The Republican. [volume] (Oakland, Md.) 1877-current, 1926-12-23
COOLIDGE-MELLON
TAX PLAN.
Commented on by ]. W. MCCULLOUGH

The President starts out Immediate
ly after the November election to give
the big interpretations a $3.50, 000,000.00
tax refund, Notwithstanding statistics
show that twelve large concerns closed
their books within the last year show
( 4. over billion dollars profit, and
'15rty-five smaller concerns show a net
profit from $10000,000OO to $4,000
100000, making in the aggregate a total
sum of at least $235,OOOO OO,OOO.OO
profits, after charging off all legiti-
mate expenses, including all Federal
income and no doubt tremendous sal
aries to their presidents and direct
tors and all Office holders. This is
natural, to keep down excess income
to the government. But after all this,
they had over $235, 900, 900, 100000 prof
its. which absorb practically all the
nations earnings, after the cost of
living and depreciation is deducted.
This tremendous sum of money being
earned by less than sixty corporations
through a tariff barrier and the Amer
lean people, through inflated values
and excessive profits, paid into their
treasures the sum of over $235, 000,-
000000.00, after deducting the amounts
that went nto the Federal income tax.
That money surely belongs to the peo-
pie, and it has been earned by them
on a fair basis and should be paid on
the National debt, for which the peo-
pie are responsible.
The President, after being repudiat-
ed in many parts of the country when
the election returns came in, to quickly
make himself popular again, the idea
struck him for further economy and
tax reduction to the same big interests
that he has formerly been catering to,
and the same people that have been
receiving practically all the nations
earnings since the Fordney McCOmber
tariff law went into effect, and now he
would like to take the peoples money
out of the Treasury and give it back
to the large corporations, because his
economy rests with them. He wants
their friendship and publicity in the
daily press, which is practically con-
trolled by them. This makes cheap
advertisement to keep his economy plan
before the people and make him pop
ular for the Presidential campaign in
1928.
l agree with the treasurer, Mr.. A.
W. Mellon, the money in the Treasury,
along with the money to be collected
at home or from foreign nations that
- government are paid, should be paid
on the National debt This tremen-
dous National debt was created when
we had inflated values and chap dol
lars, and it should be paid with the
same kind of coin, or as much of it
as possible, while prosperity lasts. l
feel satisfied before the last of this
debt is paid, a dollar will be worth a
hundred cents, and it will be harder
to pay then than when it was con-
tracted, or even now.
l feel Mr.. Mellon is great Treas
urer, and a very far-seeing man, and
there isn't any question but what he
is one of the largest stockholders in
the nation among the large incorpora-
tions and he naturally feels very much
interested in their future success.
have come to the following conclusion {:
Mr.. Mellon is more interested in fu-
ture national income tax reduction than
the present distribution of funds, for
the following reasons: He being one
of the largest stockholders in the NAM
moth interpretations, naturally would
like to have the national income tax
reduced further, if not repealed en-
tlrely. L 1ullN DelleNe NOW, MT. het-
on's idea is to use all the available
money possible to pay off the national
debt, and to pay off all the securities
in advance of their maturitieS, a mat
ter of some four years, so he can go
before Congress and show them the
national income tax rate is too high,
and have it reduced, and if possible
have it repealed altogether. There is
no question that Mr.. Melons past
records show he is not in sympathy
with this law, and would. like to see
it off the statute books.
The Federal income tax law is a
Democratic measure put on the statute
books during President Wilson's adj
ministration, and it is one of the most
just taxation laws ever put on eur
statute books. When an incorporation
or an individual does not make large
profits they have nothing to pay, and