Toledo union journal. [volume] (Toledo, Ohio) 1942-current, 1951-03-30

fense program, business interests In W "a 8#
have received "tax relief to the -
tune of 81, 500, ,OOO, ,o00 Another Ee'e Av"la
billion, or a, total Of $4,000 100000 have been
cleared for the same purpose. Actually business in
terests have requested relief to the fantastic
total of $11, SOC, 900 000 Chances that unless
this senate investigation puts stop to this peculiar
and highly hourishng business additional billions
will find their way into relief channels
X X X -.
THIS "RELIEF" BUSINESS, Of course, is not
entirely new. During the recent the govern
ment granted "tax relief totaing 81 600 900 900.
These grants made q period of years.
This time, however, requests have been pouring in
and grants pouring out-in such unprecedented
flood that apparently senatorial investigation s
necessary to what actually is taking place.
The "relief" program is relatively simple. A
business concern decides TO enlarge its manufac-
turing facilities presumably in the interest Of our
defense program, and makes application to the
government for special tax relief If granted, this
simply means that the business concern am
nortize the entire project from it's regular taxes
in five years Thus a project is paid for, almost
entirely, out of monies that otherwise would have
TO be paid to Uncle Sam in corporation taxes.
Normally such projects ammortized over .
period Of Is or 20 years.
Thus far, as I pointed out above business has
received $2,5OO 900 in this type Of relief with
another $1,000 100000 already cleared for the
same purpose Not bad business at all. The peculiar
part of it is that it's legal But what do expect?
After all haven't the leaders of Organized Labor
shouted from the house tops that defense pro-
gram is "run by Big Business, lock, stock and
barrel"
IN VIEW OF ALL THIS it is, indeed timely
siders fair and equitable tax program Taking the
premise that we ought to pay for our defense pro-
gram on a "pay- go" basis, the CIO figures
that taxes ought to be raised SIG to SIT billion.
This is proposes to do by leaving the tax rates
where they for those earning $4,000 less
but increasing the next bracket by 2%, the $4,000
to $1,000 by 40 and the higher incomes a still
higher percentage basis 1t further proposes to raise
corporation, profits and capital gains taxes
it proposes to "close existing loopholes' to pre-
vent chseling which a e, the CIO estimates.
would add $4.5 to $5 billions to Uncle Sans in
come.
To round out is proposals, the CIO suggests
that all exemptions on state and local bonds be
lifted; forbid corporations to sell stocks to execu
tives below market price; tighten up gift and
estate taxes; wipe out special benefits to Oil, gas
and mineral companies and finally to devise an
equitable system of taxing insurance companies"
X X
NOT THAT WE WANT to hurt the sensitive
feelings of the Congress- but isn't it about time to
put stop to this "relief" program program
that literally hands billions in public funds
to those who already have too much? After all
there are so many who have too little. And about
taxes, is the CIO asking too much in proposing
to re-establsh the principle of taxation in ac-
cordance with ability to pay?"
Famed Brooklyn Judge Leibowitz said New
York police get $25 million a year in bribes
from, the. underworld.