The U.S. Treasury this week was working on a plan to collect income taxes in advance. Some time after July 4, tax-anticipation certificates will go on sale, permitting taxpayers to invest their money in taxes the same year they earn it.

Blond, dapper John L. Sullivan, Assistant Secretary of the Treasury, told newsmen that these tax certificates will probably come in denominations starting at $1 or $5, will bear interest (probably 2%) in the form of a discount, like defense bonds. Treasury officials said the certificates will not be transferable or subject to use as collateral for bank loans. Thus banks...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!