Business: NIXON'S SURPRISE CALL FOR MILDER TAX REFORM

EVER since the U.S. adopted income taxes in 1913, federal tax legislation has been marked by two main but contradictory trends: periodic rises in tax rates and, at the same time, increasing tax exceptions for certain industries, organizations and individuals. The tax-reform bill adopted last month by the House of Representatives moves in quite the opposite direction, and those who stand to lose by it—among them Wall Street corporations, the oil industry, and universities and hospitals—have been deluging Washington with complaints. Last week, as the Senate Finance Committee began considering the measure,...

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