Government takeover
Cry Wolf Quotes
Mr. Chairman, the President's budget plan which is incorporated into this budget resolution imposes higher taxes and more deficit spending. We have been told that that kind of a budget package will have an impact on the economy. Certainly I agree. However, it will be the kind of impact that this country can't absorb. It will slow economic growth, contribute to the massive Federal deficit, and increase Government spending.
While both we and our clients are in entire sympathy with the aims and purposes of the Tugwell Bill, we are all of one mind in our fears about such a sweeping grant of autocratic power being placed in the hands of any bureau or department of government.
Another seriously untoward effect unavoidably inherent in inheritance taxation is that by such taxation a portion of the capital fund of the nation is transferred into the coffers of the Government, and by it used for operating expenses.
If the provisions of the bill now pending should be adopted, the country should realize that within a decade there will be a tax burden amounting to as much as $1 billion.
