Taxes: Biggest Ever

President Truman last week presented Congress with his long-awaited tax plan. It was a one-two punch. He wanted $10 billion in new taxes right away; a request for the remaining $6.5 billion needed to make up the estimated $16.5 billion deficit in his new budget would be along later. The President outlined his proposals in a formal message to Congress. This week Secretary of the Treasury John Snyder filled in some details in testimony before the House Ways & Means Committee. The Administration proposed: ¶A $4 billion increase in personal income taxes, adding $4 in new taxes for every $100 of...