Today I have also advised the Congress of the importance of
speeding up the passage of the tax bill. The federal treasury is
losing millions of dollars each and every day because the bill has
not yet been passed. Taxation is the only practical way of
preventing the incomes and profits of individuals and corporations
from getting too high.
I have told the Congress once more that all net individual incomes,
after payment of all taxes, should be limited effectively by
further taxation to a maximum net income of $25,000 a year. And it
is equally important that corporate profits should not exceed a
reasonable amount in any case.
The nation must have more money to run the war. People must stop
spending for luxuries. Our country needs a far greater share of our
incomes.
For this is a global war, and it will cost this nation nearly one
hundred billion dollars in 1943.
In that global war there are now four main areas of combat; and I
should like to speak briefly of them, not in the order of their
importance, for all of them are vital and all of them are
interrelated.
1. The Russian front. Here the Germans are still unable to gain the
smashing victory which, almost a year ago, Hitler announced he had
already achieved. Germany has been able to capture important
Russian territory. Nevertheless, Hitler has been unable to destroy
a single Russian Army; and this, you may be sure, has been, and
still is, his main objective.
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