National Affairs: Paying One-Third the Bill

In an almost unearthly quiet, the 81st Congress, which was going to reduce taxes $1 billion, was in the process last week of boosting them almost $5 billion.

Senator Walter George's Finance Committee had the bill ready. Closely following Treasury Department recommendations, the bill reached into three areas:

Consumer Goods. The bill not only wiped out reductions in excise taxes on furs, jewelry, leather goods, cosmetics, refrigerators, etc., which the House had approved June 29 in a slaphappy, early-Korea mood, but added new excise taxes on television sets and home-freeze units and closed...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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