The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth of the economy.
The present tax codes inhibit the mobility and formation of capital, add complexities and inequities which undermine the morale of the taxpayer, and make tax avoidance rather than market factors a prime consideration in too many economic decisions.
What we seek to advance, what we seek to develop in all of our colleges and universities, are educated men and women who can bear the burdens of responsible citizenship, who can make judgments about life as it is, and as it must be, and encourage the people to make those decisions which can bring not only prosperity and security, but happiness to the people of the United Sates and those who depend upon it.
The success of this Government, and thus the success of our Nation, depends in the last analysis upon the quality.of our career services. The legislation enacted by the Congress, as well as the decisions made by me and by the department and agency heads, must all be implemented by the career men and women in the Federal service. In foreign affairs, national defense, science and technology, and a host of other fields, they face problems of unprecedented importance and perplexity. We are all dependent on their sense of loyalty and responsibility as well as their competence and energy.
I know few significant questions of public policy which can safely be confided to computers. In the end, the hard decisions inescapably involve imponderables of intuition, prudence, and judgment.
The education of our people should be a lifelong process by which we continue to feed new vigor into the lifestream of the Nation through intelligent, reasoned decisions. Let us not think of education only in terms of its costs, but rather in terms of the infinite potential of the human mind that can be realized through education. Let us think of education as the means of developing our greatest abilities, because in each of us there is a private hope and dream which, fulfilled, can be translated into benefit for everyone and greater strength for our Nation.
Our responsibility is one of decision, for to govern is to choose.
No country can possibly move ahead, no free society can possibly be sustained, unless it has an educated citizenry whose qualities of mind and heart permit it to take part in the complicated and increasingly sophisticated decisions that pour not only upon the President and upon the Congress, but upon all the citizens who exercise the ultimate power.
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