Milford chronicle., 1963-01-04
PERFECT TAX BILLS AT HAND

The effort that the Administration is
putting into the drafting of tax reduc-
ton bill is completely unnecessary.
That's because the soundest and most
practical program for critically needed
tax rate reform is already at hand -
right in the Administrations backyard.
The perfect answer is embodied in the
tax rate reform legislation sponsored by
Rep. A. S. Herlong, Jr. (Dem.-Fla.) and
Rep. Howard H. Baker (Rep.-Tenn.)
These legislators are the real pioneers
of the tax rate reform crusade. Many
years ago they spotted what the Johnny
come latelys" have only recently recogn-
ized-that the present federal tax system
was primarily responsible for the coun-
try's sub-par rate of economic growth
and the resultant high level of chronic un-
employment
Representatives Herlong and Baker
not only diagnosed the trouble but really
did something about it. These disting
uished members of the taxwriting House
Legislative hot war for tax rate re-
forms and have vigorously pursued it
over the years.
Now that everybody is trying to get
into the act it is certainly reasonable to
expect that first consideration should be
given to the remedy proposed by the first
legislators to warn of the serious effects
of high personal and corporate tax rates
on our economic health.
The efficacy of the Herlong- Baker
legislation is proved beyond all doubt by
its provisions. ~
Over five-year period the first brac-
ket of personal income tax rates would
be reduced from 20 to Is per cent and
the top rate of 81 per cent brought down
to AZ per cent There would be corre-
spending reductions in all the interim
rates. Thus every taxpayer would get
cut of least 25 per cent.
The top corporate rate of So per cent
would be reduced to AZ per cent, also in
five annual stages.
AS Representatives Herlong and Bak-
er point out, these reductions will enable
individuals and businesses to invest more
heavily. Since capital is the vital and pri-
mary source of all economic activity, the
more capital that is made available the
greater will be our economic growth.
BY spreading the reductions over a
five-year period the effect on revenues
will not be as severe as "one-shot" tax
reduction. Actually, the sponsors are con-
fident that by removing the tax blocks to
progress the increase in business activity
will bring more revenue than the govern
ment now receives.
Only a die-hard skeptic could doubt
the beneficial results to all Americans
that Representatives Herlong and Baker
claim for their legislation: greater eco
ncmic growth; creation of more and bet
ter jobs; quicker advances in living stan
dards; starting and developing of larger
numbers of new businesses and the
strengthening of our economic system
and of our position of leadership and in
fluence in the free world.
BY all standards the Herlong-B Baker
legislation should get top priority when
it is re-introduced in the new Congress in
January.
USE YOUR TIME WISELY
There is one thing which everyone
who reads this editorial will have less of
tomorrow-and that is time. 1t is the
only thing you cannot extend, with mon
ey, influence or other forms of power.
1t is the element mankind has sought
to conquer from the beginning. Ponce de
Leon sought the fountain Of youth and
there were tales that he had found it. Wo-
men througout the e n turtles have
sought the mystic secret of prolonging
their youth.
Einstein came close to finding the
answer. He learned that speed made time
relative, and that the speed of light could
actually physically transform matter!
But can it really be? We don't know,
yet. No one has proved it-and such mir
acles are certainly long way off. AS of
right now, time is that priceless possess
ion that none of us have more of. We
cannot extend our time on this earth.
The one measurement which is so SIM
pie but so true that it almost invariably
provides the best yardstick is the ques-
ton: what are you doing to help your
fellow man?" This is how Jesus used his
time and it is the great lesson He left to
all those who can read or write re-
gardless of their faith. And His time was
limited, as is yours. Use it wisely while
you have it.