TAXATION: Hold Your Horses

Less than two years ago the Treasury was calling for tax reduction, including reduction of surtaxes, and Congressmen were holding back warily. As the time for the convening of another Congress draws near, the situation is very nearly reversed. Congressmen are calling for a tax cut—a cut of as much as half a billion dollars, reduction of surtaxes to as low as 10%, and the Treasury is holding back, fearing that if it gives Congressmen their way it may not be able to balance its books next year. It is crying to...

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