TAXES: Don't Look Now, But ...

No matter how well braced he was for the new defense program, John Citizen was going to be hard put not to emit at least one wild and profane cry when he got the word. Best Washington guess at the next national budget: approximately $73 billion, or $20 billion more than this year.

Government tax experts, mulling how to keep on a pay-as-you-go basis, guessed that at best only $3 to $5 billion more can be raised by an excess-profits tax. Raising the 45% corporate-profits tax to 55% could squeeze out another $4 billion. Where to find the remaining...

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!