How can the budget be balanced next year? This week the Committee for Economic Development offered a businessman's program to keep the U.S. out of the red and put rearmament on a pay-as-you-go basis. A special tax committee headed by J. Cameron Thomson, president of Minneapolis' Northwest Bancorporation, urged that 1) Congress immediately levy $10 billion in new taxes; 2) the Administration trim at least $3 billion, and possibly $6 billion, from its projected $74 billion budget for fiscal 1952.
Where should the new taxes come from? Although corporate taxes are "very close to the maximum limits that would be safe even...
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