The House Revenue Bill
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| Hersteller: | Forgotten Books (Seligman, Edwin Robert Anderson) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from The House Revenue Bill: A Constructive Criticism In this calculation there are two interesting assumptions: First, that the total expenditures would amount to $6,600,000,000; and, second, that a proportion of half and half is desirable. Both of these assumptions may be challenged. In the first place, it is clear that the advances to the Allies will greatly exceed the sums originally estimated. In an article which was published almost a month ago, I estimated that the total war expenditures for the year would amount to some $10,000,000,000. The accuracy of this estimate now seems to be confirmed, for it has become very probable that the $3,000,000,000 allotted to the Allies will not suffice, and that we must advance additional sums before the year is over. In considering this fact, however, it must be remembered that money advanced to the Allies constitutes only an advance, and that the principal of the debt, together with possible arrears of interest, will ultimately be repaid. The real problem, therefore, still remains: What proportion of the internal or domestic debt is to be defrayed by taxes? There are two extreme theories, each of which may be dismissed with scant courtesy. The one is that all war expenditures should be defrayed by loans, and the other is that all war expenditures should be defrayed by taxes. Each theory is untenable. The loan-only policy is impracticable for two reasons. If Government loans are not supported by an amount of taxation at least adequate to pay the interest on the new loans, the credit of the Government will suffer. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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