Show GRASSROOTS Let's Hope Economists Figured Income Accurately By Wright A. Patterson PERCENTAGE of each WHAT dollar we earn during the next fiscal beginning July does the President ask congress to take away from us as federal taxes to pay for rearmament and tha expenses of the That Is an important question to each The President asks for a tax that will produce a total of That is the highest total amount the nation has ever been asked to but the President estimates that the total earnings of Americans for the next fiscal year will be not than and of that amount we will pay out of each dollar wc eam As a that Is mild compared with what e were charged in when the government took out of of our earned and at that we were a long way from paying the war cost of that and added more than 70 billions to our national Now the President Is Insisting that we pay the cost of rearmament we and not increase the national and he figures a tax of or less than 30 cents out of eai-h earned will accomplish that the total may be depends entirely on the total of the national the earnings of Americans as stockholders or bond If the President is right In his estimate of a national income of billion Cat cents out of each dollar will produce the billion he says must be It all depends on what earn during the next fiscal The President presented to congress a statement of what percentage of each earned dollar had been paid to the government as taxes In other in 1939 we paid as taxes cents out of each earned in 1945 it was In 1948 it was in in H- In Except for the year the tax rate on each earned dollar has not fluctuated as radically as we but the number of dollars we have the total of the national annual Income has fluctuated greatly if the figures are and his figure for the next fiscal year Is estimated at the high point of Let us hope we make and If we do we can easily afford to pay the out of each of those keep the nation out of the and still pay the rearmament The President gave to congress some idea as to who would pay the additional He would collect 35 per cent of it from that from professional people and twenty-seven per cent from 11 per cent from additional excise and four per cent from He did not but he undoubtedly the 27 per cent collected from will be paid by the The corporations will add that 27 per cent to the price of their and the purchaser of their products will do the The President also offered a chart showing for what he proposed to spend the he was Fifty eight cents of each dollar would go to 17 cents to the normal expense of the 10 cents to meet our international eight cents for interest on national seven cents to the veterans It can all work out that provided congress the needed tax legislation and the President's advisers are sufficiently good M their economics to not overestimate the national Income for the year beginning next July If that estimated national Income is more dollars than we Americans the President will not have as many dollars to spend as he The President has Intimated that in addition to the he wants for next he may ask congress for another with which to balance the expenditures for this so as not 10 have to add that to the If those economists over-guessed the amount of our annual we may have another tax increase in 1952 The above is the tax picture the President |