TAXES: Bad Bookkeeping, Good News

The taxpayer, uneasily stiffening himself for two boosts in taxes this year, got welcome news last week: it will be only one. Treasury Secretary John W. Snyder told Congress that President Truman still wants $10 billion more in taxes immediately, but is prepared to postpone, at least until next January, his request for a second increase of $6.5 billion. One reason for postponement: the Government had expected to be $2.7 billion in the red this June, but instead will show a $3 billion surplus.

With record employment at record wages, income-tax revenues were higher than anticipated by the Government's tax...

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