Word: consumerized
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Objecting to general boosts in excise taxes as much as to a general sales tax, they recommended whopping "selective" sales taxes on such commodities as automobiles (up to 20%), refrigerators, washing machines, which compete with defense industries for materials and workmen and machine tools. This would tend to build up...
The Plan assumes that when the ceiling on Britain's capacity to produce consumer goods has been reached the people are left with excess purchasing power, which they will not voluntarily invest in Government bonds. Since only 200 people in England still have incomes (after taxes) exceeding $20,000...
^ Instead of taxing away all this excess, Keynes's plan would tax only part of it, impound the rest into savings accounts.' After the war. these compulsory savings will be returned with interest, giving war workers a stake in the Peace and also providing a cushion of consumer...
Mr. Keynes did not intend his plan for the U.S. Last July he wrote in the New Republic that since the U.S. had enormous untapped capacity for consumer-goods production, the defense program, far from causing consumer hardships, would stimu late "a higher standard of life." Those words, he said...
The pinch is already on those durable consumer goods (like automobiles) that compete with arms for materials. But Mr. Keynes thinks the U.S. can still avoid both general price fixing and inflation, especially if Leon Henderson keeps a strong hand. "His is the most difficult job," said the mellowed Cassandra...