For months, in corridors and cloakrooms, at cocktail parties and committee hearings, Washington has been talking about three "baskets." These "baskets" were neither wicker containers nor scoring points in a game but Congressional slang for different sections of the new tax billeach basket being designed to> catch a certain type of taxpayer. Most discussed has been the "third basket," for it carried the largest load of a pet Administration theorythe tax on undistributed profits.
In the proposed Revenue Act of 1938, reported by the House Ways & Means Committee last fortnight, the undistributed...
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