The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1921-01-27

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Biliion -aEe5 This S=ssion
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hat wCrk and re Elu cuf fhe eos-
almost 1890 .ee5.8g9 thE cor
Eress
oar nsEt problem &C. 70 insure a
r1-e bzsinesEiike economic admin
isfrlti0l % affairs b. the a1cu-
tiD1 % a budEe1 systsu Thfs VII
Be dOue Eifk0ur undue delay.
We have already taken the first
step 70 eliminate duplication by a
reor9anizatiOD Of Government de-
psrtmsnts- Our next step Is 10 Re-
wise our entire taxation system in
the interest q simplicity and equity.
II is generally agreed that the eT-
cess profits tar vii be repealed a.
an economic necessity. Serious
consideration Is being given TO re-
I vision Of the income tax in the
higher ranges for The same reason.
and in order 70 avoid draEinz in
come into investment in n0n-tsx-
sblss
I Two new taxes are nox being
7 considered. viz the szles tax and
mat upon the undistributed profits
I Of corporations a flat tax OF
from Is to 20 per cent on eorpor-
alton incomes IL being discussed
With some seriousness.
/ Now Holding Tariff Hearings
I The Ways and Means Commit
tee is now holding hearings on
which % base q revision OF the
7 tariff schedules II Is thought
thar 'he customs duties. which IN
der the Underwood Law row amount
/ 70 little over $500. 100000. can
be made 10 produce from 5000
100000 10 3750.G0O 900 through
tariff measure based upon the
I protective principle
Whatever the form our taxation
3 system will become. IL can be
simplified 30 as to insure our citf-
zens against uncertainties Of as
3 sessments. II must also be 40
Z drafted a. 70 avoid penalizing bust
ness. II should as FAR as possible
stimulate enterprise and thereby in
Fite investment Of capital and the
employment o. labor In the in
surance Of the integrity Of business
enterprise, thereby inviting the en-
largement Of existing business plants /
a. well as the creation Of new
. business With the gov rnment's f.
early steps 10 get out OF business /
IN order TO give private enterprise I
chance. with iis determ nation 70 I
revise the taxation system on the 4
most equitable and economic lines.
and with the assurance OF the re-
ductiOn OF government costs. we
can nov ask what OF the future OF
business,
Prices Must Come Down
The inevitable liquidation Of
var conditions through which the
nation will pass to a peace basis
necessitates some suffering. That
u unavoidable. We are now in
the midst OF that process. War
levels must come down Prices are
too high. We have waited for two
years Finally the buying public
has struck. Together with the
European situation. goods are left
without buyers. business Is slowing
down, unemployment is Increasing,
and prices must come down, even
though they fall below cost. This
is the Law and II cannot be sverted,
Congress Is besieEed 10 fix prices
or TO enact palliative legislation.
all OF which Is unvise because uu.
economic. We cannot pass laws TO
reduce the price to the consumer
and Increase II TO the producer.
Inc truth Is that the producer OF
some goods is the customer OF
other goods. This liquidation must
come. The sooner 1t comes, the
sooner will IL be over.
AS We see II. the future is
bright Our peoples hold a won
derful position. We have neither
famine nor failure. On the other
hand, we have record crop from
the field OF agriculture. We have
taken steps which have assured
US OF succsssful transportation
system. The steel industry will be |
taxed to Its capacity to meet the
needs OF construction OF railroad
equipment. The European situation
VIII be settled by our bringing {
about peace with Germany. which [
VIII open her market to US. Ger I
many's indemnity will be definitely
fixed by the allies. which must he '