New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-05-18
Title Guarantee 81 Trust CO

| 1T must discourage waste and extrava-
gance, it must promote prosperity.
I'VE feel that possibly solution Of
the present problem lies in carefully
devised gross sales tax. Such a tax
would admit of many variations. But
it gems the most reasonable form
would be limited tax on turnovers
OF wares, goods and merchandise.
"Such Il slight tax on articles of
wide consumption would have small eff
feet on the resources of the consumer.
"ln view Of the revenue that could
apparently be derived from & gross
sales tax, we respectfully suggest that
the present forms of Federal taxation
be changed or revised and that the fol-
lowing plan be given careful consi dera-
ton in amending the system to deal
more efficiently with the problems at
hand:
"(a) A straight tax of l per cent
upon all sales OF goods, wares and mer-
chandise by individuals, partnerships,
corporations and some forms OF public
| service corporations.
"(b) A normal tax Of per cent on
all incomes of whatever character over
$4,000 for single persons and $1,000 for
married.
"(c) Income from customs
"(d) Certain excise taxes Of estab-
lished revenue-produciAg power.
| Owe believe this gross sales tax
would be just, certain and adequate
source of revenue.
"(D 1t will be fairly distributed over
great mass and through the year so as
to be scarcely noticeable.
"(2) 1t will reach many who should
pay taxes, but woh now escape them.
"(3) 1t would be definite and easily
ascertainable.
900 1t could be collected monthly or
quarterly.
800 Excess profits tax is unproduc-
| tive during depression, while the
gross sales tax is certain at all times.
"(6) Competition will automatically
safeguard the consumer against tax
! pro!iteering.
"(7) 1t would not be discriminatory;
| it would be fair to all businesses.
"(S) 1t will tempt free capital now
driven into non-taXable securities to
liberal investment in productive in
, dustry.
This tax would give to business the
stimulus it now needs and would help
put economic America on a substantial
basis and go far toward promoting per
manent prosperity
The report was signed by c. II.
Smith, Joseph Bancroft, E. B. Leigh
and William p White.
Tie industrial education committee
in IL report favored system of gen
eral industrial education.
Last evening was "old home night
of the convention. Colonel Thomas P
Egan, of Cincinnati, who presided al
the first convention held by the asso
citation, was in the chair.
Several addresses are on the pro
gram for to-day. H. f. Miles viii spcal
on industrial relations; Stephen c
Mason, the president, will deliver his
annual address,; DR.. r. S. MacElwee, oil
the bureau Of foreign and domes
tic commerce of the Department Of
Commerce at Washington, will spea}
on Transportation as an Aid to Pro
duction." H. Parker willis, director o
the Federal Reserve Board for the New
York District, will discuss "the Scien
tihc Distribution of Credit"; Louis
Marshall will talk on immigration; f
J. MNcConee, general manager of "Th'
Shop Press" while Senator Walter T
Edge, of New Jersey, will take as hi
topic "Will Immigration Injurc Gu
Industry and Our Labor?"
= The platform for American industr,
= will be presented at the evening session
tonight.