With the elephant's deliberateness and the donkey's constitutional indisposition to act, the tax bill found steady but exceedingly slow going in the Senate last week. The chief clauses of the bill determined on were:
1) Repeal of the capital stock tax sustained by vote of 75 to 4 (loss of revenue $92,000,000).
2) Increase of the corporate income tax from 12½% to 13½% by vote of 42 to 35 (compensating gain in revenue $90,000,000).
3) Maximum surtax fixed at 20% without a record vote, after a maximum of 40% had been voted down...
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