Business had been expecting something of a jackpot from the Administration, and it got paid off with a few nickels. When it came right down to it last week, the Administration was willing to trim a few wartime excise taxes here & there, but to make up for the favor, it wanted to increase other taxes on business by another $1 billion a year.

The only outright excise repeal the Ad ministration had in mind was the 3% tax on freight transportation and the 20% tax on baby oils, powders and lotions. A few other items came in for varying...

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!