The Pittsburgh Press (September 21, 1941)
‘An arsenal for democracy’ –
ROOSEVELT SIGNS TAX BILL; NEW LEVIES CONSIDERED
Hyde Park, NY, Sept. 20 (UP) –
President Roosevelt today signed the $3,553,000,000 revenue bill levying increased taxes on individuals and corporations to help finance the “arsenal of democracy.”
Even as the Chief Executive signed the nation’s largest tax measure, preliminary discussions began in Congress on a new revenue bill to be drafted in the light of increasing expenditures for war-aid to nations battling the Axis.
Not only will the individual taxpayer and corporations be required to pay increased levies on their individual incomes, but higher excise and new retail sales taxes are also imposed.
Estimated revenue from the bill exceeds $3.5 billion.
Most of the excise taxes will become effective Oct. 1.
The bill is expected to increase goverrnment revenue to $13 billion in the current fiscal year. The revenues will still be about a billion short of the goal set by Secretary of Treasury Henry Morgenthau.
The Treasury, even with the help of the nation;s largest tax bill, expects to be $8 billion in the red at the end of the fiscal year.
Congressional tax experts are already at work on an administrative measure, designed to plug loopholes in revenue measures and bring an additional $250 million into the Treasury.