TAXATION: In Committee

Stationary but not unoccupied, the tax reduction bill remained in the Senate Finance Committee, preparing for its appearance in the upper House. The most important thing which befell the bill was the displacement of the Longworth compromise tax rates (maximum surtax 371/2%) by the original Mellon rates (maximum surtax 25%). This was done by vote of 8 to 7. Two members of the Committee were absent. One of them, Senator LaFollette, would have voted with the Democrats against the change. The other, Senator Medill McCormick of Illinois, Republican, was classified as...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!