Show I l J R J r I 1 MADOO URGES I 80 8 PER CENT PROFITS TAX Treasury Secretary Firm Fin For Flat Rate on War Excess Gains Chicago Aug 7 William 7 William G. G M McAdoo Mc- Mc IcI Ic- Ic Adoo secretary of or the treasury treasur t tonight tonight to- to night declared himself unreservedly in favor laval of ot a lat flat war profit tax of or 80 per cen cent t. t The adoption of or an SQ per cent w war nr profits tax should render unnecessary and I believe undesirable any an Increase in the existing excess profits tax rate rat rate he declared In presenting his views on tax mea measures measures meas- meas ures now before Congress Secreta Secretary c addressed thA i. i n 1 gram ram to Claude K Kitchin hl chairman hi a of the ways and means committee of or t the House Roper Hoper has line advised me of or his ta talk with you OU Wednesday last I r g-r great greatly aU appreciate assurance you ou gave him of at your our desire to meet as far as Ie tho the views of or the treasury I should be er very to have sorry progress on the re rev rev- bill delayed for tor conference co concerning con con- war profits ta tax as I understand you Ott suggest This Is a matter which has engaged engas-ed rn my earnest thought a and In or order er you know may m my vie views without dela delay I take the lIbert liberty of telegraphing to confirm and the program outlined I In m my letter t. t you of at June 5 and to express the co von con that that program is sound a an ani 1 reasonable nab ic SO P Per r Cent Tax Tar Ur Urged d. d I earnestly hope that It ma may coi corn corn- mend Itself to you rou and the committee I regard the war profits tax as an 1 ha- ha te ral and indispensable part of oC tri that thal program As a result of or the further consideration of oC the subject which h has been given Iven since I r wrote you ou I am co confirmed confirmed con con- firmed in my opinion that a flat fIat w War profits tax of ot SO per cent should he be imposed Of course ample safeguards should be provided against as hard hardships in cases In in ai the me I of ot such a n rate The adoption of ot an 50 so p per r cent war profits tax should re renI rca ren- I der er unnecessary and I believe und unde- unde s nn Increase any in the existing existing- c excess ex- ex cess profits tax rate It is m my ins' strong conviction that lint t the taxation of oC genuine war profits is t tonly the only wa way to reach real war profiteering profiteer profiteer- Ing Ing- and that it is at tho same time n. n thoroughly hl Justifiable justiCiable measure up upon economic grounds as well as a certain anti and Indispensable pro producer of oC a lar large part of or the required revenue The patriotic producers of or Am AniAl should be content if It one fifth of or thi their war profits arc secured to them cepe- cepe dally chilly when we wo reflect that the m men who are fighting an and l dying In Fran France to save e the thc Jl liberties of ot those who st stat stay at home and make It possible for th them to continue In Lushness business s arc re limited b by act of oC Congress to per year for tor th their lr services ser and have to give hc th their blood In the bar bargain alu Should we be more partial and tc ten ten- tier Jer to those who are n protected in sal LJ 11 nan we arc to those who make the supreme sacrifice for tor us ott on the field of battle hattie I sincerely tn trust also that amendments which experience has shown to bo be desirable if not essential essen- essen to the provisions pro affecting the d de- de termination of or excess profit taxes m ma be adopted Secretary McAdoo cAdoo who spent the d day dap Inspecting Chicago o railway facilities also announced announce that the next Libor Liberty loan and an any others that may a folk followwill follow v will bo on a oJ 11 ft per cent basis Tile The public should realize he sa said that if iC tho the rate rale wore were raised the titan would simply be hanging b by their own bootstraps The situation must be kept sound b by stabilizing t the tho rate rale at al f per rent cent Interest It Is to the Interest of or the people the bank banker and the tho business men men because If It t the lie government o raises it bids for then all nIh industries will have ha to pi pa pay proportionately proportionate more for new capital capita S Secretary McAdoo departed late lato I Inight tonight to- to night for lor Cincinnati from rota where 1 lie will return to Washington |