Show i Business Today Today Today- I America merica Due jor or Sharp I Tax Jax Increases I LUL GESl GESNER R and IN BECKLEY NEW EW V YORK Nov 8 The Tele- Tele rams ram's ms m's 5 Special News Service Service Service- Serice- Serice Ir e average American this week I it a a glimpse of treasury ideas It n new v taxes to come h iJo Official 0 t f f I c cia i a I 1 treasury quarters l. l popped hints hint that a solution to toj 42 j revenue problems might be lund in I enactment of a 15 per peri perl l i ent t ta tax tx on Incomes over and bove normal exemptions with wih she h he levy lev in the case of workers ducted weekly from their wages j rr alares as social security as- as are collected j The Te house ways and means com com- jj itee shied gingerly away from consideration of the lr part part of a treasury treasur re- re for Immediate study of an I rest tax tx program program but program but but P oner er or later it i was believed te jew ew broader revenue getting revenue laws Tere vere a foregone conclusion liThe I The he whole 1942 tax program is Js isI I r ebulous Trial balloons are being 1 l daily daiy to prepare the te pub- pub stiffer demands from the theu u collector but congress may ake haste hate slowly on the te exact of gathering in larger s of tax tx money of higher taxes of ourse is two-fold two 1 To siphon f part of the te rising national in in- home ome and thus prevent the bidding f p goods which abets an inflationary onar spiral of prices and 2 aise money to pay for the te big defense program which before ing ng g may grow into a JOO 00 affair The Te lie treasury proposal of a new deducted deducted 15 per cent inome in- in Home ome tax was the biggest thunder- thunder folt olt of the week in tax talk talk If I uch ich h a tax should become law frith ith h deductions beginning next 1 as treasury officials Americans would find scratching together noney honey noney not only to pay 1941 in- in pie me taxes next March 15 but butaS aS concurrently turning over to he government their 1942 income axes aes axes on a you pay-as-you-go basis tIn Wall Wal Street considerable was expressed that tat confess conss con con- fess ress ss would enact a 15 per cent 42 42 deductible income tax tax There TherevIa vIa iTa limit bankers reminded to congressmen often ofen sense h hey y can go in revenue-raising revenue without arousing the thereof te ej of Ater After all al tax- tax Yer ers are voters Many rany Wall Vall Wal Street analysts held the te view some legislators might r refer fer to raise additional treasury treasur evenue venue through trough diversified tax ta For instance favor hay tray nay grow gow for say a 5 per cent tax ta a stiffer upsweep in r orthal ral income and surtax rates a arger arger social security ty tax tx and lea leavier ver taxes tes on such things as gasoline liquor movies r whatnot whatnot On the te other hand there tere will wi be trong Jn pressure for deduction of a income tax t from pay- pay from the te internal revenue nen nen They contend that tat with inore inome in- in othe ore ome tax t rates as high as they tey t Ir ire the te only way they will wl be able collect expanding payments r rom unthrifty going going easy is by deducting it t I Where There here is no doubt however that I ic the form you will wi con- con substantially more to the in 1942 than tan fn n now o w. w ome e sort of a broader revenue revenue- revenue revenue- aising l lg law Is certain Also fairly ure ur ufe Is some sort of a deductible Warnings were given a month mont or 0 Of ago that tat defense spending light tight equal 24 per cent of na- na ional inc income me in 1942 but most eople ople le then ten failed to recognize the arly hints as the bugle call cal for lOre wre armament dol dollars rs Now with the treasur treasury s sUggest sUggest- ig 1 methods by which defense loney oney g may be conscripted from our r pocket and mine the tax- tax aising using program is becoming more Grm as a 24 per cent on to defense might be should building be placed on a you go basis statisticians you go mind that tat even with such a load i would be better beter off mn lan the people in Great Britain or ermany r Armament costs cost take 50 per int of England's national income in Germany the te take is iso o cent The Te 60 per cent arms cost is Ily ily rily half the reich story On top topE f E t that at with wt everyday goods being tightly the people dont don't donta a ave many things to spend their 40 per cent of income I BO deposits in German Geran banks ae ave risen to the te highest levels in And now the reich gov- gov ent is planning to block with with- wt- wt awal of a part of savings from inks to 1 raise arms revenues ld 2 curb inflationary tend enes en- en es es Most important defense news of I week many thought was the te tel l of awarding of gov- gov ment contracts to Ford a and n d enral Motors' Motors Fisher Body divio divion divi- divi o on on to build tanks on a big scale he he Ford program will wl require of tank plant facilities ld id idi the company Wilt will produce out oit medium M 4 tanks a ort Fisher Body's Boys Boy's tank fac- fac fn- fn r ry will wl cost |