THE ADMINISTRATION: Tax Program

This week the Eisenhower policy on taxes crystallized into a clear-cut, five-point program. The five points: ¶Extend the excess-profits tax on corporations six months from next June 30, the scheduled expiration date, and let it expire next Jan. 1.

Allow the reduction of approximately 10% in personal income taxes, as scheduled, next Jan. 1.

¶Continue the present regular corporation income tax instead of allowing the 5% reduction scheduled for next April 1. The reasoning: demands of the U.S. defense budget will not permit a cut in both corporate and personal income taxes; and the President believes that personal taxes...

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!