FINANCING A WAR.
FROM CURRENT REVENUES. NEW YORK, Jan. 29. The Washington correspondent of the New York Times says that, spurred by President Roosevelt’s demand to equalise wartime financial burdens and prevent profiteering, a Senate group began organising support for the Connally Bill, under which war profits will be subjected to high individual and corporation surtaxes, thereby supplying revenue for a “pay as you fight” programme. The Bill, in the preparation of which Treasury experts assisted, is considered to be the last word in systematic correlation of the wartime with the peacetime tax system. The objectives are: First, to remove excess war profits; secondly, to finance war from current income, mostly obviating borrowing; thirdly, to act as a pacific check on a highly-trained and equipped army and navy; fourthly, to serve notice in a world war that the United States is able to finance a war from current revenues indefinitely.
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Manawatu Standard, Volume LVIII, Issue 53, 31 January 1938, Page 7
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150FINANCING A WAR. Manawatu Standard, Volume LVIII, Issue 53, 31 January 1938, Page 7
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