OCR Text |
Show will approximate $25 billion in these next few years to take care of war debts, GI compenstion and hospitalization, increased national nation-al defense costs and debt interest, we can still have individual income in-come tax relief. The quicker the 1 better! j It's YOUR Business . . . TAX RELIEF Tackling first things first, Congress Con-gress has already voted tax relief re-lief amounting to some $5 billion to help business speed reconversion reconver-sion and make jobs. While this Tax Adjustment Act of 1945 is a necessary employment and business busi-ness stimulant, plain citizen Joe Doakes now has a right to ask "How about me?" There have been times during this war when given an open-end choice between net pay and governmental gov-ernmental deductions, many would have taken the "deducts" and let Uncle Sam have the "pay." That fact was hammered home to many Congressmen visiting their voting vot-ing districts during the recess. Everybody knows it took fantastic sums to win the war, and most of us know it will take the highest peacetime taxes in history to se- cure a prosperous peace. That, i doesn't mean we can't expect a sizable reduction in individual income in-come taxes. Horizontal Reduction .... The leaders of both political parties know that the war-tried patience of citizen Joe Doakes can snap some nearby November and put a lot of new faces in the Washington scene. Hearings on a 1946 tax bill will be held in a few j weeks by the House Ways and Means Committee, aimed at get-I get-I ting the individual income taxes i slashed some 20 per cent. Best guesses so far indicate that the reduction will be more or less equal for all categories. In any case the new bill, whatever what-ever its provisions, will have to consider two salient conditions: that corporate taxes must be related re-lated to providing jobs in private industry and encouraging new industry in-dustry to take up employment slack; and that individuals must have relief. Even if postwar budget must be three times higher than that of any previous peacetime year, and authorities estimate that it |