Visual display of the Aldo Leopold papers : 9/25/10-2 : Organizations, Committees

- 39 - 
increased total produtioa. In this country we heb forty-five million wtoers

employed in 1939. After this war we will ned sxty million JobU to give fu1l

          Serious unemployment after tals W   means depression.  Ad another

intense world-wide depression may mean that demoratic capitalisu as we 'now
will be wiped oat never to return in this age. 1he question before us is
we can eliminate depression and unemployment by methods wAih preserve our

fundamental liberties or whether circmistances and lack of esoial Inventiveness

will drive the worll to some sort of totalitarianisa. 
          But we need cousrageous action, not alarm. Is recent years, we
learned  rash about the ways in which employment is created.. Ie know, for
that the total stream of purchaslg power in our economy is deteruined by
way in which we dispose of our noney incomes.  It ts the spending of ico*es
consumption or the aaking of *neow investmnts that *eeps a money eonomy 
operating. Money sorie by individuals mvst be invested If it is to contribute

to the volume of Jobs. In short we ean maintain a high level of employmeat

only by investing sufficient money to bring our total speodine up to the
required to maintain purchasing power. 
          Te have all the materials fer a great a   avae in health, omfort,
security if we are vise enou   aa  eourageous enough to use the resourees
our disposal. Sat central to this achievement is tho tacs of stabilising
eeenomy, to prevent depreseion and create the secure conditions for expansion

of opportunities   Isn th effort, the fisal polioies of the feoral goverment

have a major part. 
          Piseal pelicies teal with the use of the financlal powers of gaverument
taxing, borrowing, spending and. Inding. Who use of those great powers Influences

the oeration of the ihole economy   the preblen is to use them eonstuctively

deliberately, with a view to the probable consequeneso In the brief space
this report, only a few of the limits to good- paplicy can be pointed out.

           In terms of employment, we need tax programs which raise large
of money, without disrapting the continued operation of the economy. In the

postwar era the federal government will need some 16 to 20 billions of dollars

annually, to meet interest charges of approximately 6 billions of dollars
other prospective expenditures. Bt this revenue must be raised in ways which

do sat deplete mass consumption power or we shall bring on a depression.
taxes are doefationary. Yet this is not the whole story in tamation. 
          Our fisal policy mast eneourage private Investment as well ais
tion.  It is this need that makes the current discussions of the influence
taxation upon "incentives$ so Important. Taxes which penalize the taking
of risk 
deter investments. But this is also a big and difficult question, and one
must be viewed reasonably. The critical questions here turn upon the taxation

of corporations. Two points san be established which may help understand
limits to tax adjustments to stimulate private investment: 
          (a) Corporations are going concerns which are something more 
              tban merely a screene for individual stoekholders. They 
              are real units and as such they should be taxed. 
          (b) Tax programs designed. t ease the burden of corporate taxes

              should be so designed that they do not penalise small 
              businesses while allowing the big corporations to grow 
              bigger and still bigger. 
          Taxation policy mast be a balancing of many different kinds of
by the various units of government. And there can be no really simple tax

program that is adequate. Heweer, the general principles of taxation which

have stood the test of time are still good. especially taxation aecording