Mr. Green's Speech

The National Tax Association held its annual convention at White Sulphur Springs, W. Va. It was addressed by William Raymond Green of Council Bluffs, la. It happens that Mr. Green is a Congressman, and in the last Congress stood next in seniority to Joseph Warren Fordney on the all-powerful Ways and Means Committee. With Mr. Fordney's Congressional demise, Mr. Green will become Chairman of that Committee. If a new revenue bill should be passed in the next Congress it will be a Green-Smoot, instead of a Fordney-Mc Cumber, bill.

Therefore the National Tax Association marked well the words of Mr. Green of Council Bluffs. Congressman Green expressed both his expectations and his preferences. He expects during the next Congress:

1) Few changes in the tax law, except for minor amendments to simplify the collection of revenue.

2) Strong efforts to reimpose an excess profits tax and a levy on undistributed profits, but probable failure for these efforts because the additional revenue will not be needed.

3) No reductions in taxes, especially if soldier bonus and public buildings measures are enacted.

He would like:

1) Alteration of corporation taxes so that income of a corporation reinvested by the corporation and really added to the wealth of the stockholders may be taxed. He pointed to the Ford Company as a case in point: it invests much of its income in new holdings, thereby increasing Mr. Ford's wealth; Mr. Ford pays no taxes on these additions to his wealth.

2) An additional inheritance tax on tax-exempt securities and a denial of deductions in income from such securities.

3) Taxes on gifts above a certain amount received in each taxable year.

4) A law to prevent the creation of trusts to avoid taxes.