The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
of the frodltetloa In-.;ex In thi Le Security l o t . The Economic Security Act pgOfldi that the .myroli -tax shall be one per cent in 1936, if the Board's production Utdai ernes not average ;uore than 34, &na 2 per cent if I t averages between 84 and 95, and the aaise provision Is In effect about 1937* la XfSI and thereafter the t&x i i to be 3 per cent* I i l a JS& i^&mauc&Uiai Mali. Jlkt fcK M M l * 1 M& &&^- i n liMU ladia is aa Mtiaatt subject to rvflitoi iBd occaal^ruilly to .fluctuations of • mo-re or less e.cclci#ntal nature. If ;,100FOOOj(DOO of tas@s? sore or l a s ^ w©r© to a@pend on whether the ifiiw h&ppena to fall beXo« or above 35, there wcttlx- be pressure on the Board to MlN i t s estimates M 3btV as possible* The laAH would also be subjected to close •tratiaj'fcjrIiilereileri purlleti with possibilities of gy^ent about the Wlidlt? of this or that portion of the e s t i . In Lades ihUI i i only a rough tool eadf though i t i s based curon tha basit ITirtTatolt inforsastlon$ .nevertheless induces m good if erttttillg mid JnlgMttl« is not'a safe se&gure for a statutory requiresent that i t b© uaed as a basis for taxation* Since the tax is to be I per cent la 1333 l a any Ktttj i t mould seeio best to sicply step i t up 1 per cent aach ysca" until th©n5 rather than to !iave i t s level on h partially e t l i i l e i i iadO md subject the Sosrc! to the possible of OOOtl'fgKHy oTer IftM validity of Fund I hare been over 'the d r a f t ef section 4a of the Economic Seeur B i l l and »r* Otirrla bus also looked i t over* • v i s i o n s to tsake* i t hftfi BO Minor changes that Biffet c l a r i f y i t ere M ioliowsi On page I # in tht sixtii Una ftros the bottom* i n s e r t the words beoi^ing9 before t h s words fS 06rLtg public '.jebt ;iu?r as publ.ic -;;:e.bt*w tktV* If iMM H if vlx> iMOQKl sbcal? inert»uae i would net be desirable, to inolxtd* i t In %lui 0«ipu!^.tioc of thti On im;& f i n p^r^rapb. dy in l i n e 4j i t i s W g f ililit t h a t VOTdi wth,e :%anc or iap part thereof 0 h«* omitted Hid the w Sae!i partiawi af t!1*1 ftttld M WNi Bot Jaiveiltd In c.M 'vatft-J s witfe ( t o rtfjUlirtBilitH of Section 4ft*1 Thii imgiit>1on i.. fo» th© of iimkiii|> i t e&MV t h a t 4d dCM not la My • • 7 Modify tho :raquire®#nt in 4a that t2i» oeeratsry of the Tre>srj sfiaiild keep Use e n t i r e funcf spt such. HHttl M nay be Beseaasary for eurrent wltMrawala* ghouid not r@cpii.re the Secretiirj1" to keep i t a l l i n If lift ^ ttid ,#*"r«sijBya la the tirount tr»*il bi *':i^lit hold on deposit with the askf wouX4 Iwm %lw gasa affect m _ \ i i r l r t l op#7*%lOBf federal fiaserTs b&nks mnd might i n t e r f e r e with tho 8^•!••*• sarket policy,
@FedFRASER