Nation: WHAT THE TAX BILL WILL DO

The bill providing for the biggest tax cut in U.S. history emerged last week from a Senate-House conference committee. In its final form, it calls for a reduction of $9.1 billion in individual income taxes and a drop of $2.4 billion in corporate taxes, with two-thirds of the cuts to take effect this year and the rest in 1965. Probably starting in mid-March, the payroll withholding rate will go down from the present 18% to 14%. That will immediately pump $800 million a month into the economy and amount to a weekly raise in...

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