After nine months of argument, the new tax bill was finally agreed upon last week by House & Senate conferees. Congress is expected to push it through. The major provisions:
¶ Personal income taxes are boosted 11¾%, effective Nov. 1, when withholdings will rise from 18% of wages & salaries (after exemptions) to 20%. Thus, on 1951 income, the hike will be only about 2%. Sample increase: a married couple with two dependents, earning $8,000, will pay $1,285.60 v. $1,152 under the old law.
¶ Corporate income taxes are increased from 25% on the first $25,000 to 30%, from 47% to 52%...
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