The Waterbury Democrat., 1942-04-27

tCunti1tued
prices should be lowered TO q net
100 per cent OF parity, Farm price
eeIl|nes then should be set at par
isS, Requires legislation
WAR BONDS
an Americans should buy 10 many
WaF bonds that tho purchases win
HmeRn rigid sclf-dengaf, q suhstan-
tlal reduction for most OF us IN the
scale Of expenditure that Is conf
Portable and easy for u.s." Purchases
. remain on q voluntary basis as
lanQ aa possible"
CREDIT
Credit and lnstallment buying
must be discouraged "the pay off OF
debts, mortgages and other obliga-
tlons' must be encouraged 10 retArd
excessive buying and promote pllr-
chAseS Of war bonds, The federal
reserve will issue the necessary or
ders, tightening present credit rgu-
lations.
No Tax Rate Specified
The President did not specify the
tax rates which he thought Con-
Rress should levy on corporation and
Individual incomes 10 keep them Rt
sub-lnflatlon levels but asked that
profits be kept "at q low level"
In order to achieve mis- proposed
top OF $4,000 year on individual
incomes, II would DO necessary for
Congress TO place special confisoa-
tory taxes on income exceeding that
amount. The $4,000 figure suggest
n Cd BY Mr.. Roosevelt would DO the
amount left over after the payment
Of all taxes.
while the number Of individual
Americans affected Is small, dis
crepancies between low personal In.
comes and very high personal In
comes should DO lessened," he said,
land therefore believe that IN time
Of this grave national danger, when
ell excess incomes should 20 10 win
the war, no American citizen ought
70 have q net income, after he has
paid his taxes, OF more than $4,000
year."
Thls unprecedented proposal al-
ecady has been talked over In Con-
EreSs by opponents as we'll as sup.
porteTs Of the President, Some
viewed II as @ possibly necessary
step In the raising OF wartime rev.
enuo and curbing initiation, But
there Is certain TO DO much dispute
over II. The British government
has placed @ $4,000 q year ceiling
on British individual incomes.
Corporate Income
IN regard 10 corporate income the
President IL known TO have dis.
cuAsed with his congressional Ad-
vlsers recently proposals 10 place As
!, much % q 90 per cent levy on cor
poratc profits Of more than six per
cent Of invested capital.
The reason cited for each point
OF Mr.. Roosevelt'S program was TO
keep the cost Of living from SPIRAL
ling upward"
the chief executive said that II
living costs were not kept down BY
this program nc would advise Con-
greag and task for any additional
iegislation which may be necessary"
Tho President noted that the
House ways and Means committee
EaNSNay - DbhutAAB - hVHNY vaA bAS-
< gram, and he added:
"Profits must DO taxed 70 the ut
most limit consistent with continued
\ production, This means oil busi-
ness profits--not only In making
munitions, but IN making or selling
anything else.
IT u incumbent upon Congress
10 define undue or excess profits;
and anything In excess OF that spes
cliffs figure should 80 10 the gov
ernment."
Mr.. Roosevelt said he believed
that legislation rs not required "un-
der present circumstance" for
Sterilization OF wages. He added
that he thought the "stabiiizlng the
cost OF living will mean that wages
IN general can and should DO kept
10 existing scales"
Mr.. Roosevelt said that legislation
would be required 10 stabilize farm
v prices. He recalled that for nearly
4 nine years, the governments policy
had sought an objective Of parity,
and that some prices were now above
parity, but others were still below
Parity hleVel,
'In fairness 10 the American peo-
Die a. q whole, and adhering 10 the
purpose OF keeping the cost OF llv-
Ing from going up" Mr.. Roosevelt
saked that the present Complicated
formula" which permits farm prices
to rise 10 10 per cent OF parity be
corrected.
Discussing his recommendatio
for Fationing OF scarce commodities,
Mr., Roosevelt expressed confidence
that as 10 many basic necessities
Of life, rationing viii not DO neceS-
bary, because we shall strive 10 the
utmost TO have an adequate supply"
"Dut where any important article
becomes scarce, ratloning B the
Democratic, equitable solution" he
said.
Price Control
Mr.. Roosevelt said that the mat.
~ Of price control. with the excep.
lion Of farm prices, IL covered adc-
auakely by existing law and that he
mad Issued instructions TO put his
recommendation into effect imme-
alateIy.
Pointing out that since organized
labor hiss voluntarily given up itB
light 10 strike during the war" Mr..
Roosevelt said that all sterilization
VT adjustment u wages viii DO
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