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6 The Tax Review 1 (1945)

handle is hein.tera/tafoutaxt0008 and id is 1 raw text is: VOLUME VI JANUARY No. 1 1945 THE TAX REVIEW Copyright, 1945, by Tax Foundation, New York, N. Y. NATIONAL PLANNING RAMPANT T HE year-end report of the War Contracts Subcommittee of the Senate Committee on Military Affairs provides another illustration of rampant and rampaging national planning. This is found in Part III of the report under the heading Building The Post-War Economy.' It is charged that all of the legislation thus far enacted on the general subject of contract settlement, reconversion, veterans, etc., while useful and important, adds up to very little when measured against the background of our economic needs. The Subcommittee has therefore undertaken to correct the deficiency by offering a bill which is to be known as The Full Employment Act of 1945. The bill is to be an amendment of the Budget and Ac- counting Act of 1921. It would require the President to transmit to Congress annually, in addition to the budget now provided for, a National Production and Full Employ- ment Budget to be known as the National Budget. This budget shall set forth in summary and detail- 1. The estimated number of jobs needed during the ensuing fiscal year or years to assure continuing full employment and the estimated dollar volume of the gross national product at the expected level of prices, required to provide such number of jobs (hereinafter referred to as full employment volume of the gross national product); 2. The estimated volume of investment and other expenditure by private enterprises, consumers, State and local governments, and the Federal Government required during the ensuing fiscal year or years to assure a full employment volume of the gross national product; and 1 Year-End Report of the War Contract Subcommittee to The Committee on Military Affairi, December 18, 1944. 78th Cong., 2nd Sess. Senate Subcommittee Print No. 12. pp. 10-19. 3. The estimated volume of prospective investment and expenditure by private enterprises, consumers, State and local governments, and the Federal Government during the ensuing fiscal year or years, and the esti- mates and information herein called for shall take account of such foreign investment and other expendi- ture for exports and imports as affect the volume of the gross national product. (b) If the estimated aggregate volume of prospec- tive investment and other expenditure, as set forth in (a) 3 of this section, is less than the estimated aggre- gate volume of investment and other expenditure re- quired to assure a full employment volume of the gross national product, as set forth in (a) 2 of this section, the President shall in the National Budget set forth a general program for encouraging increased non-Federal investment and other expenditure, particularly such in- vestment and expenditure as will promote increased employment in private enterprises, together with such legislative recommendations as he may deem necessary or desirable. Such program may include, but need not be limited to, a presentation of current and projected Federal policies and activities with reference to bank- ing and currency, monopoly and competition, wages and working conditions, foreign trade and investment, agriculture, taxation, social security, the development of natural resources, and in such other topics as may directly or indirectly affect the level of non-Federal investment and other expenditure. (c) To the extent that such increased non-Federal investment and other expenditure as may be expected to result from actions taken under the program set forth in accordance with (b) of this section are in- sufficient to provide a full employment volume of the gross national product, the President shall include, in 1

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