Keyword
in
Collection
Date
to
Facts Forum News, Vol. 5, No. 5, May 1956
File 040
Citation
MLA
APA
Chicago/Turabian
Facts Forum. Facts Forum News, Vol. 5, No. 5, May 1956 - File 040. 1956-05. University of Houston Libraries. University of Houston Digital Library. Web. November 19, 2019. https://digital.lib.uh.edu/collection/1352973/item/1329/show/1299.

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. (1956-05). Facts Forum News, Vol. 5, No. 5, May 1956 - File 040. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/1329/show/1299

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. 5, May 1956 - File 040, 1956-05, Facts Forum News, 1955-1956, University of Houston Libraries, accessed November 19, 2019, https://digital.lib.uh.edu/collection/1352973/item/1329/show/1299.

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. 5, May 1956
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date May 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
  • 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 040
Transcript —— sssssssmsmstmm The recommendations should effect and expedite the return to the Treasury of more than $10 billion through recovered investment, elimination of unnecessary liabilities, liquidations, and realizations of surplus property assets. In any event, the Commission affirms that there are enough possible savings to enable the balancing of the budget and the reduction of taxes. Effect on Individual Taxpayers: What would the saving of $7.5 billion mean to you? The Hoover Commission takes no stand on how tbe savings should be applied. Here are possibilities being discussed in Congress: The simplest tax cut for Congress to make would be a straight across-the-board cut to all individual taxpayers. Since the federal revenue from individual income taxes is $30 billion a year, a $7.5 billion cut would mean a reduction of 25 per cent in the personal income tax of every taxpayer. Among alternative tax cuts, several of which can be combined to equal $7.5 billion, are the following: An increase to $700 in the present $600 personal exemption would cost $2.3 billion. If the $600 exemption should be raised to $800, the cost would be $4.5 billion. Let's look at a different type of reduction. If the top income tax rate for all individuals should beset at 35 per cent, the cut would cost $2.4 billion a year. If the top rate were set at 40 per cent, the cut would cost $1.9 billion. If the top rate were set at 50 per cent, the cut would cost $1.1 billion. If at 60 per cent, the cut would cost only $600 million. When we realize that the total federal tax collections from all sources in 1954 were $70 billion, it is amazing to learn that the total amount collected from individuals whose rates are above 35 per cent was only $2.4 billion — a mere 3.4 per cent of the grand total. The shock is due to the extraordinary success of the Communist propaganda — repeated so often that millions now believe it — that 1 per cent (or 3 or 5 per cent) of the people own 90 (or 95) per cent of the nation's wealth. The conclusion follows — if you believe the Communist- inspired propaganda — that with a sharply ascending progressive income tax, all little people should favor every federal expenditure: They would not pay for it anyway. Government spending would not be at the expense of the little fellows, but only of the Big Boys. That conclusion is built upon a false premise. The truth is, the Federal Reserve Board's Survey of Consumer Finances shows that, in 1954, families with incomes of $10,000 or over received about 20 per cent of the total income of all families. If all the taxable income in excess of $10,000 could be totally confiscated by the government, it would pay the costs of government for only four weeks; and, of course, the income to be confiscated would quickly vanish, once taxpayers were convinced that there would be no benefit to them from the production of income. The present top income tax rate is 91 per cent. The small portion of the revenues obtained by the rates above the 35 per cent figure makes it clear that the higher rates have a punitive rather than a productive purpose. Moreover, since the excessive rates sharply diminish the incentive to take risks, they punish all the people, not merely the rich. In fact, they probably punish the poor much more than the rich (who can still live well), because the poor gain most proportionately from the higher standard of Page 38 living and the better-paying jobs created by costly moder production facilities. The National Association of Manufacturers has sent t Congress a proposal under which the corporation rates, i well as the individual rates, would be gradually reduce over a five-year period to a top rate of 35 per cent. Th Association proposes a uniform cut in the progressive rati so that lower-income taxpayers would share in the redu' tion. The NAM plan is not premised upon any savin] from the Hoover recommendations; it is based exclusive upon the increased tax revenues expected to flow auW matically from the growth of the economy. Assuming continuation of the normal 3 per cent a year growth, NAl says that annual tax revenues from sources other than tl rates above 35 per cent will grow by $12 billion in fiv years, while the cut in federal revenue from a 35 per ce> top rate would be $10 billion. If the NAM plan should be adopted, the Hoover savin can be applied elsewhere. Advice to You as a Taxpayer: liuilcl grass-roots sea ment by sending copies of How to Save $7.5 Billion ' the influential leaders, and groups in your commuiul such as libraries (city, high school, college), princip and social-science teachers in your schools, the publish* editor, and editorial writers of your local newspaper, "* social-science professors in your local college or your o* Alma Mater, all members of the Chamber of Cummer1 and Junior Chamber of Commerce. (Note: The initio" Junior Chamber of Commerce made the earlier Hocr** reorganization program its national project.) Don't f" get the members and leaders in service clubs, incluu] the civic-minded women's clubs; trade union leaders; $1 business friends throughout the nation. Ask local organizations to pass resolutions addressed your Congressman, Senators, and the White House, write to them yourself." Promote active discussion in y* clubs. Schedule panel discussions on your local rifl station. t *H/ Even more important than first letters, is the follow"1 to your Congressman, Senators, and the White- Hi'"1 Fncourage delegations to call on your representative^ Washington, or at their homes w hen thev return. Do >"J part toward achieving adoption of the Hoover progfj i °On I'aerr 1] may he tonne] a miniature congressional directory wW** .eld \<in in following Vie. Hanighen's suggestions, Editor ir The t0»si8tH BNrator ""l See, ^nt, H Co«spir* to Sul' "Wo,, i S a 1, availal,I, A constitution is the property of a notion, am! not of those who exercise the government, ill the const'' lotions of America (state constitutions) are declared to he established on the authority of the people, — Thomas PainF- He who known only his own side of the case, knot"* tittle of that. His reasons may he good, and no o"f may have heen ahte to refute them. Itnt if he in cqualh unable to refute the reasons on the opposite side; '' fie tloes not so much as know tvhat they are. he I'"* no ground for preferring either opinion. — John Stuart Mi*-*' To speculate without FACTS is to attempt to enW* a house of which one has not the key, hy wantler'n'" aimlessly around and arouiul. searching the wall «"' now and then peeping through the windows. , — JLI.IAN HUXL*1 Facts Forum News, May* COM: tho Sun Jvotin %l «ady d "* dis;i Each P it* n rr,( ;:>-v <:;y IS I-'<„
File Name uhlib_1352973_v005_n005_040.jpg