A tricky way to turn the Government's prospective $2.9 billion deficit into a $1.7 billion surplus for fiscal 1949-50 was proposed by Arkansas' Wilbur D. Mills, a Democratic member of the House Ways & Means Committee. Mills introduced a bill which would require corporations to pay all their 1949 taxes before July 1, 1950, instead of in four quarterly pay-ments—thus adding an estimated $4.6 billion to tax receipts for the next fiscal year, which ordinarily would not have been paid until the following fiscal year. The Treasury took the idea under advisement, while G.O.P. lawmakers rightly complained that it...
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