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January 30» 1942. Mr. J. C. uazlay, 44 Avon 't'-oad, New ftochelle, New Yorki Dear Mr. uazlay: Just why it is most of us write our signatures in a way that is not always easy to decipher, I do not know, but if I have misspelled it please attribute, it to the fact that your hand writing is perfectly clear to me except when you come to sign your name. I was interested to read your letter of January 26. I am fully aware of the inequitable tax situation that you describe and would favor any practical proposal that would take into account war profits and gains without unduly penalizing the fixed income groups. So far, although I have given a good deal of thought to this and discussed it with others, including various tax experts who have studied the matter, nothing prac ticable or workable has developed that would differentiate, as you suggest. I would not favor exempting the fixed income groups from paying their fair share of the war costs and I would, of course, rely upon the income tax as the most equitable method. Many in the fixed income groups have enjoyed large incomes and a high standard of living, whereas millions who are now employed for the first time have gone through a long period of depriva tion. Nevertheless, 1 recognize the problem created for those with small fixed incomes. bincerely yours, M. S. Eccles, Chairman. ET:b
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