The joint conference wound up its work on the tax reduction and turned out a compromise that, it was thought, would pass both Houses. The Democratic tit was left in exchange for the Republicans being allowed to retain their tat. Each group was given a sop such as was most likely to secure its vote.
The Bill. The normal taxes and surtaxes of the Simmons proposal (Senate, Democratic) were retained: Normal taxes 2% to $4,000; 4% to $8,000; 6% above $8,000; surtaxes beginning at 1% at $10,000...
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