Taxes: The Shape of the Cut

After seven months' gestation period, the House Ways and Means Committee last week gave birth to an $11.1 billion tax cut. A bulky, 310-page bill with the formal designation of H.R. 8363, the measure should reach the House floor by the middle of next week. Under its provisions, individual income taxes will drop by $8.8 billion and corporation taxes by $2.3 billion, with two-thirds of the reduction to take effect next year, and the rest in 1965.

The vote to send the measure to the House floor was 17 to 8, with two...

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