TAXATION: Altered and Passed

After mulling over the Tax Reduction Bill for several weeks, the Senate passed it. As in the House, the question was not whether a tax bill should pass, but what its provisions should be. The differences in the bill between the House and Senate versions are accounted for by the different conditions at the time of passage.

In the House, the bill was passed after the regular Republicans had compromised with their own left wing. In order to do this it was necessary to raise surtaxes to a maximum of 37½%, but the bill...

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