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On $4o00, hidden taxes come to $1039; income taxes to $455.
On $7500 hidden taxes total $1432; income taxes $869.
It is widely agreed that a tax load of 25 cents on tire average citizen’s dollar is about as far as a government can safely go. Up to this point, taxes pay their way and act as brakes on inflation. Above it, taxes push up prices and sap incentive. They make a man think twice before risking his cash to make a profit. They scare off and dry up the flow of equity capital into new plants, equipment and products. And this flow is the foundation on which America’s industries are built and on which their future growth depends. • .
Americans are now taxed an average of 32 cents on the dollar—seven cents above the danger line. Persons with higher incomes, the biggest potential investors, are socked much harder. Unless there is a retreat, unless the Government forces itself to loosen its grip at least partly on the taxpayer’s pocketbook, industry’s future growth and development stand in jeopardy.
The United States is in real danger of biting off its nose to spite its face.
—from Newsweek
GARDEN CLUB PICNIC
The Rappahannock Garden Club will have a picnic at '“Ole Hollow Swimming Pool,” Saturday, September 27, for the September meeting. It is hoped that all members will be present and will bring their families and lunch. Picnic will be at 4 :00 p.m.
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