Evening star., 1943-12-10
nam Receives Plan
To Repay u. 5. Debt
Over 1M-Year Period
By the Associated Press

VvCI Iw-IcoI rtIlVu
By the Associated Press.
NEW YORK, Dec. 1O.-A 100
year plan for payment in peace
time OF the huge, war-swoller
national debt through a ia,
budget Of $4,000, 900, 900 an
nually was proposed today by J
Cheever Cowdin, chairman o1
Universal Pictures Co. and tax
spokesman for the National AS.
societion OF Manufacturers.
Key source of revenue would be a
special war debt tax on per cent
on all transactions to raise s9.0Oo,-
100000. This levy, he said without
further elaboration, would "be ap-
piled to every transaction throughout
the land-carefully devised to avoid
pyramiding, to be collected by the
use Of stamps"
Levies outlined in Mr.. .Cowdin's
address to the Second War Congress-
OF American Industry of the NAM
we're:
Individual income taxes reduced
two-thirds, $4,000, 100000.
Sharply cut corporate taxes at 25
per cent, $1,000, 900, 900.
Customs and inheritance taxes,
,oO0,OOo,ooo.
Social security taxes, $4,000 900 900.
The war debt payment stamp tax,
$4,000, 900 900.
Another $4,000 900 900 collected by
State and local governments would
lift the tax bill to $31 900 900 900 an
nually.
(The Treasury has estimated
that Americans will pay 49,OOO,-
100000 in Federal, State and local
taxes this fiscal year. The figure
Is based on estimates of $39, ,30O,-
100000 in Federal taxes and So
700,000,000 in State and local
levies)
$1,000, 900, 900 Leeway.
Yearly Federal outgo would be:
For interest on an estimated post
war debt of 100000, 100000 about
$4,000, 100000; for debt retirement,
approximately $4,000, 100000; for
military and naval purposes, $6,0O0,-
100000; for ordinary expenses. $4,-
100000 900, and for social security.
$4,000 100000
This balance between receipts and
expenditures, allowing a billion dol
lars leeway, was predicated on high
level industrial production and en-
ployment maintaining national in
come at $125, 600, 900 900 or little
more than last years rate although
we'll under the 1943 total. The Fed
eral income would compare with
gross receipts which may reach S45,-
000000,000 this fiscal year.
Among changes in tax practices
needed to reach his goal, the NAM
Government finance expert de-
tailed: Drastic reductions in gov
ernmental agencies and employees:
tcome taxes of at least toke nsize
from every citizen, and avoidance of
Government ventures" - pump
printing.
Urges Concessions.
He also urged concessions to en-
courage new enterprises and an
early end to corporate excess profits
taxes.
Mr.. Cowdin attacked as sheer
nonsense" the suggestions of some
economists that Government debt
need not be paid off.
Wilfred Sykes. president of the
Inland Steel Co., Chicago, told the
manufacturers they should demand
that Congress make a clear and un-
equivocal statement of policy that
the private enterprise system of
America will be preserved in the
postwar period, In order to take in
dustry's future job-planning out OF
the field of speculation.
Before industry can talk soundly
OF hiring postwar hands" he said.
ut must know whether it is going to
be hired hand itself, with Govern
ment doing the hiring.
And until industry knows this,
no postwar planning can be better
than speculation concerning the
Jobs, freedom and opportunity that
we thought the war would lead US
back to-.
Platform Adopted.
The NAM adopted yesterday six
point platform embodying the prln-
ciples laid down in speeches of its
leaders as requirements for better
America" in the postwar period. The
points are:
Work together, make government
one of laws and not of men, develop
new frontiers, reward accomplish
ment, restore constitutional govern
ment and establish and maintain
peace"
Regarding the transition from war
to peace, the platform said:
Employment in industry will be
speeded up if wartime controls are
ended as soon as practicable after
hostilities cease, If wartime taxes are
then reduced, and if the Govern
ment pays its debts promptly when
1t cancels contracts.
Employment will also be in
creased if Government makes clear
that it will not operate plants in
competition with private industry
and that surplus goods will not be
dumped on the market
The resolution conceded with
earlier declarations of NAM leaders.
Manv Homeless After