Of the 10,800,000 people who paid Federal income taxes last year, nearly 700,000 borrowed money to do it. If this ratio (estimated from banking sources by Representative Emanuel Celler's* office) holds good with 1942's 13,000,000 taxpayers, over 1,000,000 loans will be made before March 15. And the ratio may be higher.
This means safe and profitable business for:
>Industrial banks. Last year they made an estimated 460,000 loans for taxes, averaging $300. Interest (or discount) and other charges are equivalent to about 12% per year on unpaid balances.
>Commercial banks. Their personal loan...
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