FEDERAL INCOME TAX SEEN AS THREAT TO ECONOMY
New York City (JFK+50) On March 9, 1923, the National Industrial Conference* issued a statement warning "taxation is rapidly becoming unbearable and the federal income tax** threatens economic progress."
According to the statement, in 1922 fourteen cents of every dollar went for taxes comprising 14.3% of the national total income for the fiscal year 1921-1922.
In comparison, "taxes took but 6.5 per cent of national income" in the fiscal year 1913-1914.
The NIC says the increased tax burden is a threat to the surplus which is "considered vital to business and industry." The statement concludes that the excess taxation "is stifling...on individual initiative and effort" resulting in "a lower standard of living for the American people."
*National Industrial Conference Board (NICB) was founded in 1916 as a business membership & research organization. HQ was located at 845 Third Avenue in NYC.
Today NICB is known as The Conference Board & represents 1000 corporations in 60 countries.
**The Federal Income Tax took effect on Feb 25 1913 when the 16th Amendment to the US Constitution was certified.
It reads "The Congress shall have the power to lay and collect taxes on income."
SOURCES
"16th Amendment to the U.S. Constitution: Federal Income Tax 1913," National Archives, www.archives.com/
"Raps Income Tax As Threat to U.S. Economic System," The Evening Star, Washington, D.C., March 9, 1923, Chronicling America, Library of Congress, www.loc.gov/
