TAXES: The New Load

After nine months of argument, the new tax bill was finally agreed upon last week by House & Senate conferees. Congress is expected to push it through. The major provisions:

¶ Personal income taxes are boosted 11¾%, effective Nov. 1, when withholdings will rise from 18% of wages & salaries (after exemptions) to 20%. Thus, on 1951 income, the hike will be only about 2%. Sample increase: a married couple with two dependents, earning $8,000, will pay $1,285.60 v. $1,152 under the old law.

¶ Corporate income taxes are increased from 25% on the first $25,000 to 30%, from 47% to 52%...

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!