THE NORTH AMERICAN REVIEW VOL. CCXXII. Tros Tyriusque mihi nullo discrimine agetur NEW YORK 9 East 37th STREET Copyright, 1925, by NORTH AMERICAN REVIEW CORPORATION All Rights Reserved Amendments, The Other Rejected, 274. American Democracy, The Trend to an, 22. American Farmer Returns, The, 135. Books Reviewed:-A Poetry Recital, by James Stephens, 157; Voices of the Stones, by E, 157; Earth Moods, by Hervey Allen, 157; Diony- sus in Doubt, by Edwin Arlington Robinson, 157; A Fool i' The Forest, by Richard Alding- ton, 157; Out of the Flame, by Osbert Sitwell, 157; The Thirteenth Cæsar, by Sacheverell Sitwell, 157; What's O'clock, by Amy Lowell, 157; The Polyglots, by William Gerhardi, 163; Arrowsmith, by Sinclair Lewis, 163; The Great Pandolfo, by William J. Locke, 163; Thus Far, by J. C. Snaith, 163; Young Mrs Cruse, by Viola Meynell, 163; Playwrights of the New American Theatre, by Thomas H. Dickinson, 171; Faber, Oder Die Verlorenen Jahre, by Jakob Wassermann, 173; The Growth of the United States, by Ralph Volney Harlow, 177; Political and. Social History of the United States, two volumes, 1492-1828, by Homer C. Hockett, 1829-1925, by Arthur M. Schlesinger, 177; A History of the United States, by Ed- ward Channing, 177; Great Britain and the American Civil War, by Ephraim Douglass Adams, 177; Edward Everett: Orator and Statesman, by Paul Revere Frothingham, 177; The Public Life, by J. A. Spender, 177; Then and Now, by Mrs. H. A. L. Fisher, 177; International Economic Policies, by William Smith Culbertson, 177; The Collected Essays and Papers of George Saintsbury 1875-1923, 187; Letters of James Boswell, collected and edited by Chauncey B. Tinker, 187; Parnell, by St. John Ervine, 341; What I Have Seen and Heard, by J. G. Swift MacNeill, 341; Memoirs, by Sir Almeric FitzRoy, 341; The Madonna of the Barricades, by J. St. Loe Strachey, 351; The Literature of the Middle Western Frontier, by Ralph Leslie Rusk, 354; American and British Literature Since 1890, by Du Bose Heyward, 354; Our Naval Heritage, by Lieut.-Com. Fitzhugh Green, U. S. N., 362; Annapolis: Its Colonial and Naval History, by Walter B. Norris, 362; Robert Owen, by G. D. H. Cole, 366; The Relation of Government to Industry, by Mark L. Requa, 366; The Present Economic Revolu- tion in the United States, by Thomas Nixon Carver, 366; Twenty-Five Years: 1892-1916, by Viscount Grey of Fallodon, K, G., 373; The Senate and the League of Nations, by Henry Cabot Lodge, 373; The Foreign Policy of Castlereagh: 1815-1822, by C. K. Webster, 373; The Foreign Policy of Canning, by H. W. V. Temperley, 373; An American Peace Policy, by Kirby Page, 373; Factors in Ameri- can History, by A. F. Pollard, 373; The World After the Peace Conference, by Arnold J. Toynbee, 381; The Permanent Court of Inter- national Justice, by Alexander P. Fachiri, 381. BOURDIN, HENRY L. The American Farmer CANNON, CORNELIA JAMES. Prohibition and CARVER, THOMAS N. Prohibition and Prosper- CHEW, SAMUEL C: The Poetry of Charles China, The New "Break-Up" of, 102. City, The Freedom of the, 123. CLARK, CHARLES HOPKINS. "The Great Doctor CLARK, JOHN BRITTAN. The Trend to an COFFIN, R. P. TRISTRAM. Book and Crowns, COLERIDGE, HON. MRS. GILBERT. Jean De Congress, The Seniority Rule in, 235. CONKLING, GRACE HAZARD:-Books Reviewed: A Poetry Recital, by James Stephens, 157; Voices of the Stones, by E, 157; Earth Moods, by Hervey Allen, 157; Dionysus in