The Congress: Long Step Toward a Tax Cut

A major tax-cut bill, with a few bows toward reform of the basic inequities in the U.S. tax structure, was finally headed toward the floor of Congress last week.

As approved by a 19-4 vote of the House Ways and Means Committee, the bill calls for an $11.7 billion cut to take effect over the next two years. Of that, about $9.5 billion would be in individual income tax slashes and about $2.2 bil lion in corporate tax reductions.

Two-thirds of the individual income tax cut would apply to 1964 income, the rest to...

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