A Harvard-trained Arkansas lawyer, Congressman Wilbur Daigh Mills, 49, spent months with his expert 15-man staff studying the prosperous U.S. life insurance industry. His work paid off last week when the tax-writing House Ways & Means Committee, which he chairs, unanimously reported out a bill that will—if passed by Congress—immediately add $540 million to the U.S. tax take from the 1958 insurance business, at least $600 million to revenues from 1959 and later years. General aim: to extend into the complex insurance business the corporate income taxes imposed on other industries.
The insurance tax is only the beginning of grueling years...
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