FISCAL: $5 Billions Down

Sad-eyed, hard-working Fred M. Vinson had a pleasant task to do this week. It was one that no other Treasury Secretary had done in 16 years—recommending a tax reduction. He told Congress that the Government could get along with $5 billion less revenue in 1946. That reduction was just about the total of tax collections in prewar years. By prewar standards, taxes would still be high (some $27.5 billion), but the Administration's program was good news all around.

It would repeal the 3% "normal" income tax, thus eliminate some 12,000,000 low-income Americans from...

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