There were two important developments in regard to tax legislation last week:
1) The Ways and Means Committee reported to the House the Mellon tax reduction bill.
2) The proposed Amendment to the Constitution to prevent the issuance of tax-exempt securities was defeated in the House.
Mellon Bill. By a vote of 15 to 3, the Mellon tax reduction bill was reported out by the Ways and Means Committee. Every Republican voted "Yea," three Democrats voted "No," eight Democrats voted "Present." But it must be noted that all of the Republicans do not favor the...