WHATEVER their political persuasion, economists say almost to a man that a federal tax increase will be needed next year to pay for Government projects already in the works. Scarcely a politician can afford to agree—publicly. Too many voters seem fed up with the present tax system, convinced that what is needed is not a rise in their own taxes, but a plugging of loopholes that allow the rich to avoid a good part of their rightful obligation. Thus any general tax increase levied in the next couple of years will probably be preceded by an overhaul of the...
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