TAXATION: Progress

"H. R. 1," the tax bill of 1926 having been constructed by the Ways and Means Committee of the House and passed by the latter body practically without alteration (TIME, Nov. 23, 30), last week passed through its third stage the total tax reduction from $325,736,000 (as proposed in the bill as it came from the House) to $500,000,000, this to be done by a large reduction in the rate at which the public debt is retired.

2) Decrease in the surtax rates in certain brackets (for incomes between...

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