Word: morgenthau
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Dates: during 1940-1949
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...days later Treasury Secretary Henry Morgenthau told the U.S. the other half. Mr. Morgenthau corralled the Congressional leaders, laid before them a stack of indigestible truths, told them to swallow hard. That afternoon he announced com plete non-partisan agreement on a tax program increasing present taxes one-third, to raise $3,444,000,000 in new revenue. He described the tax program as possibly the largest in world history, estimated that it will produce $12,667,000,000 - two-thirds of the total estimated 1942 expenditure...
...problem then passed to Congress, to the great horny hands of Representative Robert L. Doughton of North Carolina, House Ways and Means Committee chief. Mr. Doughton, hoary expert at turnip-bleeding, said curtly that he thought the turnips could take it. To Mr. Doughton this week, from Henry Morgenthau, came the Treasury's recommendations. They included a hike in the basic income-tax rate of 2.2 to 6.6 per cent, lower exemptions, surtaxes on all incomes over...
...there was still one big indigestible truth which neither Mr. Morgenthau nor the Congressmen were ready to chew: the fact that the Government, while ready to ask citizens for sacrifices, was not yet ready to make any sacrifices of its own. The budget of many a department for 1942 had been ostentatiously pared -about as deeply as a man is apt to pare his fingernails. Although labor shortages have begun to appear in many an industry, the Administration had made no commitments to reduce relief expenditures, is still spending for relief at the rate of about...
Treasury Secretary Morgenthau said he was "delighted," denied this meant any letting up in U.S. insistence that Britain use all its assets here before getting free supplies at U.S. expense. Presumably also satisfied was Guaranty Trust Co., which will get $15,000,000 to pay off its Brown & Williamson loan...
...disposed of the biggest single item in the some $850,000,000 (book value) of unlisted securities in his portfolio. With the Lend-Lease Bill a reality, the British have been tempted to forget about their assets here, or at best to collateralize them for pocket money. But Secretary Morgenthau has insisted that they be sold to help pay for U. S. arms Britain is getting...