As Congress continued hunting for the tax billions to pay for rearmament, Manhattan's National City Bank warned that the popular game of "soaking the rich"and the U.S. corporationhas about reached its practical limits.
"Corporate taxes," said the bank's Monthly Letter, "are already so high as to . . . encourage extravagance and inefficiency and to discourage initiative." As for soaking the rich, there is not much left to soak. Income taxes now take so much from "larger incomes that if the Government expropriated all taxable income over $25,000 a year it would yield less than $1 billion...
To continue reading:
or
Log-In
