TAXES: For 1946

The deepest surgery ever practiced on U.S. taxes—the slicing off of $5.9 billion —was completed without fuss or flowers. For what once would have been considered a miracle of scalpel work, Congress engaged in a minimum of consultations beforehand, a minimum of self-congratulation afterward. The taxpayer, though assured the operation had been a success, felt hardly better at all.

For businessmen, the 1946 tax cuts will provide $3,136,000,000 of relief by eliminating all excess-profits taxes, by reducing corporation income-tax rates by 2 to 4%. This will give industry a cushion against the rising pressure between price ceilings and labor's wage...

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