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Show TAX MODERNIZATION Though taxes will remain heavy to support a prospective 25 billion dol- TO.rav, lar a year federal f yvi ' budget, moderniza-ffe moderniza-ffe - tion of the whole ' v tax structure is nec- ' J essaiy or the Li' ' achievement and ij mamtenaii of full $ , fl employment. Secrete Secre-te a 'i, tary of the Treas-$ Treas-$ x" ury Vinson de-7(JiS de-7(JiS clared-fry- f?i" ' In calling for an overhauling of the Sec. Vinson tax machinery, Vinson Vin-son averred that any sound tax program pro-gram must permit profitable investment invest-ment to stimulate employment, and only a minimum encumbrance on the workers' pocketbook to allow him to buy industry's products. Vinson's tax declarations followed earlier congressional reports that individual in-dividual rates may be slashed 20 per cent in the forthcoming revenue bill. Business would be provided with relief by repeal of the excess profits tax. RECONVERSION: Running Well Free from wartime encum- brances, and meeting no unforeseen difficulties, American industry continues con-tinues to reconvert at top speed, with Chairman Krug of the War Production Pro-duction board predicting that the rate of dollar output would be 12 per cent higher by the end of this year than in the normal prewar period of 1939-41. By next June, Krug said, the production pro-duction rate will have soared to 187 per cent of normal, with employment 33 per cent over the 1939-41 mark. One of the pace-setters of modern American production, the automobile automo-bile industry figures to be turning out over 504,000 passenger cars per month by then. Indicative of the ambitious production pro-duction programs of industry as a whole, manufacturers expect to be putting oul 2,177 electric appliance units per month by next June compared com-pared with the prewar rate of 1,440; 495,000 washers and ironers against 186,000, and 474,000 refrigerators against 316,000. NATIONAL BANKS: Boost Assets Boasting of total assets of nearly 82 billion dollars as of June 30, 5,021 national banks stand in an extremely extreme-ly strong position to help finance the nation's rapid shift to a peacetime peace-time economy. A breakdown of assets showed deposits de-posits of 77 billion dollars; holdings hold-ings in government obligations of over 47 billion dollars; unimpaired capital slock of over l'A billion dollars; dol-lars; surplus, undivided profits and reserves of over 1 billion dollars. At the same time, the Federal Deposit De-posit Insurance corporation, government govern-ment agency set up to protect depositors, de-positors, indicated the general strength of the banking industry by reporting that no insured institutions have gone Into receivership since May, 1944. YANK SINKINGS: Total Small Four thousand, six hundred and twelve American soldiers lost their lives at sea in World War II, with total embarkations to all theaters in actions against both the Germans Ger-mans and the Japs numbering 6,753,261 troops through the end of July, 1945. Of the total. 1,008 went down In the Pacific, the war department's review of the troop sinkings revealed. |