FISCAL: Nightmare Round the Corner

Many a U. S. taxpayer put his tax return in the mail last week, then rushed to the nearest bar to get a jolt of what P. G. Wodehouse has called "the stuff that restores the tissues." Taxes were steep; some citizens were paying the highest taxes in U. S. history, and to most of them it felt like it. But their morning newspapers assured them, in Washington dispatches that read as if they had been written by men who had also suffered deeply, that this was only the beginning.

Simplest way to demonstrate the future was to table relative...

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!