Taxes: What's in the Package

To tax and to please, said Edmund Burke, is no more possible than to love and be wise. That aphorism applied in the U.S. last week as the 10% federal income tax surcharge went into effect after months of acrimony between the President and Congress. It had long been widely acknowledged that a tax increase was necessary to stifle inflation. The White House excepted, agreement was fairly general that a sizable cutback in government spending was also in order. A $6 billion cut was the congressional price for the tax bill, and...

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