Bigger & Better

For seven months Congressional tax mechanics had been banging and bolting together the biggest piece of machinery ever designed to separate dollars from citizens. Two months were spent testing and tuning it in the Senate Finance Committee shops. Rolled out on the floor last week, the Senate spent a short five days looking it over, nodded approval 77-to-0. If joint agreement with the House moves as quickly, the tax machine will be ready for the President to press the button Nov. 1.

The new revenue bill is expected to yield $8,525,000,000 (total Treasury...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!