The Ypsilanti daily press. (Ypsilanti, Mich.) 1928-1962, 1942-03-24

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Daily, one year IN Ypsilant
trading Sone. comprising
Washtenaw County, and
western portion OF Wayne
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siI Months ......,.......S1.75
Three Months ...........-...t4 .VV
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TUESDAY, MARCH "a, 1912
PAYING FOR WAR
II the nations workers are
Overwhelmingly opposed to pay
roll taxes or 10 increases in social
security lsvies, while employers
Just as solidly oppose limiting
profits below 10 per cent. as Rep.
Carlson OF Kansas sees It after
six month taxation survey, the
House and Senate will have
trouble figuring out Just where
s7slo,0OooOO in new victory tax
es' can best be imposed.
In spite OF heavy taxes war
spending is increasing the national
debt and therefore the legal limit
must be raised. Al present II Is
unlawful for the country TO have
debt OF more than S65,000,O00000.
Since the debt Is already well past
that amount, the proposal is TO lift
this ceiling 10 sl25000, 100000.
The Treasury urges doubling
OF lower and middle bracket IN
come levies with a 10 per cent
collection at source
The Carlson poll shows:
That employees generally are
from 10 TO as high as 10 to
against increasing social security
taxes by 200 per cent.
That employees generally are
about 80 10 against a proposed 10
per cent Withholding tax.
That stockholders stand 10 10
1 against raising social security
taxes as revenue measure.
That stockholders, which in
cludes many employees. are better
than 10 to ! against limitation OF
all profits TO six per cent"
Replies from management, show
that corporations must be allowed
a margin OF profit OF at least 10
per cent II they are 10 carry on
and progress and maintain a nee
esssry business incentive and divi-
dsnd record.
In financing the war. and fight
ing imitation at the same time, the
Treasury is trying TO borrow out
OF current earnings and savings
through the sale OF defense bonds
10 individual purchasers.
Defense bond sales rose from
$500 600, 900 a month before Pearl
Harbor TO more than 100000
coo in January and s70o,o00,ooo in
February.
Many industries. have instituted
voluntary systems whereby deduc-
tions are made from payrolls and
bonds purchases for workers and
the Treasury hopes that within the
next few weeks. practically all
businesses will have adopted these
plans.
Most gratifying OF the financial
study is the voluntary purchase OF
defense bonds, which az the pres
ent rate will approximate twelve
billions OF dollars during the year.
This. however, is not enough. and
furthermore bond sales do not
reduce the debt
II wasn't so very many years
ago that We we're warned against
the danger OF the huge national
debt Of fifteen billions. Later,
as depression expenditures ran the
debt past all expectations, we
were warned that this nation
might stand a debt Of seventy bill
lions, but certainly no more. Now
as We sail well into the second
hundred billions We talk Of rails
Ing the legal limit Far past this
so-called safety limit and see lit
tie chance OF even stopping there.
All OF which leads us 10 wonder
whether anyone can tell what
safe debt limit really Is and, II
there is limit, what about H.
We are in the war 10 win. Money
must be spent regardless Of legal
limits II child is sick and needs
specialization the parents and
other members OF the family are
glad 10 spend all they have and
all they can borrow 10 save that
life.
Now we are in that kind OF q
situation The whole nation is
sick and We must work and spend
cAth AihhA ~ Hdft IT, VI NN4i o.
il would seem little safer IL We
could pay as We 20 and We will
pay a lot more than We are pay
ing now m what form We Fay
make difference. Few PEG
pie eyef voted heavier taxes for
themselves With any great degree
OF enthusiasm. Few ever will u
is for the officials We have elected
TO decide how the money can best
be raised aud then 90 ahead.
There is always the cry, Soak
the rich" That cry has found a