The final recommendations of the Commission must, however, go beyond the limits of any one phase of aviation.

A fair and proper revision of our tax structure should result in an equitable distribution of tax reductions.

They should be so broad in scope and purpose that they will assist in revising old policies and in framing new ones, and will serve as a guide for formulating a carefully considered national air policy.

I stated that a good tax reduction bill should give a greater proportion of relief to low income groups.

Not only does this bill represent an unsound fiscal policy, but it would also contribute to inflationary pressures which we have made progress in combatting but have by no means overcome.

I want to feel free to call on you from time to time for counsel.

I request the Commission to complete its studies in time to submit its final recommendations to me by January 1, 1948.

We should follow a pattern which is the reverse of that under which the burden was imposed.

How well you acquitted yourself in that vital task is attested by the results.

Never have I accepted a resignation from the Government service with more poignant regret.

Your recommendation seems to me well taken.

I am creating a temporary Air Policy Commission to make an objective inquiry into national aviation policies and problems.

This is still the wrong kind of tax reduction and this is still the wrong time to provide for tax reduction.

Necessary Government expenditures are still high.

The present bill is not consistent with sound fiscal policy.

There is no justification for tax reduction so long as price stability at sound levels has not been secured and business, employment, and national income continue at peak levels.

I return herewith, without my approval, H.R. 3950, entitled 'An Act to reduce individual income tax payments.'

Until we are better able to estimate the cost of our investment in world peace and collective security, it is unwise to make so large a cut in our Government's future income that our ability to meet our needs would be impaired.