TAXATION: Higher than the British

Business taxes far higher than the British were voted by the House this week and sent along to the Senate.

On sales taxes (which run from 16% to 67% in England on all but the barest necessities) and lower-bracket income taxes (which hit 50% in England at the $660-a-year income level) the U.S. citizen has not even begun to fight. But the U.S. corporation, long the biggest taxpayer on earth, will have extra good tax reason next year to feel that war is hell.


≫ The House upped the rate on so-called normal profits from last year's 31% to a new high...

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!