Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-02-21

| one InTee DdTTel OBSTACLE anu lueu
without breaking his neck.
bonus for Paul-out Of his own
pocket,
II Paul, veteran, buys a home, OF
real estate, he pays a tax of 80 per
81 900 on the transfer, If he invests
his savings in stock he would pay per
cent. on every dollar Of stock bought.
OF course, all the tax to raise the
bonus does not come out of Paufs
pocket: only his share, but the m
lcreased taxes on an already overtaXed
country must raise the price OF COM
modities all along the line. The Peters
who stayed at home will have to pay
too. and their net earnings will be less
So will Paul's,
The business OF the nation, just en-
tering a period of slight improvement
will suffer tightening of the taxation
stranglehold that has already been a
factor in holding it down.
Exka Taxes to Pay Interest.
Immediately, under the bonus plan
there must be some three hundred and
fifty million in cash raised. This must
| be borrowed by the government, II
put at once into effect, to meet the nee
essary cash obligations of the bonus.
The government will have to so to
| "yyalI Streetn--to the bankers--who, in
turn. go TO the investing public. The
government will have 10 borrow the
money and pay interest upon it. 1t
win be years before the borrowed three
hundred and fifty million can be paid
off. During those years Peter and Paul
will have to pay extra taxes to meet
! the governments obligations for in
tterest upon the loan. The government
can't get the interest money any other
way.
Three hundred and fifty millions
means an additional tax Of $3.50 upon
the head of every family in the United
States, assuming the general average
of five people to family-plus the in
|
millions-unti the loan is paid.
What if the bonus obligations run
up TO five billion?
To pay eventually this five billions it
would take sac out Of the pockets OF
every man, woman and child in the
United States, or say $3.50 for each
family head, of whom 100000 vet
Grams, if not now as family heads, may
eventually be included.
Hits Average Mans Budget.
Aside from the menacing defiance
of this burdensomc additional tax leg
islation, it is a measure that is adding
vast obligations to ovcrtaXed business
and incomes. 1t will fall upon thc
budget of the average man. Ii is gen
orally recognized by economic experts
that it would be suicidal to increase
tax burdens upon the business of the
nation. How, then, can we hope tC
restore business conditions to normal
and thereby provide jobs for the UNI
employed if we still by further taxa
ton reduce the purchasing power OF
the salaries or wages of the average
man whose income is less than $1,000
u year?
While We are condcmning Russia ant
Germany for issuing deprecated cur
rcLcy, we are proposing to increase
taxes 10 a point of debating the pur-
chasing power of our own currency by
| increasing the cost Of things and thus
reducing tho buying value of the dollar
To date the different states bonus
legislation carries nearly 100000, 1000
and more acknowledgements
obligations; the national obligations tt
disabled soldiers to date exceed $1,000
100000. Our war obligations in gov
crnmcnt bonds exceed $25,OOO,O0O,OOO.
Tax on Coming Generations.
We are heaping up tax upon tht
coming generations, Of our Pauls VIII
fought abroad and our Peters Wh'
stood behind them at home. that is a
the saturaIiOn point of national abilit!
to pay; for it must be remembered tina
whether bonus is paid 10y state gov
crnmcnts or the Federal government /
all comes out of the public.
If the nation would give the veteran
reward, let il be i helpful one ant
out OF the nations own wealth, out o
its unoccupiCd lands, forests, minerals
oil territory, awaiting the hand Of in