Word: bond
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Dates: during 1940-1949
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...collected under this complicated new addition to the income-tax system, 25%, not over $500 for single persons; 40%, not over $1,000 for married persons; 2%, not over $100 for each dependent, will be returned after the war. Those who pay insurance premiums, retire debts and make war-bond purchases get credit for them each year against their victory...
...chocolate soda, a sandwich, occasional sips of water, vast, durable Kate Smith topped the shattering, 17-hour war-bond-selling grind of moderately vast Charles Laughton (TIME, Oct. 12) by three hours and $1,675,550. She sat down at a mike at Manhattan's WABC at 6 a.m., one minute later answered the first phone call from a bond-buyer, answered calls for the next 20 hours at the rate of two a minute. At 6 p.m. she complained of a sore neck, asked somebody to hit her. No one did. At 2 the following morning...
This debt retirement may have barely started. It may burgeon if the tax relief proposed in the 1942 Revenue Act becomes law (TIME, Sept. 7). All railroads can then purchase their own bonds at discounts without paying taxes on the paper profits. (This privilege now belongs only to those in financial difficulties.) If the still-solvent roads use most of their available funds for bond retirement they might retire $1 billion of their $7 billion debt next year. The not-so-solvent railroads are scaling down their debts in court...
Chief reason for the September boom was a whirlwind campaign by the motion-picture industry. Hollywood went bond selling as only Hollywood can-with publicity, stunts, and pretty girls. No. 1 bond-seller was Paramount's limpid-eyed Dorothy Lamour, who left her sarong in Hollywood and knocked them dead in street clothes. Dotty got off to an early start, has already sold over $30,000,000 in bonds. Another go-getter was Hedy Lamarr, who wangled 225 tired Philadelphia businessmen into buying $4,520,000 in bonds at a single luncheon. But her patriotism has a limit...
...will not last. Sooner or later, the movie stars will go back to Hollywood, the public will get tired of bond-selling stunts, bond sales will fall. In the year 1942 they will probably be 15-25% below the Treasury's fond $12-billion hope. And with war costs up to $5.5 billions monthly and still rising, even Henry Morgenthau weakened last month, admitted that to pay for the war and keep inflation under control the U.S. must "supplement the voluntary bond purchase program with . . . forced savings...