The Tax Crisis

Withers, William
April 1942
New Republic;4/6/42, Vol. 106 Issue 14, p454
Focuses on the current tax crisis in the U.S. and future forecasts in comparison to the British economic system. Description of the report proposed by the U.S. House Ways and Means Committee for levied taxes and year's expenditure; Request of the Treasury Department in taxes almost half of the annual cost of the war; Expectation of large economic sacrifice by the U.S. like England to win victory; Rise in cost of living; Report that the U.S. has moved up to a fuller utilization of its productive capacity resulting in an increase in defense production; Proposals of the Treasury for heavy taxation needed to immobilize redundant incomes; Concern to prevent inflation; Suggestions for personal income tax deductions; Need for a more progressive and liberal tax system in the U.S.


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