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Show if Comhjit. A. U rue. Oral mm too freely? He had that stopped too. A credit commission would handle that Job. We could go on pidlenly-atxmt"thlr btUrWn . Qoldjborough could, too. . Upiidw Down Sales Tax WE HOPE no legislator, feeling that, po. sibly, be has not recognized opportunity to the fullest extent, will regard this piece- as a suggestion to be up and doing. It seek solely to reveal that there Is no end to the road of Imagination and genius leading Into unexplored fields of tax theory. Representative Thomas Alan Ooldsborough f Maryland come forward to brighten a dull moment in the national house of representative with an idea for an Inverted sales tax. It's the darnedest upside down notion ever heard about Preston G rover tries to explain It in some wrlt-, wrlt-, ing he did for the Aasoclated Press Washington bureau. When the Maryland congressman went into his song and dance he first read what numerous authorities have said to prove that what the country needs most is more money controlled by its people and lee by it bank. Then he went on to make clear Just what b an inverted ales tax. If we get the bang of it under an Inverted sales tax you don't pay a tax you get one. He proposed starting it at 25 per cent For every dollar you spend, you get a 25 per cent rakeoff. The retailer would be required to cut the price 25 per cent; then go to the bank with a statement as to how much these cut totaled. He would collect actual cash from the bank and the banker could claim a corresponding amount from the United States treasury. (It would get back to the treasury, of course.) The treasury wouldn't Issue him cash. Just certificate he could exchange with other banks in settling Interbank Inter-bank indebtedness. Between this itep and what finally is coming are many step. The net result re-sult would be to limit banks to lending only the actual amount of deposit on band instead of being able to lend as high as 10 time a much through a system of rediscounting. But wouldn't it cause Inflation for bank to Issue so much currency to retailers for cutting prices? No, aays Goldsborough. That could be stopped by manipulating the discount rat and by adjusting the inverted sale tax downward when money flowed around too freely. Who mild dead when money was going around |