For four days representatives of the House and of the Senate in joint conference struggled to reconcile the two tax reduction bills passed (TIME, Feb. 22) by their respective chambers. There was a divergence of some $125,000,000 between the two bills. So there was good ground for conference.
The greatest struggle was over estate taxes, which the House members were eager to retain and which the Senate wished to abolish. Finally a 20% maximum estate tax, with a personal exemption of $100,000, was agreed on....
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