Show it T takes both war bonds bond s and taxes to I 1 win victory tax special direct levy asked to help meet heavy war costs washington D C approximately american workers began to fo make an added contribution to the war cost this month in the form of a 5 victory tax for many millions of americans the victory tax and the 1943 income tax are the first direct levies to be made by the government to meet the staggering war costs and it will take both taxes and war bonds to provide the supplies and materials to win the war and the peace afterwards the treasury mates that the victory tax will raise approximately every person receiving more than 12 per week must pay the victory tax upon that part of ills his income over and above the 12 for exi example mple a married maii man with a salary ot of 50 per week with two dependents would make only a net payment ot of per week after allowance tor for postwar credit the government has made every effort to make the impact ot of the new tax as light as possible the law in effect provides that in the case ot of married persons whose sole income is from wages or salary 40 percent ot of the victory tax paid up to a maximum of 1000 plus 2 percent tor for each dependent up to a maximum ot of may be used as a credit against whatever federal income taxes the individual may owe at the end ot of the year provided he be has purchased certain war bonds bond or paid old debts or paid life insurance premiums equal to the amount of this credit in the case of single persons this credit will be 25 percent of the victory tax paid up to a maximum of should the victory tax credit exceed the individuals federal income tax the unused portion of the credit may be refund able to the tal taxpayer payer even with the victory tax the 1943 income tax and all other taxes paid by individuals the average american will have more money with which to buy war bonds than he has ever had before here are the statistics which explain that statement in 1940 1040 the total income payments made to the american people amounted to about 76 78 billion dollars in that same year the total personal taxes paid federal state and local were roughly 25 2 5 billion dollars leaving 73 5 billion dollars of disposable income during 1943 total income payments are expected to rise to billion dollars and total personal taxes under existing revenue legislation will be 15 billion dollars leaving billion dollars of income at our disposal as against only 73 5 billion dollars in 1940 in 1943 mr average american american will still be carrying a much lighter tax ta load than his canadian or english broth brothers ersin ers in arms in great britain total national and local taxes paid 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 united states total personal taxes federal state and local wilb amount in 1943 to 18 per cent of national income our english allies invest an additional 10 percent of national income in war savings our canadian allies invest an additional 11 II percent ol of national income to in war savings we americans to match the record ot of our canadian neighbors would faveto have to invest this year 20 percent of our national income in war savings to match the english record we would have to invest 23 percent of national income in war savings U ui 5 tuy aph J |