HIGH UNEMPLOYMENT
AMERICAN PREDICTION WASHINGTON, Oct. 1. The Reconversion Director, Mr O. Snyder, reporting to the President and Congress, forecast possiblv 8,000,000 unemployed by the spring of 1946, with high unemployment persisting throughout the year. “ Reconversion takes time,” he said. “ but the nation has come a long way. We are seeking to expand output by 40 to 50 per cent, above the peace-time level.” In the first tax-cutting legislation placed before Congress in 16 years, the Treasury Secretary, Mr Carl Vinson, recommended to the House Ways and Means Committee a 5,000,000,000dollar tax reduction for individuals and business in 1946. Adoption would release 12,000,000 low-income persons from taxation, eliminate 95 per cent, war-time excess profits tax on corporations, and reduce war-time excises on luxury items.
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Otago Daily Times, Issue 25964, 3 October 1945, Page 8
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124HIGH UNEMPLOYMENT Otago Daily Times, Issue 25964, 3 October 1945, Page 8
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