El Paso herald. (El Paso, Tex.) 1901-1931, 1920-08-28
Ruinous Tax Burdens.

THE American people are beginning to discuss widely the
necessary revisions of the national taxing system to
be made before there be any substantial Improvement
economic conditions It agreed that the @exeess profits
tax administered has been the imaginable method
Of raising the needed funds It has condemned BY the
secretary of the treasury and his predecessor and by
numerous senator's congressman and Of affairs Of
both national parties. And it has not single supporter
among business men
It hopessly unjust in its workings penazng indus
Try thrift and conservative financing methods and putting
premium reckless financing and wasteful MANAGEMENT
It bears hardest oftenes small carefully managed and
BY no means wealthy or profitable businesses while
letting escape large proportion Of the very concerns the
government would most like to with its heaviest
taxes The scheme was and is unwse and ineoutae and
the should be repealed the earliest opportunity
There is general agreement also that it is unwise and
unfair to the people Of this generation to require them
pay off the huge debt IN few years This generation
bore the terrific burden of the war and bound to suffer
for it for long time 1t only right that the financial
burden shall be shifted off in large degree those who
come afte who VII have vastly greater from
which to pay, and who viii continue reap whatever
benefits there may be from the successful campaign
year bond with option retire it after 20 years would
be fair means Of adjustment of the debt The in
terest rate should be high enough be in line with
binary securities and high enough to maintain the bonds
at par the market The bonds exchanged for those
now outstanding would vastly improve the nations fiscal
position and help restore confidence early recovery
Many different methods have been suggested for Ias-
ing the necessary Sentiment to be gain
ing IN favor Of the proposed tax sales in FORM
flat rate tax imposed the commercial turnover There
objections chiefly the that tax might be
pyTamided to the disadvantage of the ultimate
But this problem not nsuperab and the general idea
the flat tax sales is excellent
As things now no business man has the slightest
idea what his tax is going to be; business cal
cuate in advance lay by any reserve for everything
hopelessy uncertain until after the years end and
ful and difficult analysis be made Of all the years
financial records Such system is contrary to all accepted
principles of business sagaey but the present per
nit relief Under system Of flat rate tax on gross
business every business could not only calculate his
each day. could reasonable provision
to take of payments when due.
The national government continues to absorb too large
amount from the business capital accumulated by the
peoples but the handicap business made BY the
uncertainty and the failure to insure reasonable equity in
the incidence Of the tax In instances the tax is
runous and certainly that the intention the
law makers It any advantage to the country to
throw into bankruptcy business enterprises that might
except for the injustice continued produce
values and pay fair share Of taxes.
The congress When this fan take up with
ont delay the entire question of budget reduction and
adjustment. There is no need to wait until March l.