"Already taxes have been restored to a peacetime level. . . . This is progress in the right direction. There is still much more that can be done . . . when revenues show sufficient permanent increase. There is a growing demand for a further reduction in taxes on earned incomes . . . with which I have always been in sympathy as is evidenced by the recommendations the Treasury made to Congress. . . . The Treasury is still of this opinion and will be glad to see these principles [of tax...
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