Last week Congress batted a new National Defense tax bill up to the President.
Its purpose (according to the Treasury): to raise tax collections by $715,300,000 during the 1941 fiscal year, by $994,300,000 during the first full year of operation.
The new revenue:
> $70,000,000 from a 1% increase in the income tax paid by corporations, big and little. New corporation tax top: 19%.
> $252,000,000 more from personal income taxes by: 1) lowering exemptions to $800 for unmarried persons, $2,000 for heads of families; 2) adding.a flat 10% extra to the total tax everyone owes.
> $34,500,000 from an increase in the...
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