TAXATION: Cushions Provided

"That part of the fundamental philosophy of the New Deal which has come nearest to unanimous approval has been the resolve 'It must not happen again.' The determination to prevent the recurrence of wild booms and profound depressions has motivated some of the Administration's best work. . . . Now the Administration proposes a tax plan which, tosses overboard this sound philosophy. . . . The proposal is to prevent the accumulation of corporate surpluses by a prohibitive tax of about 33⅓%. The principle is unsound. It is analogous to levying a prohibitive tax upon individual life insurance premiums....

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