Show ht Takes Both War Bonds and Taxes tot to tl IWin t T I Win Victory Victory Tax Special Direct Levy yo Asked to Help Meet leet Heavy War Costs east ease WAS WASHINGTON HINGTON ApprOXImately DC-ApprOXImately D C Approximately 50 Amen workers began to make an added contribution to the thet ther t l y yr r cost thIs month in the form of a 5 VIctory ta tax 3 For many millions of Americans the VIctory tax and the theY they Y income tax are the first direct let Ie les ies to be made by the fed to meet the staggering War costs And It WIll If Ife ifa e a both taxes and War Bonds to provIde the sup es and materials to the War and the afterwards wm win peace B A A e e Treasury Department esti esh y tes es that the Victory tax w II 11 ra se r tely 2 Every Ivery son receIvIng more than 12 per perk k must pay the Victory tax upon t part of his Income over and andye ye ve the 12 For example a mar marman marman perk man with witha a salary of 50 per k with two t dependents would e only a net payment of 1 i 06 03 week after allowance for post cred t te tc e c Government has made every thea rt to make the Impact of the a tax as light as poss pass ble The TheIn I 1 to In effect provides that In the theof theO theof O of married persons whose sole sale saleme 4 me IS from wages or salary 40 cent of the Victory tax paid up k pert maximum of 1 1000 plus 2 per t for each dependent up to a of at may be used as redd against whatever Federal me taxes the individual may ove oae he end of the year provided he k has purchased certaIn War Bonds or paId old debts or paid pud lIfe ance premIums equal to the amount of this cred t In the case of single persons th s credit trill be 25 percent of the VIctory tax pa d up to a maximum of Should the Vie VIC VICtory tory tax cred t exceed the al s Federal Income tax the unused port on of the credit may be refund refundable able to the taxpayer Even with the Victory tax the 1943 Income tax and all other taxes paId b by indivIduals the average American WIll have more money with to buy War Bonds than he has ever had before Here are the statistics whIch explain that statement In 1940 the total Income payments made to the American people amounted to about 76 billion dollars In that same year rear the total personal taxes paId Federal State and local were wel e roughly 2 5 bill on dollars leaving 73 5 b 11 on dollars of dl drs Income During 1943 tot total ll Income payments are expected to torise torise rise to b lion dollars and total personal taxes under ex stir g teve reve revenue flue nue legislation will be 15 b 11 on dol lars leaving b lion dollars of Income at our dIsposal as against only 73 5 b Ilion dollars in 1940 In 1943 Mr Average American will still be carrying a much lighter tax load than his CanadIan or EnglIsh brothers r-i r arms In Great n total nat onal and local taxes pa d dby dby by individuals at present amount to 31 percent of the natIonal income In Canada total individual taxes amount to 25 percent of the national Income In the Un tin ted States total personal taxes Federal state and local local will ll amount In 1943 to 18 per percent percent cent of natIonal Income Our Eng allies Invest an addItional 10 percent of national Income m In War savings Our CanadIan allies aUles invest an additional 1 II 11 percent of national Income In War savings We Amerl Ameni cans to match the record of 01 our Ca Canad Canad nad an neIghbors would have to is In Invest vest thIs year 20 percent of 01 our na national Income in War saVings To match the English record we would have to invest 23 percent of national income In War sa say v rigs U oS 5 TaJ ry D arl n I 1 |