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Senate panel approves $5 billion tax bill to fund wartime footing
The Senate finance committee unanimously backed President Truman's first installment tax bill. It would raise about 3.0 billion in individual income taxes and 1.5 billion in corporate levies annually, with further revenue from loophole closures and new excises on TVs and home freezers. The plan raises withholding to 18 percent from October 1 and allows up to 87 percent tax on top earners, aiming for signature by September 1.
MENTIONED IN THIS ARTICLE
Ashington
Truman
Senate Finance Committee
Ing
Senate
O’mahoney
Wyoming
Mr. Truman
G.i’s
Treasury
Finance Committee