There is a point at which in peace times high rates of income and profits taxes discourage energy, remove the incentive to new enterprises, encourage extravagant expenditures and produce industrial stagnation with consequent unemployment and other attendant evils.
Wilson warns that excessively high taxes can stifle economic activity and lead to negative consequences like unemployment.
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Actual relief can come only from the adoption of constructive measures of a broader scope, from the restoration of peace everywhere in the world.
public interests require that the Senate of the United States be convened at twelve o'clock on the fourth day of March next to receive such communications as may be made by the Executive.
On this principle the Treaty of Versailles (Art. 232) provided that in accordance with Germany's pledges already given as to the complete restoration for Belgium, Germany should undertake, in addition to the compensation for material…
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