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Facts Forum News, Vol. 4, No. 2, February 1955
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Facts Forum. Facts Forum News, Vol. 4, No. 2, February 1955 - File 048. 1955-02. University of Houston Libraries. University of Houston Digital Library. Web. June 4, 2020. https://digital.lib.uh.edu/collection/1352973/item/1189/show/1167.

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. (1955-02). Facts Forum News, Vol. 4, No. 2, February 1955 - File 048. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/1189/show/1167

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. 4, No. 2, February 1955 - File 048, 1955-02, Facts Forum News, 1955-1956, University of Houston Libraries, accessed June 4, 2020, https://digital.lib.uh.edu/collection/1352973/item/1189/show/1167.

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.

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Title Facts Forum News, Vol. 4, No. 2, February 1955
Series Title Facts Forum News
Creator
  • Facts Forum
Contributor
  • Evans, Medford
Publisher Facts Forum
Date February 1955
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. 4 1955; OCLC: 1352973
Collection
  • University of Houston Libraries
  • Facts Forum News
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 048
Transcript *' Mk\ W^k\ -r~ National Chamber of Iiiiiiiiinti' 1 lead Reviews II. S. Economics m In a REPORTERS' ROUNDUP interview, Clem D. Johnston, President of the United States Chamber of Commerce, speaks out on corporation taxes, tariffs, waste in civil service; and offers suggestions on balancing the national budget. I " *xr r* WiUR C... JA\W . _ AWk WLmw Clem D. Johnston (c was interviewed by ■ right) John Madigan Jack Doherty of the NEWS. Moderator was bove), C of C Chief, lower photo, left to of NEWSWEEK and NEW YORK DAILY Robert F. Hurleigh. . I thin » this the tax f S I ,?c'ng u ion Wa lhe futu rat« woi m at I lh"ig to The a not. u1 ha' "owevei "> Sovei Kovernn, ^ shar ?e some ,r« now REDUCE TAXES—INCREASE TREASURY INCOME (Madigan): Mr. Johnston, it came as no greal surprise to the correspondents here in Washington when President Eisenhower said that he would like to see the corporation and excise taxes, originally scheduled to drop April 1, extended in their present lorni. Whal is your reaction? It did not come as a surprise to us, Mr. Madigan. We do view it with regret. Although we realize that business has to pay its full share of the taxes and we have to somehow balance the budget, yet we in business feel that perhaps we have already exceeded the real productive limits of taxation — that perhaps a lower rate over a given period, say five years, would actually produce more revenue for the Treasury than the higher rates that now exist. (MaOIGAn): "Regret" is a word awfully close to "alarm." Will von bring pressure on various congressmen and senators to try to stop this extension? No, we are going to try using persuasion in an attempt to educate the general American public to the fact that high taxes tend to discourage initiative and venture capital and, therefore, actually produce less revenue for the government in the long run. We are not contemplating at the moment any active campaign against this tax rate. Madigan) i You have a legislative representative at the Washington Chamber in constant contact with Capitol Hill on all pending measures. Do you plan lo thwart this proposal through appealing to the public rather than lo the gentlemen who must vote on it? We will appeal to both the people and Congress. We are going to try to persuade them that the long-range interest of the country is such that we should not have this confiscatory tax rate of 52 per cent on corporations, followed by individual income taxes. Some of the top brackets are 70 to 80 per cent—up to a present maximum of 91 per cent—on what's left of that same money. BUSINESS NEEDS INCENTIVE American business somehow has to provide jobs for at least 600,000 additional men each year; that's the net increase in our labor force. It requires a business investment of about twelve to fourteen thousand dollars of venture capital, risk capital, on the part of somebody to provide one job for one man. Therefore, business has to have an incentive not all drained away by taxation. Page 4« I Madigan): Do you mean that some of 'f expansion capital would be taken out of lhe marlc if these existing taxes continue? It is already rather clearly evident that some of that cap!1 he people are retire exDethin> from business at an early age; people who would noria^ -itXp r^en. is leaving the market. Also, some of the form new enterprises and provide jobs for men are now siff ply finding it convenient to coast. And there is a big market now in tax-exempt securit'' businessmen in these high brackets are finding that a '' per cent tax-exempt bond is a preferable investment to a s eight, or ten per cent common stock. ill anneal ' Ii (Huri.eigh) : Now you say you will appe' lhe public and to Congress. Would it not be |"i'' wiser to try to persuade the administration, whi^J effect is the instigator of this continuation of high taxes '"« 'he ?ears, tl ""hairm! S, a, in !>< i 0l „,' "link / ""read 1* it"f>t' Yes, we will certainly try to persuade the administr31, c "ad th, also, and we have already been in discussion with then1 s?mfn,'ttee individuals. I think they accept our general idea that o**, L f' We long period of time a lower tax rate would actually pr0"j| ^.^ade greater revenue. They are faced with an immediate nece!S tji defe of somehow balancing the budget. al defer (DOHERTY): Is it possible that this whole ar» ment over corporate and excise taxes mighl I"' tirely academic since we are going to have Democratic Congress? Might they not enact '% enough votes to override a veto — a tax cut f°r,, people, on individual income taxes, rather tha" business? I think of course that is strongly advocated by the ''j, unions. Such a cut would, however, have to be accomP.*, tro~i.',|,Ils by some increase in excise taxes — something resenih'"'^ r- ^ble rj national sales tax — if we were going to get enough W' ji of th ',ert because there is simply not enough revenue if you are * a nten m> ' to tax only the so-called rich. Secretary of the Tre»h $i0n*ervi Snyder brought out that if we were to confiscate outriH11^ assi'«! a entire income of all the people in this country makin£.||j, ar,,j ed $10,000 a year, you would only get three and a half "\jf irnat^,1 Pr be rrn the- ■ "ere acco, U I dollars for the Treasury. That is less than the pr1 budget deficit. Secretary Snyder added further — and showed the tu>j — that if the entire income of everyone making $5,000 •'] and over were given to the government, the income ' government would be less than ten billion dollars. FACTS FORUM NEWS, February, 2P '"*««?; me "M •"acts
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