The Independent . ent, held at Lakewood. The winner, Percy Piatt, is sinking his putt on the eleventh hole will be made. Loans to Belgium, Serbiaand others of the Allies are also underconsideration, altho the risk is greaterin loaning money to nations whose re-sources are relatively slight and whosefuture independence is uncertain. Nomatter which of the Allies share in theloan, most of it will be spent in theUnited States for the necessities ofwar, and thus the whole immense finan-cial transaction involved in raising theliberty loan and in lending it againto our Allies will consist essentially
The Independent . ent, held at Lakewood. The winner, Percy Piatt, is sinking his putt on the eleventh hole will be made. Loans to Belgium, Serbiaand others of the Allies are also underconsideration, altho the risk is greaterin loaning money to nations whose re-sources are relatively slight and whosefuture independence is uncertain. Nomatter which of the Allies share in theloan, most of it will be spent in theUnited States for the necessities ofwar, and thus the whole immense finan-cial transaction involved in raising theliberty loan and in lending it againto our Allies will consist essentially ina redistribution of credits within theUnited States. The Ways and Means Committee ofthe House of Representatives hasfound no little difficulty in arriving atan agreement on the degree and kindof direct taxation necessary to pay thecost of the war. It appears probablethat the exemption limit for the in-come tax will be lowered to $1000 forunmarried persons and $2000 for mar-ried persons, and a graduated supertax. International film THE CALIFORNIA CORPS IS READY These Red Cross dogs—before the war everyone called them German sheep dogs—are a valuable factor in the work of rescuing the wounded. The First Ambulance Corps of the United States Red Cross, established in Pasadena, has trained several of them to take to Europe will be imposed varying from 1 to 33per cent. The excess profits tax willalso be considerably increased. Thetotal yield of the war taxation bill isexpected to be in the neighborhood of$1,800,000,000. One interesting pro-posal to meet immediate financial dif-ficulties is a 50 per cent addition tothis years income tax which wouldprobably mean $162,000,000 increasein revenue. This provision has beencriticized on principle as retroactivetaxation, but it finds precedent in drastic as is the new taxation,Senator Kenyon finds it a speech before the Senate he pro-posed that the Government comman-deer for the duration of the war allprivate inc
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