject :,
60 greater strain than ours, their y,
'0r force 20 more serious jisOr. =,
nizatiou and this is clearly not the ~
a. 10 seek an organized advantage. "