The Ypsilanti daily press. (Ypsilanti, Mich.) 1928-1962, 1942-07-09

posi- bly, can
SCOOP in. Very few folk care for
the fate Of recipients in the an
nual S25.O0O-plus classification,
ANYWAY. There aren't many Of US
whose stipends are that high.
Quite a number Of Us, though, will
3. stuck on the basis Of figures
from 24,999 on down, and the in
comes in such ratings as $500 or
thereabouts may be almost impos-
sibly stung.
Out Of, say $500, the average
individual doubtless will be able to
pay his tax and still be able TO pay
his grocery and fuel bills and per-
haps keep himself and members OF
his family partially clothed, by
skimping on cigarets, soft drinks
and other only semi-necessaries.
But that's on the supposition
that he has no additional COM
mitments dating back into normal
times, that he has to keep on meet
ing periodically or 90 totally broke.
Time Was When
Now, it used to be considered
pretty thrifty for the head Of a
family to buy, for example. house
and lot on the instalment plan.
Running up current bills may have
been indiscreet or overdone, but
there are various things, like real
estate and possibly bit Of furni-
ture or a domestic auto that were
generally regarded as legitimate
investments, on credit. Buyers Of
'em weren't deemed spendthrifts.
They reckoned up their obligations,
including taxes, proved arithme-
tically that they were equal to EN-,
and went confidently ahead.
Very well, take bird like that
His private indebtedness is So
and-so much, honestly and judi
ciously incurred.
Then multiply his income tax by
a couple or three times.
He's liable to be financially so
swamped that he can't meet his
personal bills. He simply won't
have enough money to 60 around.
Federal Treasury Tax Adviser
Randolph E. Paul has been looking
INTO this matter. Based on his in
vestigation is Randolphs memo
(rot a recommendation to con-
gress suggesting a moratorium on
private indebtedness until taxation
gets back to normalcy.
In other words, il the plans
adopted. personal bills won't be
paid until after income taxes SUBJ
side. Cash will be required in the
meantime. but not on what's accu-
fnulated.
1 can understand that It's an
arrangement calculated to suit
debtors admirably.
It evidently isn't warmly In
dorsed by the creditor group.
II isn't alone that the latter az
gregstion wants its money right
now. It also figures that the pro-
posed moratorium won't end when
the war does-that it'll 90 on for
almost everlastingly subsequently.
Those taxes won't quit in the pres
ent generations time. or the next
or the next, in all likelihood. In
stead OF a moratorium, the credi-
tors see the scheme as a cancella-
ton, TO all intents and purposes,
from their standpoint.
Plutocrats Anxious
II isn't adopted. but, believe me,
It's an anxiety to plutocratic folk.
They can see that it's calculated
70 be popular with the vast major
ity Of our citizenry who owe bills.
OF course, If you're occupying a
house that you're paying install
ments on, you won't get clear
title to il until you've footed the
full purchase price, as originally
agreed on Nevertheless, you may
be enabled to occupy il rent free
into indefinite futurity, or resume
running your car, as soon as you
can get gas to operate il. And the
instalment beneficiary will continue
to hold the sack until the COWS
come home.
II you're in debt, and Treasury
Adviser Paul gets his way, the
wars liable to be a financial bless