TAXATION: Splash!

Like a naked schoolboy on the edge of summer's first plunge, Congress last week stood shivering on the brink of a new tax bill. For four weeks the House Ways and Means Committee had stared bleakly at the dark waters into which Secretary of the Treasury Henry Morgenthau (TIME, May 5) gloomily urged them. One day they closed their eyes, held their noses, and jumped.

When they came up, gasping, what they clutched in their threshing hands was not quite the fearsome bill outlined by Mr. Morgenthau. Instead of the $1,517,100,000 new taxes...

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