Keyword
in
Collection
Date
to
Download Folder

0 items

Facts Forum News, Vol. 5, No. 12, December 1956
File 043
Citation
MLA
APA
Chicago/Turabian
Facts Forum. Facts Forum News, Vol. 5, No. 12, December 1956 - File 043. 1956-12. University of Houston Libraries. University of Houston Digital Library. Web. September 25, 2017. http://digital.lib.uh.edu/collection/1352973/item/699/show/672.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum. (1956-12). Facts Forum News, Vol. 5, No. 12, December 1956 - File 043. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from http://digital.lib.uh.edu/collection/1352973/item/699/show/672

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Facts Forum, Facts Forum News, Vol. 5, No. 12, December 1956 - File 043, 1956-12, Facts Forum News, 1955-1956, University of Houston Libraries, accessed September 25, 2017, http://digital.lib.uh.edu/collection/1352973/item/699/show/672.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

URL
Embed Image
Compound Item Description
Title Facts Forum News, Vol. 5, No. 12, December 1956
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date December 1956
Language eng
Subject
  • Anti-communist movements
  • Conservatism
  • Politics and government
  • Hunt, H. L.
Place
  • Dallas, Texas
Genre
  • journals (periodicals)
Type
  • Text
Identifier AP2.F146 v. 5 1956; OCLC: 1352973
Collection
  • University of Houston Libraries Special Collections
  • Energy & Sustainability Research Collection
Rights No Copyright - United States: This item is in the public domain in the United States and may be used freely in the United States. The item may not be in the public domain under the copyright laws of other countries.
Item Description
Title File 043
Transcript Wealth, of the medium anel small fortunes which formerly testified to the vitality of the individualist economic system. Consider a situation that might easily arise in a small business. The- income of the owner is $200,000 8 year. He might be able to increase this to $300,000 by geiing to some trouble- and risk in installing seime new machinery that would make for higher productivity. But heiw much of the extra $100,000 would he be able to keep? Only a few thousand eleillars. Is it reasonable to expect a man to work as hard if he must turn over 90 per cent or more of the fruits of his labor to the State as he would if he could kee-p all or the greater part of it himself? The enormous productive successes of the- capitalist, or individualist, economic system during the nineteenth century were largely elue to the fact that the sky was the limit as regards Hie- rewards of energy anel initiative. Marx and Engels, who wished tei ele- stroy the capitalist system, knew what they were doing when they introduced a demand lor a heavy graduated income tax into the Communist Manifesto. In the United States, where the -Socialist party is in liquidation, where mere is no taste- for outright nationalisation, the graduated income tax, regarded by left-wing theorists as a legitimate anel desirable instrument of economic and social leveling, has achicve-el many of the results which Were feared or heipcd from socialism, It has served tei discourage thrift ami dilute- incentive, sometimes to the vanishing point. It has enormously re- ttricted the range of individual opportunity. It has made the individual vastly more- dependent on the State anel meire aviel for state- handouts. It has shifted the balance- in America from an individual-centered to a state- centered e-conomic and social system. Andrews Didn't Mince Words There- is much meire' that ceinlel be- Saiel in criticism of this form ol fiscal exaction. Much of it has he-en saiel Ve-ry ably by a man in a position to know whereof he speaks, Mr. T. Coleman Anelrews, former Commissioner of Internal Revenue. Mr. Anelrews pulls no punches in an article entitled ''Abolish the Income- Tax," which is Sprinkled with adjectives anel expressions like brutal, confiscatory, inurele-r- ous. brigandage. Out eif a we-alth of recent experience the- former Commissioner flatly asserts ' 1 Up to $2,000 taxable income the tax collector takes 20%. From $4,000 to $6,000 it's 26%. From $16,000 to $18,000 it's a half. From $32,000 to $38,000 it's two-thirds. From $50,000 to $60,000 it's three-fourths. And so on until the top rate of 91% is reached at $200,000. The above figures have been cited by T. Coleman Andrews (left) who stated, "This is called 'progression,' a fancy term. . . ." WIDE WOULD PHOTO that the income tax law is so complicated that very few taxpayers do or can understand it. Almost two yean have elapsed since the Internal Revenue Code of 1954 became law, anel it has not yet been possible for the Treasury Department to come up with an official interpretation eif that law. The punch lines of Mr. Andrews' article may be found in these paragraphs of his appeal tei members of Congress: Whether you believe it or not, everybody is beinjs overtaxed and the middle class is being ta-ee-t! out nl existence. Thereby thc nation is being robbed "t its sure-st guaranty of continued sound economic development and growth anil its staunchest bulwark against the asc-enel- ancy of socialism. We, who somehow have managed to hold on. finally an- beginning (si see tin- shameful extent to which we have lie-e-n niaele- tin- special victims of rapacious tii\ oliactllls-lits — and we llont like it. Wo arc concerned about the future lie- cause we- ilon't believe that we- could stand another serious recession, what with the present "good tunes*' founded as largely .is they are on defense proeluetion. deficit financing, anel other generators of thin-ice ami phony prosperity, anel with the- tax collector takim.,- tin- fruits of our labors in "progressive" ratio to our achievements. High rates of tax slsm't mean anything when the-re- isn't anything to tax. Free Enterprise Needs a Tonic What might be- deemed a flaw in the position of Mr. Andrews is that he- calls for the- abolition eif the- income tax without proposing what to elo next. He- merely advocates a congressional examination of the- whole problem of taxation — an excellent iele-a in theory, but one that might well bog down in endless delays. Present rates of income tax, which in many cases confiscate the individual's margin for saving, have been more or less passively accepted on the false assumption that the- current level of government spending is untouchable. No one who has had even limited ac-fiuaintance with government in op- eration is likely to be convinced that no savings in that field are possible. It is elementary human nature to spend government money more freely than one's own money. There certainly is desirable room for saving in handemts to unfriendly foreign neutralist gov- e-rnments. Legislation for Economy The Hoover Commission, after a most exhaustive prying into all the dark nooks anel crannies of civilian and military bureaucracy, has come up with concrete practical suggestions calculated to save many billions of dollars in federal expenditures. Further substantial savings could be realized if the amazing report of the Committee on Government Operations about the wide scope of government enterprise's — often operated at a loss and in competition with private business — we-re- heeded in economy legislation. The time has long passe-el when the personal income tax could be regarded as something that merely knocked off a little of thc surplus wealth of a few millionaires. Its bite is now deep and wiele-. A levy that starts at 20 per cent i a higher rate than the- highest im- Pacts Forum News, December, 1956 Page 41
File Name uhlib_1352973_v005_n012_043.jpg