STATE OF BUSINESS: Tax Cuts

Across the U.S. last week, prices were trimmed to reflect the $999 million cut in excise taxes. Westinghouse reduced refrigerator prices as much as $22.95 and electric ranges as much as $20.78. Sears, Roebuck cut its hard-goods prices (e.g., a freezer, from $299.95 to $284.95). General Electric cut some appliances, and Eastman Kodak announced that it would make cuts that in some cases would" exceed the 10% manufacturers' tax. Admiral, Philco, Hotpoint, Norge, Whirlpool Corp., Deepfreeze Appliance, Crosley, Servel, Frigidaire, Nash-Kelvinator and Bendix all announced that they will pass tax reductions along to the consumer.

But there was no rush to...

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