The Wilmington morning star., 1944-01-24
Realism In Taxes

Editors Note: The following reaches this news
paper from Senator Robert R. Reynolds Office
President Roosevelt. IN his message to Con-
gress asks for a realistic tax law which will
tax all unreasonable profits, both individual
and Corporate
The President does not explain what he
means by 'realistic tax law
But If we look over the tax legislation of
the Roosevelt Administration from its incep-
ton, it is only logical to infer that a reals
TIC tax law means confiscatory tax law
The whole history of the New Deal in regard
to fiscal legislation has been not taxation for
revenue Cor war; only, but taxation for the
purpose of extinguishing private enterprise
and transforming into State Socialism our
Observation-Disclosures form of government
That is certainly Realistic" as our depict
ed pockets attest
But, according to President Roosevelt we
need more of it, though some corporations
are now carrying ain excess profits tax as
high as 80 per cent of their earnings. and in
dlvldual taxation has reached point where
the tax drain is destroying income-that in
come which is the very source not only of
taxation itself, but of the well-being of our
people
Mr.. Roosevelt in his cryptic paragraph on
realistic" taxation speaks of 'unrea sonable
profits
In the eyes of the New Dealers all profit is
reasonable
The President, however, does not tell us
what he believes is a reasonable profit and
what is an unreasonable profit.
We suppose the decision on that momentous
question is to be left to one of those secret
Sanhedrins of Socialism-at any price that sur
round the Executive.
On the domestic line this Administration has
uyif, CIR
in the last 10 years-and that is TAX.
All the messages President Roosevelt has
sent to Congress have had one aim, openly or
implied-'Ta Emu
BEHIND every piece of social legislation
of the New Deal regime you will find taxation.
The NRA, the AAA, the vast pre-War relief
structures, the octopus-like bureaucratic oil
garchy that has grown up in Washington
since and before the war-these are all built
on taxation.
What the President really means by real
istic" taxation is that Congress snail shelve
the $4,000 000 600 tax bill in favor of the 49,
50000000O administration tax
load
But it is doubtful whether even this new
50, 900, 900, 900 tax bill is a necessity today,
with vast unexpended non-obligated billions
still lying idle in the Treasury.
Senator Byrd, of Virginia, has, estimated this
unexpended surplus at $91, 900, 100000.
The minority report of the Ways and Means
Committee of the House, when the So, 275. $780,
600 tax bill was reported, said with great
truth that if Secretary Morgenthau's $40, $780,
600 900 tax bill ever became a law it would
tend to annhilate the very thing for which
our armed forces are fighting and dying-that
is the free enterprise system.
For the heavier the taxes that individuals
and corporations must bear, the lower falls
the level of investing capital, with cores
ponding decline in jobs and the general living
wage Of ALL the people.
That, too, is realistic Mr. President.
| bit too ''realistic'' to be looked at steadily
for any length of time
To win the war, the American people will
stand taxation to the very limit.
But taxation to promote political program,
taxation in the presence of waste and the
absence of economy. is indefenslble, for it is
neither 'realistic'' nor idealistic.
It is lust premeditated BANKRUPTCY.