Show WAR AR PROFITS FOR PUBLIC FUND FID IS IS BRITISH PLAN r 1 e 4 c Hope America Is Prot Prof Protecting Protecting Pro- Pro t f Own Interests London Says i By Lowell Mellett ellett United Press Staff Correspondent LONDON Aug 10 You You cannot take tako all the tle pr profit fit out out of of war with out disaster tb the normal business structure This is the view of the British government t D But you can commandeer that profit for the uses of the state It has been made This is what the government is doing The present fiscal year will show a billion dollars commandeered one ot th the governments government's financial authorities au told the United d' d Press to to- to day The views of this authority au were sought sought- th that t the British British British Brit Brit- I ish plan mi might ht be outlined to Americans Americans Ameri Ameri- cans cans- now facing the subject of excess excess ex ex- ex cess profits as one of their big war problems In the year ending March 31 31 the British government claimed and re received received received re- re as its share of excess business in force There has been some argument against making the tax as high as 80 per cent said the United Press informant informant in in- formant on the ground that it would discourage enterprise an and anil thus defeat Its own purpose The objection came cam from theorists rather than from the business men themselves however Business certainly shows no signs ol ot discouragement Earlier in the war the government took only 50 per cent of excess prof- prof Its The Increase to the point where only 20 per cent is left to the business business business busi busi- ness concern has been gradual This doesn't mean it was was' explained ex ex- explained that these concerns are allowed allowed al allowed al- al I eX-I lowed profits of 20 per pel cent It means only that if their wartime profits art arb above their peacetime profits they may retain only 20 per cent of the in in- I crease The taxation of their normal profits continues just the same although although al al- though this taxation too Is at a a much higher rate than it was before the war Many ways of reaching these excess excess ex ex- ex cess profits were considered but the theone theone theone one adopted appealed d to us us S because of its simplicity We had the means In fn existence for ascertaining what the profits had been in the years Immediately immediately Imme imme- preceding the war and computed computed computed com com- the difference after the war be be- gan Our income tax records and machinery machinery machinery ma ma- chinery removed many of the dim Practically the only concerns concerns concerns con con- cerns whose profits could not be bp as ascertained ascertained as- as readily are concerns doing too small a business to come within the operation of the act act- Evasions or attempts to evade the tax law have been common British i business men whether engaged in manufacturing munitions or retail retailing luxuries have accepted the principle of the law I The man who could not accept it would be a pretty patriot said the I official quoted Fortunately for the 1 credit of the British people such poor patriots are rare I There has been the suggestion the that I Tall all war profits should be confiscated I II We Ve believe there is hardly room for I doubt that this would discourage in inI industry industry to a point which would mean I serious Injury to our national life America has been doing such splendid things in a financial way for forthe forthe forthe the benefit of the allies that we hope I to hear she is protecting her own interests interests Interests in In- in this vital manner |