Browning chief. [volume] (Browning, Mont.) 1941-1953, 1947-07-25

AAE4D
y GEORGE S. BENSON
| misunderstanding college
Starry. .Arkaasas
Something New

For the first time in the history
of the United States a President has
vetoed bill passed by Congress for
reduction of taxes. Traditionally, it
has been considered proper for Con-
gress to hold the purse strings and
determine expenditures. Conse-
quently, when Congress has spoken
on the subject the President has al
ways accepted the verdict with re-
gard to lowering taxes. This time
the bill passed both Houses with
large majority and still was vetoed
by the Notwithstanding new.
Financial experts are now pre-
dieting considerable surplus in the
budget at the end of the fiscal year.
This happens because more income
from taxes is being realized than
was expected. Moreover, Congress
has succeeded in cutting down pro-
posed expenditures a great deal.
Consequently, the reduction of four
billion dollars in taxes could have
been made and at the same time a
large payment on the national debt.
Soaring Tax Load
The total tax bill of the nation is
now running just about one-third of
the total amount of money earned
by the people of the nation. This
means that one-third of the aver
age income of the average individ-
ual is going for taxes 1t means that
one-third of every mans income d.
rectly or indirectly goes back to the
government in taxes. This is a dan
gerously high tax rate for peace
time, and if continued can be ruin
GUS to the economy of this nation.
In fact, no nation can be expected
to prosper under that kind of tax
load-not for very long.
President Truman, in comment
ing on the tax bill, said there was
already sufficient cash available for
necessary investment and business
expansion" 1t should be remen-
bered however, that America didn't
become great by making only what
the government considered "nec-
essary investment and business ex-
pansion." The government did not
pronounce as necessary the de-
velopment of our great western rail
ways.
Neither did government pro-
nounce necessary" the develop
ment of the great automobile indus
try. The government did not pro
nounce necessary" the production
of cheap automobile made DOS
sible by Henry Ford, General Mo-
tors and others who had similar
dreams and who made capital in
vestments beyond what the govern
ment announced as necessary"
No Brakes Needed
From personal contact with indus
trialists and financiers I am thor
oughly convinced that new VEN
lures are entirely too few. Much
capital is being held back because
Of various discouragements includ-
ing high taxes and uncertain indus
trial relations. Had these brakes
been on during preceding genera
tons they would have prevented the
development of the railroads. the
automobile industry, the refriecra-
ton industry, and the airplane in
dustry. Our nation would have been
much poorer today and we would
have been living on a lower in
come level.
If we are going to have a pros
porous economy ten years from
now, taxes should be lightened i'm
mediately and industrial relations
tremendously improved. We must
look ahead to anticipate our needs,
We can 60 along making necessary
investment and business expansion
and move into poverty and medic
Gritty, slipping gradually backward.
II our nation is to remain great,
free men must be able to dream
their own dreams and make new
ventures