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    "label": "Text of Broadcast by E. D. Canham",
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    "title": "Text of Broadcast by E. D. Canham",
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        "President's Secretary's Files (Truman Administration)",
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    "productionDates": [
        {
            "day": 25,
            "logicalDate": "1950-07-25",
            "month": 7,
            "year": 1950
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    "ocrText": "- 5 -\nthe\nits own taut economy in the face ofgworld's needs. On top of the present full economy\nof the United States, it now appears necessary to spend something like $15,000,000,000\na year in added defense charges. This amount of money spent in the United States is\nto\nSERVICE\nbound to exercise a sharp inflationary effect. There are two accepted ways to curb in-\nflation. One is to draw the money right back out of circulation by means of taxation.\nThe other is by controls. Either alternative is distasteful. Today President Truman\nwent as far as he deemed advisable in the first rout. He asked for a quick increase in taxes b\nby $5,000, 000, 000 to go into effect on individuals for the last three months of the\nyear. The rise would come in income tax rates on 52,000,000 individuals, and in increas-\ning corporation income taxes by twenty-five to forty-five percent. This is a considerable\nboost. But for individuals it is not severe. A single person with a net income before\npersonal exemption of $2,000 would have paid $345 at the wartime high. Today he would\npay $232, under the proposed boost for 1950 he would pay $244, and in 1951 under the\nPresident's proposals he would pay $280. Thus it will be seen that Mr. Truman's pro-\nposal would still stay substantially under World War highs. In the case of married\npersons, the increase would be still less. Thus to get the President's five billions,\nincome taxpayers would be hit only moderately. Their share of the five billions would\nbe about three billions. Corporations would be hit for a billion and a half, and\nloophole plugging would be counted on for the remaining half a billion. Republican party\nleaders have also called for high taxation in the face of the inflationary flood which is"
}