After much brewing and stewing, the House Ways & Means Committee finally had its 1944 tax medicine about ready for bottling this week. The dose:
> No increase in personal income taxes.
> No sales tax.
> No increase in corporation income taxes.
> Higher first-class postal rates (3¢ for local mail, 4¢ for out-of-town, 8/¢for air mail).
> A 95% (up from 90%) tax on excess profits. This will cost corporations about $616,000,000 more a year.
> Higher excise taxes. These will cost the public about $1.5 billion.
Although this formula must still filter through House & Senate, it...
To continue reading:
or
Log-In
