TAXES: Coming Up

Last week Franklin Roosevelt, in 85 not very specific words, asked Congress for "a steeply graduated excess-profits tax." Congress was surprised. Week before, a hasty rewrite of the World War excess-profits tax, passed by the Senate, had been killed in conference committee under Administration pressure (TIME, July 1). The conferees had asked the Treasury for its idea of a good excess-profits bill by Oct. 1, and few Congressmen expected to have to face the problem until then. Suddenly, the same day that their tax leaders (Senator Harrison, Representatives Doughton and Cooper) were invited to the Treasury to talk excess profits,...

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