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Tax measures dash hopes for more wartime-like rates
The draft second installment bill paired with new corporate and individual tax changes could lift overall collections to wartime highs. It tightens loopholes, raises income taxes for over 50 million filers by about 20 percent effective Oct 1, and boosts corporate normal taxes by about 1.5 billion dollars annually. The plan flags incentives for defense material production and grants tax exemptions for GI personnel serving in Korea.
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Korea