Doubt, by Edwin Arlington Robinson, 157; A Fool i' The Forest, by Richard Aldington, 157; Out of the Flame, by Osbert Sitwell, 157; The COOPER, JOHN G. Prohibition from the Work- ingman's Standpoint, 49. Defense Services, United, 226. Democracy, The Trend to an American, 22. Diplomacy, The Economics of, 90. Disarmament, The Next Conference on: Its Doughty, The Poetry of Charles Montague, "Earthly Paradise, The”, 299. EDITOR, THE. The Plight of England, 193. FINLEY, DAVID E. Tax Reduction rs. Tax Five Years of Prohibition and Its Results, 29. GAINES, CLARENCE H.:-Books Reviewed: The GARIS, ROY L. Misconceptions About the GOODRICH, CASPAR F.:-Books Reviewed: Our HARVEY, GEORGE. The Plight of England, 193. HOPKINS, RICHARD J. Prohibition and Crime, "Johnson, The Great Doctor", 321. Grey of Fallodon, K. G., 373; The Senate KAUFMAN, PAUL. Unpublished Letters from KELLY, DR. HOWARD A. Prohibition and the KENWORTHY, LIEUT.-COM. J.M., M.P., R.N. The KINSOLVING, SALLY BRUCE. Three Poems: LAY, CHARLES DOWNING. The Freedom of the LEE, MUNA. Two Poems: Portrait, Blindman, LOWELL, AMY, 156. MACLEISH, ARCHIBALD. Question in Time of MACVEAGH, EWEN CAMERON. The Other MAGEE, JAMES D.:-Books reviewed: Robert MOSES, MONTROSE J.:-Book Reviewed: Play- MYERS, WILLIAM STARR:-Books Reviewed: PINCHOT, GIFFORD. Prohibition and Law En- Plight of England, The, 193. Poetry: Magdalen, An Empty House, Still- POLLOCK, JAMES K., JR. The Seniority Rule in Portrait, 284. POTTER, PITMAN B. Science and Politics, 256. Results, 29; Is there Prohibition? And to tion as Seen by a Business Man, 45; Prohibi- PUTNAM, MRS. WILLIAM LOWELL. Amy Lo- and The Way Out, 73. United Defense Services, 226. VAN DOREN, MARK. Recovery, 122. WHEELER, WAYNE B. Is there Prohibition? WILLIAMS, STANLEY T. The American Farmer WILLIAMS, STANLEY T.:-Books Reviewed: The WILSON, PHILIP WHITWELL:-Books Reviewed: YOUNG, STARK. Campo Santo, 331. Tros Tyriusque mihi nullo discrimine agetur STANFREVIEW NORTH AMERICAN SEPTEMBER-OCTOBER-NOVEMBER, 1925 TAXATION PROBLEMS-I TAX REDUCTION VS. TAX REFORM BY DAVID E. FINLEY Member of the War Loan Staff of the Treasury TAX reform does not mean merely a reduction in rates. It means revising the whole tax system in such a way that it will produce the revenue required for the Government's needs over a long period of years, without having a detrimental effect on the normal, healthy development of the country. Of course, tax reduction gives the opportunity for tax reform. But it is only by reducing rates scientifically and perhaps omitting altogether the imposition of some taxes, that we can achieve the end desired. It must be remembered that our present tax system was largely evolved during the war, when the need for immediate revenue was of more importance than the manner of raising it. The excessive tax rates, which obtain at the present time and to which we have gradually become accustomed, were precipitated on the country by the war. They are war taxes and nothing else. It is true that, since the war, the rates have been reduced and the burden of taxation has been greatly lightened. But even today, seven years after the end of the war, the maximum normal and surtax is forty-six per cent., or over three times the maximum rate levied in 1916. In addition to reducing rates, the Revenue Act of 1924 incor Copyright, 1925, by North American Review Corporation. All rights reserved. VOL. CCXXII.-NO. 828 |