Milford chronicle., 1958-03-07
PROPER TAX CUT BILL
DEPENDS ON HOME SUPPORT


Committee is increasing some form of tax
reduction in the next few months. Members
of that committee were deeply impressed by
the need for tax rate reform during the twen-
ty-four days of hearings recently completed.
A large number of representatives of en-
ployer groups appeared before the Commit
tee to plead the cause of sound tax rate re-
FORM They made an excellent impression.
That impression must not be allowed to die
from lack of further support.
If business is to be freed of some of the
straight-jacket restrictions imposed under
the present tax structure, now is the tir1e to
insist upon proper tax legislation. Don't wait
until House members have committed them
selves to the wrong kind of tax reduction
BILL
The need for immediate action is increas-
ed by learning of labor leaders plans Hun
dreds of union officials are expected to des-
cend on Washington the second week in
March. They intend to buttonhOle Congress
men and push their plans for income tax re-
ductiOn almost entirely in the low bracket
rates as well as increased unemployment ben
efits, Social Security programs, and other
federal spending programs.
Most favored by business are the Sadlak-
Herlong bills Oh. r. 6452 and H. r. 9119) to
reduce individual and corporate rates. This
legislation provides for tax reduction over
five years Ito be spread to nine years, if nee
essary) of all corporate and individual tax
rates.
This new approach to tax reduction has
a number of points in its favor Among them
are
1t avoids the "gimmick" or piecemeal ap-
proach to the tax problem. There would be
no need for figuring angles or requiring spe-
cial legislation. Both individuals and busi-
nesses would eventually have 42%o maxi
mum rate
1t would more than pay for itself. Tax re-
ductions under the bill would amount to ap-
proximately So billion year. Tax revenue
in recent years had been growing at about
Sd billion a year, until interrupted by the
present recession. Lessening the restraints
now crippling business expansion would pro-
vide for increased growth, in turn providing
greater tax revenues for balancing the bud
get and essential federal expenditures.
1t applies to all groups. Rate reduction is
included for every bracket of taxpayer, indi-
vidual or business.
1t allows accumulation of investment cap
ital and encourages growth. The present tax
structure is deterrent to corporate growth
over the $4,000 earning level where the tax
jumps from 309o to 5296. Also by reducing
the steep progressive individual rates, |
anaincorpOrated business, the bulk of all bus
iaesseS, is given the most meaningful kind of
tax help.
IL 10 d IOIlS IeIII pldl Taxpayers COulU
plan ahead with reasonable certainty of their
tax obligations. And if found necessary the |
measure provides for one year postponements
which could stretch the reductions from five
to nine years.
The Sadlak- -Herlong bill is a sound tax
measure and it should be given thoughtful
consideration by every member of Congress.
Write your Congressman today and suggest
that he take good, long, serious look at this |
bill before making a final decision on the type
of tax reduction the country needs. This is |
a critical time in the development of tax
reduction measure. Members of Congress
need and want your views-they are entitled
to them. And your letters can be very infu-
ential in guiding Congress toward the type
of sound, constructive tax reduction which
the country so desperately needs.
<N9N%
AN AMERICAN PLAGUE
One of the unbelievable things about our
great country is that we continue to allow
the slaughter of hundred citizens a day on
our highways and city streets. There is |
nothing that can be written about this cancer
in our American way of life that will change