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...President's general tax proposals were: 1) increase individual and corporate income taxes; 2) cut exemptions on estate and gift taxes; 3) revise upward the present corporate excess-profits tax; 4) perhaps-only perhaps-consider a temporary general sales tax, which the Administration has long and strongly opposed; consider selective excise taxes; 5) make the interest from future issues of state, municipal and authority bonds subject to Federal income taxes; 6) re-examine depletion allowances and special tax provisions affecting oil and gas firms, life-insurance companies; 7) increase Social Security payroll taxes...
...Competition plays a tremendously important part in evolution but the survival of the fittest does not always mean the survival of the strong, the predators, the parasites or even the adequately defended organisms." Sheer struggle tends to be supplanted by cooperation, Emerson observed, in each evolutionary step upward from the single cell to the many-celled organism to the family to societies...
...Their U.S. production-which stood at zero as late as 1928-reached 100,000,000 lb. and was headed steeply upward into...
Although all-out defense will ultimately force; production still further upward, the tapering off of non-defense industries may offset it for a while. Some of them are being cut off short. Last week OPM's tire ban ended for a time the bulk of the civilian sales of the rubber industry (200,000 employes, 200,000 tire outlets). The new auto quota cut foreshadowed no new passenger cars after Jan. 31. Washing machine output (7,000 employes) was cut to one-third of last year's; makers of juke boxes, pinball machines, coin scales, etc, (about...
...purchasing power every week. During the first week of December, for example, some 8,000,000 citizens will draw $400.000,000 in Christmas Club money out of the banks and start spending it. Such buying pressure, exerted on a decreasing volume of consumer goods, will either 1) force prices upward to the point where "prosperity" will be a mirage, or 2) if prices are controlled, hasten the need for consumer rationing...