Budget plan due in January amid higher spending
Washington officials said President Eisenhower will send a balanced budget amendment to Congress in January despite large spending requests. Preliminary estimates place next year’s outlays around 70 billion dollars with military needs and domestic programs driving the rise, and no new tax cuts expected. Defense spending targets are being trimmed from 44 to about 40 billion, though that still doubles earlier projections.
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Washington
Eisenhower
Congress
Tynnsuey
U. S
New Soil Bank
Middle East
Defense
Charles E. Wilson
Wilson
U. S. Chamber Calls for Broad Tax Cuts
The U S Chamber of Commerce urged Congress to cut federal income taxes across all brackets. It labeled progressive rates unfair and asked elimination of double taxation on dividends and more liberal depreciation. The report, submitted to House Ways and Means, argues tax cuts could boost revenue via growth.
MENTIONED IN THIS ARTICLE
Washington
U. S. Chamber of Commerce
Congress
Chamber
House
Ways and Means
Wilbur D. Mills
D-Ark
Excise Tax Drop Urged by Industry Voices
Washington insiders push wholesale repeal of federal excise taxes on transportation and communications. The 3 percent freight tax, 10 percent passenger ticket tax, and levies on telephone and telegraph messages are cited as wartime measures hindering business. Preston W. Davis of the Los Angeles Chamber of Commerce urges repeal of freight taxes, while Austin L. Roberts Jr of the National Association of Railroad and Utilities Commissioners seeks end to telecom taxes.
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Washington
INS
Preston W. Davis
Rail and Highway Traffic Committee
Los Angeles Chamber of Commerce
House
Ways and Means
Austin L. Roberts Jr
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Hickok
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SOX
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