TAXES: What Did He Say?

Most of the clamor for income-tax reduction was made last year by Republicans. Twice, Minnesota's Harold Knutson, chairman of the House Ways & Means Committee, saw bills of his sponsoring reach the White House only to be vetoed by Harry Truman. At the end of the last session of Congress, he came up with a third, calling for a cut of $5.6 billion;

Last week, the first faint cheep from the Administration was heard. It was in the form of a report made by Treasury Secretary John W. Snyder to Congress. Characteristically, it...

Want the full story?

Subscribe Now


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

Learn more about the benefits of being a TIME subscriber

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