The tax experts, the theorists, the ax grinders finished their pleading before the Senate Finance Committee. The shouting died away. Behind closed doors, the committee began drafting their idea of the 1942 tax bill to raise $3,500,000,000. Indications were they would adopt almost none of the new proposals, would stick close to the bill the House had already voted.
Only major change: a lowering of exemptions from $800 to $750 for single persons, from $2,000 to $1,500 for married, to add an estimated $305,000,000 or more revenue. This might even be a popular tax, for misery loves company and the middle-class...
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