Needed reform in the present federal tax laws
Abstract
Immediate reforms in Federal taxation are necessary if business is to progress and expand sufficiently to meet the demands for increased production. To continue, during peace times, the taxation of business profits upon a war basis, means to injure American business and industry beyond reparation. All clear thinking Americans must realize that we are now passing through one of the most critical periods in American history. Social unrest is becoming more and more pronounced, and the demands of labor must be met by a division of the earnings of industry and commerce. The claims of labor cannot be satisfied if business is to be indefinitely burdened as at present, with taxes so high as to discourage enterprise and retard production. Nothing can help solve the present unstable social conditions better than largely increased production, but business concerns cannot be expected to accept the hazards of extensive expansion and at the same time pay to the Government a large proportion of their profits in the form of excess profits and income taxes.