Reduced Taxation Means More Trade

Manawatu Times, Volume LIV, Issue 7085, 6 December 1929, Page 7

Reduced Taxation Means More Trade

HOOVER TO CONGRESS.

PROPOSED’ ONE PER CENT. OFF INCOME TAX

United Press Association.—By Electric Telegraph—Copyright. Received Thursday, 7 pan. WASHINGTON, Dec. 4.

President Hoover laid before Congress on Wednesday a recommendation for a 1 per cent income tax reduction, totalling 160,000,000 dollars and a request for 3,830,449,231 dollars for Governmental use for the next year. Ho gave a bright picture of the state of the nation’s finances.

Drawing a lesson from the lowering of taxation in the past, the President declared .that undoubtedly increased revenues always followed and that the stimulus given to business was partly responsible for the upward jump in receipts. A total of 380,392,526 dollars is asked for the Navy, an increase of 163,999,000 over 1928. Alterations in battleships, increased navy pay and other improvements caused the increase. Dealing with cruiser construction and the procedure and programme connected with it, the President said that “for the .fifteen cruisers and one aircraftcarrier authorised in February, 1929, provision has been made to carry forward work on the two cruisers already laid down and for three cruisers and the aircraft-carrier to be laid down lato in tho fiscal year, 1930, and for the remaining ten cruisers to be commenced late in the fiscal year.’’