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Facts Forum News, Vol. 4, No. 9, October 1955
File 050
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Facts Forum. Facts Forum News, Vol. 4, No. 9, October 1955 - File 050. University of Houston Libraries. University of Houston Digital Library. Web. October 28, 2020. https://digital.lib.uh.edu/collection/1352973/item/69/show/49.

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. 9, October 1955 - File 050. Facts Forum News, 1955-1956. University of Houston Libraries. Retrieved from https://digital.lib.uh.edu/collection/1352973/item/69/show/49

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. 9, October 1955 - File 050, Facts Forum News, 1955-1956, University of Houston Libraries, accessed October 28, 2020, https://digital.lib.uh.edu/collection/1352973/item/69/show/49.

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. 9, October 1955
Alternate Title Facts Forum News, Vol. IV, No. 9, October 1955
Series Title Facts Forum News
Creator
  • Facts Forum
Publisher Facts Forum
Date unknown
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
Item Description
Title File 050
Transcript society, we begin to strip every individual of his liberty and make him a faceless, soulless part of a master plan. A good example of how brutal and unfeeling this pursuit of perfection can become is the deliberate starvation of millions of Ukrainian peasants who refused to cooperate with the Communist Russian government. Their death, according to the worshipers of communism, was just a small incident on the road to "heaven on earth." EFFECTS OF INCOME AND INHERITANCE TAXES Another dangerous situation is represented by our federal tax laws affecting personal income and inheritance of property. Strangely enough, these laws, which were passed bv good American Congresses, were taken right out of the Socialist platform. The federal personal income tax was written as an emergency measure which, incidentally, is the way many mistakes are made. The law. which follows the principle of progressive rales, was based on the completely un- \merican idea that the so-called rich people should be taxed a larger proportion of their income than the less fortunate people. In other words, a man who earns ten times as much money should not pay ten times as much tax but thirty or forty times as much tax. The evolution of this tax law is a good example of how a small mistake can turn into a big one. At the time the federal personal tax became law, someone suggested that the law (which started with a top of 1 per cent i should include a limitation on how high it could become on the largest of incomes. President Wilson vetoed this limitation on the grounds that if it were writ- tcn into the law. somebody would always be wanting to raise il to that limit. Incidentally, the [imposed limit, I be- lieve, was 3 per cent. At its present levels, running as high as 91 per cent, the federal personal income tax is causing fundamental and undesirable changes in the economy. It is no longer possible for any man to build up an estate for himself out nf his salary or current income. This may be all right as far as it concerns people who do nol believe thai anyone should be permitted to build up an estate, but most of us still believe that people of extraordinary talent, who are willing to work extraordinarily hard, should be permitted lo become wealthy. This suggestion has not existed long enough for it~ effects ti> be fully known. hut it is my opinion that if il continues, the nation is going to lose much of the talent thai is needed to operate our vast, complex industrial system. And if this occurs, part of the tragedy will lie in the fact that the amount of money taken away from the people in the very high income lax brackets is of very little importance from the standpoint of tax revenue. Another unfortunate feature of ihis tax law is that it is impossible to administer with the thoroughness with which tax laws should be administered and. knowing this, the American people have, without anv feeling nf wrongdoing, become a nation of liars and lawbreakers. Although this will be an extremely difficult law to change, if I were a young American today. I would make it one of mv objectives as a good citizen. Closely akin to the progressive personal income tax is the federal inheritance tax. The idea behind this tax is to break up concentrations of economic power, on the theory thai if successive generations control large estates, there might develop in America a moneyed aristocracy with a dangerous amount of power. But. like most punitive laws, this one misses the goose and hits the gander because there are many legal ways in which the large estates can avoid the full impact of the law. It is the medium-sized and small estates that are put through the wringer: in many cases stripped of all liquid eis-ets; and in some cases forced into sacrifice sale in order to raise the monev needed lo satisfy the taxes. This to my mind is. in itself, enough reason for a drastic overhaul of the inheritance tax laws. But to it must be added another reason, namely, that more and more property is being taken from the hands of the- people and put into the hands of government. The next law about which I have serious doubts is the one which took away from the people the right to own gold. The reason for this having been done is a rather complicated one. but its basic purpose can be very simply Stated: when the people can demand gold in exchange for their paper money, they can control and reduce the borrowing power of the federal government (thai is. the power to inflate the currency and cheapen the dollar) through lhe simple process of demanding gold. When this power was taken from the people in 1933, an enormous power was transferred to the federal government—a power which, if improperly employed, could be used to coerce the people to lhe will of the federal government. In my opinion, this power has al ready been misused For excessive borrowing and inflation, but thai which has happened in the past is only indicative of what could happen in the future. TARIFF PROTECTION NEEDED Another trend of great importance to the American people is the rising popularity of the idea that free trade is a moral obligation of the United States and the answer to world peace. Free trade is not now a part of our national policy, but if it were, it would mean that low-priced, foreign-made goods could come into the American market without any protection to the American worker. Even under our present tariff laws we have already had small samples of what could happen on a large scale. The American textile industry, the American mining industry, the American watchmaking industry, the American bicycle industry, the American optical industry, the American pottery industry, have all suffered serious setbacks from foreign competition. On most goods imported into the United States we have no tariffs nor do we need any. But in certain mass produclion gineels. tariff protection from foreign competition is of great importance to our do- ini-tii- employment. This was not always so because America's tools of production used to be. in most cases, vastly superior to the tools used by foreign competition. llii- superiority in tools made it possible- to pay American workers wages three or four times as high as Foreign wages and slill produce at competitive costs. But today every country in the world lhal i- able to do so is improving its luiils and bringing them up to American standards, without raising their wages In anything approaching the American level. This puis American workers at a hopeless disadvantage. The American textile worker, for example, receiving $1.30 an hour would under Free trade have to compete with foreign workers earning as little as 25 cents an hour but turning out just as many holts of cloth of similar quality. I rider free trade, America would soon have no textile industry. The policy lo which America has been largely adhering is a fair one: it con- lists e>f placing enough tariff on imported goods to counteract the advantage gained by low wages abroad. This has been called tlle "peril point" principle. This policy, however, is not uniform nor is it by any means securely anchored in our laws. : Paee 48 FACTS FORUM NEWS, October, 1955
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