TAXATION: Senate Rewrite

By constitutional prerogative the House writes tax bills. By constitutional perversity the Senate rewrites them. Tax laws are made in conference by whichever House has the greater obstinacy. Last week the income tax law of 1934 was in its second prenatal state: Senate rewrite.

The Senate was in but moderately perverse form. It let considerable portions of the House bill stand, merely changing most significant figures and altering the amount of revenue to be collected by 100%. The House Ways & Means Committee after months of lucubration had drafted a bill whose purpose...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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