TAXES: Probable Course: No Cut

With some bitter words about high taxes and broken promises, New York's white-maned Republican Representative Daniel Alden Reed last week announced that he will not try to bring his tax-cutting bill to the floor of the House without a green light from the Rules Committee. Reed decided that the bill (which would cut individual income taxes about 10% on July 1) would be amended to death if his party's leadership was not ready for it. But he was quick to point out that he still hopes the leaders will bring it out. Said he: "I have not surrendered ... I...

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!