The relation of budget balancing to economic stabilization: a suggested federal treasuty policy

The recent apparent abandonment of the principle of annually equating federal ccord with the currently much revenue levies to concurrent total expenditures is h bnsiness evcle would tend advocated suggestion that balancing the buagolicy to succeed the budgetary to stabilize private economie activity. orch nermits: 1) access to broad and stable tax bases: 2) hlebly rellable prediction at long range of the revenue yield to be ex pected from a given set of tax rates; and 3) a distribution of tax burden tleular, our ance with the will of the legislature. Our present revenue syste of ment federal income tax-does not fulfill these conditions. in this papill fl6ll the ing taxable income and of making levies upon i or final obiective in necessary conditions, viz., differential rates on come.