TAXATION: Depression's Bill

Last week the House of Representatives gagged and gulped on the largest peacetime tax bill in U. S. history. For the first time the Congress was getting an unpalatable dose of the Depression as it affected Government finances.

To balance next year's budget and absorb an estimated deficit of $1,241,000,000 the House Ways & Means Committee had drafted, without politics or partisanship, a bill to raise by taxation $1,096,000,000 above current receipts. To make up the difference the committee anticipated a $125,000,000 cut in Government...

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