| Show I Treasury Asks 25 Billion Tax Bill Boost WASHINGTON July 23 UP Ri- Ri Secretary called for fora a two and a half-billion half boost Inthe in inthe inthe the tax bill Thursday with a warn- warn warning warning ing ng that only bold war taxation could br bring ng America e e. sound economic economic economic eco eco- future He appealed to the senate fi finance finance finance fi- fi nance committee to increase the house-approved house tax measure to a minimum of Substantially the administration tion lon asked the same revenue from the he same sources proposed to the house louse months ago He pointed out that since these proposals were made the schedule of war spending for or the current fiscal year has been stepped up by while the house sliced about 2 2 from the revenue mea mea- sure Warns arns of Danger If the the house bill were to become become become be be- come law he said it flit would be necessary to borrow from the pubic public pub pub- lie lic ic during this fiscal year about To the extent that we enlist our current income in n taxes to cut down this borrowing borrowing borrow- borrow ing ng we shall be protecting the future economic soundness of our country and end our free institutions To the extent that we fail we shall be endangering the survival of all that we are fighting to preserve pre pre- serve Compared with the house measure measure mea rnea- sure asked new Individual individual individual in in- income taxes be boosted from to additional corporate taxes Including in including including in- in excess profits increased from to revised excise taxes to be raised from to 1253 changes in estate and gift taxes to produce and removal of loopholes to bring in another Income Tax Changes Of most importance to the general general general gen gen- eral public requested a scale of personal income tax exemptions exemptions ex ex- of for single persons persons persons per per- sons 1200 for married pe persons sons and each for dependents The present law is 1500 and and the h house use voted for 1200 and Under its scale of exemptions the treasury estimated that 26 individuals would pay taxes next year compared with under present law Aids said the treasury's specific corporate tax proposals were undergoing undergoing undergoing un un- un- un slight detail changes but would be based on a 90 per cent excess profits tax with the last 10 per cent of the tax rate to be refunded after the war Taft Attacks Plan Senator Taft R. R Ohio contended contend contend- ed that treasury war financing plans would destroy any hope of of controlling inflation because they contemplate selling in government securities to commercial banks in the next year Tafts Taft's de declaration was made while he questioned Secretary about his recommendation recommendation recommendation dation to the senate finance committee committee committee com com- for a increase in the house tax bill Taft called the treasury's war financing program which includes taxation and borrowing completely completely com completely com com- inadequate to defeat the inflation Secretary properly denounces The Ohio Republican made the point that the treasury would have to depend on commercial banks to absorb a major portion of the treasury experts have estimated would have to be borrowed despite tax increases to finance a proposed war outlay |
