Show It Takes War Bonds and to Win Victory Tax Special Direct Levy Asked to Help Meet Heavy War Costs D. C Approximately American workers began to make an added contribution to the War cost this month in the form of a 5 Victory 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 And it will take both taxes and War Bonds to provide the supplies and materials to win the War and the peace The Treasury Department esti-J mates that the Victory tax will raise approximately Every person receiving more than per week must pay the Victory lax upon that part of his income over and above the For a married man with u salary of per with two would make only a net payment of per week after allowance for postwar The Government has made every effort to make the impact of the new tax as light as The in provides that in the case of married persons whose sole income is from wages or 40 percent of the Victory tax paid to a maximum of plus 2 percent for each dependent to a maximum of may be used as a credit against whatever Federal income taxes the individual may owe at the end of the year provided he has purchased certain War or paid old debts or paid life insurance premiums equal to the amount of this In the case of single persons tills credit will be 25 percent of the Victory tax paid to a maximum of Should the tory tax credit exceed the individual's Federal income the unused portion of the credit may be refundable to the Even with the Victory the 1943 income and all other taxes paid by the average American will have more money with which to buy War Bonds than he has ever had Here are the statistics which explain that In 1940 hc total income payments made to the American people amounted to about 76 billion In that same year the total personal taxes State and were roughly billion leaving billion dollars of disposable 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 of income at our disposal as against only billion dollars In V In 1943 Average American will still be carrying a much lighter tax load than his Canadian or English In Great Britain total national and local taxes paid by individuals at present amount to 31 percent of the national In total Individual taxes amount to 25 percent of the national In the United total personal state and will amount in 1943 to 18 percent of national Our English allies invest an additional 10 percent of national income in War Our Canadian allies invest an additional 31 percent of national income in War We to match the record of our Canadian would have to invest this year 20 percent of our national income in War To match the English record we would have to invest 23 percent of national income in War O. Treasury Department |