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This newspaper page contains 3 articles. Subscribers can read the full text of each article.
Newspaper
Washington Evening Journal
Location
Washington, Iowa, United States of America
Date
Sep 06, 1940
Page
6
The article explains that the federal budget is a balance between government income and expenditures. It notes temporary war borrowing and spending, followed by repayment efforts and fair taxation, mentioning the income tax amendment as a revenue tool.
The speaker warns that from an initial 1 percent levy on small incomes to a 79 percent maximum today, government spending has expanded. Taxpayers face rising costs as fuel and other taxes grow, stifling investment and employment, with a call to elect reform-minded leaders under democracy to stop spending.
A historical analysis notes national income per person fell 15 percent from 1929 to 1939 while taxes per person rose 27 dollars, with total debt up about 30 billion dollars since 1929. The piece argues for balanced spending and moderate taxation to revive prosperity and warns of ongoing deficits.
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