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Western Carolina University Commencement Address 1971
Item
Item’s are ‘child’ level descriptions to ‘parent’ objects, (e.g. one page of a whole book).
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expenses amount to say $15 million. Texaco collected and paid taxes to national, state and local governments last year amount- ing to $2.5 billion. This amount would be sufficient to build each year 60 new Western Carolina campuses. Or it would pay the expenses of operating such a university for 160 years. There are areas of health care and scientific research, as well as the more traditional operations of state and local agencies, which we all consider to be properly the function of government, not private enterprise. What private enterprise does provide is a large proportion of the tax money required to run this giant network of government operations and agencies. And the large corporations provide a very large share of that tax revenue. Without the productivity of large industrial organizations to provide the wherewithal, government services, jobs, education, etc. as we know them today simply would not exist. It is not uncom- mon in a consumer-oriented industry to find that over one-third of the sales dollar taken in by the typical company is turned over to governments in the form of taxes. The money paid in taxes will often be two or three times as much as the money paid out in dividends to the owners. And, of course, those dividends are once again taxed at rates up to 70 per cent when they are received by the shareholders. This flow of funds from industry to government powers the entire social program and it is the excess from the nations with developed economies that is being made available to give a start to the people of the developing nations of the world so that they may achieve a more
Object
Object’s are ‘parent’ level descriptions to ‘children’ items, (e.g. a book with pages).
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Commencement address by John K. McKinley, president of Texaco Inc., delivered at Western Carolina University, Cullowhee, North Carolina, June 6, 1971.
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![hl_commencementaddress_1971-06_09.jpg](/media/w320/wcu_memories/hl_commencementaddress_1971-06_09.jpg)