Lyndon Johnson borrowed money to pay taxes. So did Harry Truman. And in the space of a few hours, San Francisco's Bank of America lent $75,000 to one harried taxpayer, $100,000 to another.
Income tax day is always something of a shock, but this year it proved a positive trauma. The reason, paradoxically, was the $11.5 billion tax cut enacted 13 months ago. While Congress reduced income tax rates in a two-stage, two-year process, it slashed the uniform 18% withholding rate to 14% in one swoop. The result was that about 20 million...
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